Operations Update

Predator Oil & Gas Holdings PLC

25 February 2026

 

FOR IMMEDIATE RELEASE

25 February 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")

               Independent Technical Report, transaction progress and operations update

Highlights

Trinidad

·    SC-3 Snowcap well targeting 2P resources of 8.73 MM bls

·    Net-back is US$32.6/bbl

·    Star Valley draft rig contract for SC-3 under review

·    Rig visit scheduled for week commencing 23 February 2026

·    BON-18 and BON-19 wells completed for shallow oil production

·    BON-20 next well in sequence

·    Goudron field: 3 wells submitted for heavy workover - one completed; one in progress; and one waiting approval

Morocco

·    Guercif monetisation a step closer based on updated ITR

·    Terms requested for full carry through drilling and development; gas sold at the wellhead and repayment of past costs

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with producing hydrocarbon operations focussed on Trinidad and Morocco, announces progress on a Pre-drill Independent Technical Report update for the proposed Snowcap-3 ("SC-3") appraisal well and transaction activity, together with an update on the Bonasse field drilling programme.

Pre-drill Independent Technical Report for SC-3 ("Cory Moruga ITR")

The Cory Moruga ITR by Scorpion Geoscience Limited is being reviewed by the Company for publication in the week commencing 2 March 2026.

The key conclusions are:

·    SC-3 is targeting unrisked P50 Prospective Resources of 8.73 MM bbl of oil

·    Net-back is US$32.6/bbl at WTI spot price of US$60/bbl

·    65,800 bls in the first year of production

·    Generates pre-tax operating profit of US$2.044MM discounted at 10%

·    Effective tax take is 12.5% after applying tax losses

The project has been modelled for US$40/bbl with a net-back of US$15.2/bbl.

The Cory Moruga ITR has identified new deep prospectivity in the Cretaceous below the primary Herrera target in SC-3 for future evaluation. Exxon's 1995 well St. Croix-1 in the Cipero block northwest of Cory Moruga reached the prospective section whilst ExxonMobil's multiple oil discovery offshore Guyana has demonstrated the potential of the Cretaceous exploration fairway.

A draft rig contract has been received from Star Valley for Rig 105, which is currently under contract to another operator in Trinidad, which is being reviewed by the Company.

Management will be visiting the rig at its current location in the week commencing 23 February 2026.

Update on Bonasse field drilling programme

Well BON-18 has been drilled and completed as an offset to the original BON-2 well.

While drilling the shallow section, a better-than-forecast Upper Cruse interval was encountered between 584 and 628 feet, which corresponds to a zone that has historically produced 15,977 barrels of oil in the offset well BON-2. The team opted to complete the well at this shallower depth.

In addition, two shallow oil-bearing sands were encountered between 270 and 374 feet. An operational decision was taken to log and evaluate these zones rather than deepen the well and risk potential production impairment

BON-18 commenced production at an initial rate of approximately 5 barrels of oil per day (BOPD), which in itself allows payback of drilling costs within six months. Improvements to pumping efficiency are planned following the completion of BON-19 operations.

In order to allow more time for   approvals and additional procurement for the deeper well, the team opted to change the drilling sequence by drilling a second well to investigate the shallow sands encountered in BON-18.

Therefore following completion of BON-18, the drilling rig was moved to a new location to test the shallow oil potential identified during the BON-18 program. BON-19 was designed based on the shallow oil sands encountered in BON-18 and is targeting a production interval between approximately 250 and 300 feet. The well is currently awaiting completion and is expected to commence production thereafter.

Having the Rig flexibility to explore the unplanned for, newly encountered shallow anomalies in BON-18, the team can now revert to the original exploration of the deeper BON-2 play, and is proceeding from BON-19 to drill BON-20 to achieve this.

Forward Plans

The rig will next move to the BON-20 location to drill the originally planned for exploration well, now to approximately 1,750 feet, to test deeper sands, including intervals producing in BON-2 and below those producing in BON-18. The well is located near BON-18 and will target the CR5 and CR6 intervals at approximately 500-600 feet and 1,500-1,600 feet, respectively.

Goudron field

In Goudron, three wells have been submitted for the execution of heavy workovers, with one completed, one currently in progress, and the other pending approval.

The geological and reservoir engineering teams are conducting detailed evaluations to identify the most suitable heavy workover candidates. The team has opted to correlate these heavy workover results with a planned development well program, prior to final regulatory drilling approvals. Additional drilling  candidates are also being reviewed within the Goudron field.

Inniss-Trinity

A full field review is underway to identify potential wells present in the field that are not yet formally included under the Company's well listing, which may introduce opportunities to expand the active well inventory and production capability

The Company's management is contributing to this process based on its detailed knowledge of the field gained from its previous CO2 EOR pilot project in 2021.

In parallel, existing wells are being assessed for feasibility of heavy workovers, while general workovers and swabbing operations continue.

Cory Moruga well workovers

The Company has yet to deploy and test the SGN thermochemical wax treatment. The Company has determined from desktop work that there are operational risks which have cost implications if it is applied to Snowcap-1. There is an opportunity for restoring significant production which could be then lost if the method of application of the wax treatment causes downhole mechanical issues.

Therefore the Company is considering the option to apply the wax treatment in the Bonasse Feld, where the shallower reservoir depths and lower quantum of potential for lost oil would lower the risk for a more cost-effective pilot application to test operational procedures and gather data for modelling various risk-reward profiles.

Progress on transaction activity

The Guercif Independent Technical Report by Scorpion Geoscience Limited ("Guercif ITR"), specifically covering the area penetrated by the MOU-1 and MOU-3 wells, has been completed and will be shared first with the Company's licence partner as required by the contractual terms of the Guercif Petroleum Agreement.

The Guercif ITR is supporting the Company's progress towards completing a transaction to appraise the area penetrated by MOU-1 and MOU-3 and move towards applying for an Exploitation Concession in 2026.

Based on the Guercif ITR, the Company's terms based on preliminary discussions for a Heads of Agreement, subject to due diligence and regulatory approvals, include:

·    Funding 100% of the drilling, completion and testing of an appraisal well in 2026

·    Repayment of past costs incurred on the licence;

·    Purchase of the Company's gas at the wellhead;

·    No exposure to costs for CNG or Micro-LNG processing facilities and transport, marketing and distribution;

·    Collaboration on upscaling any future expanded gas developments based on the scope of materiality outlined in the Guercif ITR

Summary

The Company continues to focus on low-risk drilling, production optimization, and targeted workovers to support incremental and sustainable production growth and to guide operational activities for the remainder of the year.

An update to production will be provided once the current round of drilling operations has been completed.                                                            

Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:

"We are making good progress on many fronts including infield development drilling; production growth, preparing and contracting for high-reward appraisal drilling; and potentially concluding a transaction that will begin to appraise, confirm and monetise the Moroccan gas discoveries in 2026. At the same time, we must not neglect evaluating new prospectivity such as additional oil reservoirs encountered whilst drilling in Bonasse and the emerging Cretaceous prospectivity.

We seek to prioritise those projects that can generate the highest near-term return for shareholders whilst maintaining flexibility to respond to new drilling results, simultaneously with managing the everyday corporate administrative function."    

For further information visit www.predatoroilandgas.com

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:

Predator Oil & Gas Holdings Plc Paul Griffiths                Chief Executive Officer	Tel: [phone] [e-mail]
AlbR Capital Limited David Coffman / Jon Belliss OAK Securities Jerry Keen /Calvin Mann	Tel: [phone] Tel: [phone]
Flagstaff Strategic and Investor Communications Tim Thompson  Alison Alfrey Fergus Mellon	Tel: [phone]  [e-mail]

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 potential for an application for an Exploitation Concession in 2026. 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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