Execution of Amendment rig contract to drill MOU-6
Summary by AI BETAClose X
FOR IMMEDIATE RELEASE
29 July 2026
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries "the Group")
Execution of amendment to rig contract to drill MOU-6
Highlights
· Extensive drilling and potential testing programmes scheduled to be completed over the next 3 months in Morocco (MOU-6) and Trinidad (Snowcap-3).
· MOU-6 will be the first well in the planned programme, followed by Snowcap-3.
· Rig 101 contracted to start operations after 1 August 2026 following final delivery of remaining third-party consumables and long-lead equipment, currently in transit, to the MOU-6 well site.
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey-based Oil and Gas Company with producing hydrocarbon operations and exploration activity focussed on Trinidad and Morocco, announces the execution of an amendment (the "Amendment") to the existing rig contract with Intrepid Drilling Limited (formerly Star Valley Drilling Limited) for Rig 101, which is currently stacked at the Company's MOU-5 well site.
The Amendment to the existing drilling contract, dated 24 October 2022, allows for an extension to facilitate MOU-6 well operations for a period from 1 August 2026 to 1 October 2026.
Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
"We are pleased to be entering into a new and exciting phase of drilling activity on two continents for gas and oil during the next 3 months.
The last 15 months have been spent re-building our well-delivery team using all the expertise available to us in Trinidad, Morocco, Tunisia and Canada.
We are very confident that our well planning and pre-drill operational programmes are now compatible with the expected subsurface conditions, defined by our initial drilling in 2021 to 2023, that we are likely to encounter whilst drilling the MOU-6 well.
Successful drilling and potential testing of our geological objectives may facilitate the de-risking of gas and oil resources that are capable of being brought into potential production within a short time framework, subject to the necessary regulatory approvals and technical and commercial due diligence."
Follow the Company on X @PredatorOilGas.
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse.
For more information please visit the Company's website at www.predatoroilandgas.com:
Enquiries:
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Predator Oil & Gas Holdings Plc Paul Griffiths Chief Executive Officer
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Tel: +44 (0) 1534 834 600 |
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AlbR Capital Limited David Coffman / Jon Belliss
OAK Securities Jerry Keen / Calvin Man |
Tel: +44 (0)207 469 0930
Tel: +44 (0) 20 3973 3678
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Flagstaff Strategic and Investor Communications Tim Thompson Alison Alfrey Fergus Mellon
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Tel: +44 (0)207 129 1474 |
Notes to Editors:
Predator is an oil & gas company with a portfolio of assets including unique and highly prospective onshore Moroccan gas exposure and production, appraisal and exploration projects onshore Trinidad.
Morocco offers a potentially faster route to commercialisation of shallow biogenic gas through a CNG or micro-LNG development. The structure penetrated by the MOU-1 and MOU-3 wells is currently defined as having the best hydrocarbon potential and remains key focus for further appraisal and potential development. The Company is committed to partnering with entities capable of supporting a future development decision and who have already identified the opportunity as one warranting the execution of a Collaboration Agreement and a Memorandum of Understanding. Moroccan gas prices are high, and the fiscal terms are some of the best in the world. The presence of gas export infrastructure adjacent to the MOU-1 and MOU-3 structure allows for a scalable gas development after initial CNG or micro-LNG gas production over time establishes the extent of connected gas volumes and the capability of reservoirs to deliver at plateau rates over time.
Trinidad offers the security of a mature onshore oil province that has been producing hydrocarbons for over 50 years. Predator has assembled a portfolio of onshore producing fields with opportunities for production enhancement and additional infill development and appraisal drilling. Significant legacy tax losses, economies of scale and the application of new low-cost technologies are factors that can improve profit margins per barrel of oil produced. A Master Services Agreement with local operator NABI Construction relieves the Company of the burden and costs of operating the fields and executing drilling and heavy well workovers. In return the Company receives 30% of gross sales revenues for which it can use its acquired tax losses to substantially reduce Petroleum Profit Tax from 50% to an effective rate of 12.5%.
Predator has an experienced technical, financial and legal management team with particular knowledge of the Moroccan and Trinidad sub-surface and operations and an ability to complete M & A transactions in Trinidad and receive regulatory approvals in a timely manner and without any unnecessary advisory fees for transactions. The Company's strategy is to operate at a much reduced overhead compared to other operators with portfolios of assets of similar extent to maintain competitiveness.
Predator Oil & Gas Holdings plc is listed on the Equity Shares (transition) category of the Official List of the London Stock Exchange's main market for listed securities (symbol: PRD).
For further information, visit www.predatoroilandgas.com
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