Predator Oil & Gas Holdings Plc Annual Report 2024

← All annual reports

FY2024 Annual Report · Predator Oil & Gas Holdings Plc

Loading PDF…

Predator Oil & Gas Holdings Plc

Annual Report for the
Year ended 31 December 2024

Contents

Pages

Chairman’s statement
1 – 2

Strategy
3 – 4

Group strategic report
5 – 59

Report of the directors
60 – 65

Board of directors
66 – 67

Corporate governance report
68 – 76

Directors’ remuneration report
77 – 82

Independent auditor’s report
83 – 87

Consolidated statement of comprehensive income
88

Consolidated statement of financial position
89

Consolidated statement of changes in equity
90

Consolidated statement of cash flows
91

Statement of accounting policies
92 – 99

Notes to the financial statements
100 – 122

Corporate information
123 – 124

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
1

Chairman’s Statement
Dear Shareholder
On behalf of the Board of Directors I am pleased to present the consolidated financial statements of Predator
Oil and Gas Holdings plc (“the Group”, “Predator” or the “Company”) for the year ended 31 December 2024.
The year has seen the Company deepen and strengthen its position in its favoured theatres of operations –
the Kingdom of Morocco (“Morocco”) and Trinidad and Tobago (“Trinidad”).
Both countries recognise the important role that oil and gas will play in their energy supply for decades to
come and are supportive of Predator’s key aims; to become a producer of hydrocarbons in both jurisdictions;
and to explore for additional reserves.
In Morocco an important milestone was the entry into the First Extension Period for the Guercif concession,
confirming the Company had satisfied all of its exploration and financial commitments for the Initial Period.
A full and exciting work programme will be undertaken in 2025. The large Titanosaurus prospect offers a rare
opportunity of a high impact gas prospect close to existing infrastructure. The prospect was drilled, after year
end in March 2025, by the MOU-5 well, the results of which came in deep to prognosis, further down-flank
than had been anticipated. This leaves substantial potential remaining up-dip and post well studies continue
to quantify this. Later this year plans are being advanced to test the gas found in the earlier MOU-3 well.
In Trinidad further progress has been made in establishing a low-cost administrative office and operating
function. The Company expects to commence oil production onshore Trinidad during 2025. Predator’s modus
operandi in Trinidad is to partner with well-established local companies, who have both the experience and
expertise to profitably increase production. Opportunities have arisen to grow the Company’s business in
Trinidad and Predator has moved swiftly to secure these and will continue to seek further incremental
acquisitions.
The assets in Trinidad offer not only the opportunity to increase production from existing wells through
workovers, but also larger scale additions to reserves and production through drilling appraisal wells, such as
Snowcap 3.
Over the last year there has been a noticeable global shift in the perception of the importance of oil and gas
during the transition to a world where a greater proportion of energy will come from renewable sources. This
was always going to be a gradual transition and not an overnight transformation to net zero, which many
politicians seemed to imply.
In December 2024 the US Energy Information Administration recorded in its monthly report that US oil and
gas production reached all-time highs. Oil output reached 13.249 million barrels per day, whilst oil demand
reached multi-month highs.
With the return of President Trump to the Whitehouse continued support for the oil and gas industry can be
expected over the next few years.
Meanwhile in China, coal consumption increased again in 2024 although it has been reported that this could
peak in 2025. Whilst China is also investing heavily in renewable energy projects, switching from coal to gas
would result in far greater reduction in CO2 emissions than can be achieved in other jurisdictions.
Regarding commodity prices, the Brent Crude price averaged $81 a barrel in 2024 and is currently around $75
a barrel, a healthy price for continued investment.
Whilst oil prices are truly global, gas prices are set more regionally. Morocco being short of gas has high prices
at $12/mcf. Gas produced from the early MOU wells would be expected to fetch such a price.

Predator Oil & Gas Holdings Pic
For the year ended 31 December 2024

The third area of the Company’s holdings is offshore Ireland. The investmentsituation for the oil and gas sector
there has been moribund for the last few years, with energy policy being driven by the GreenParty in the
coalition Government. Despite lip-service being paid to the issue of Energy Security, of great importance
elsewhere in Europefollowing Russia’s invasion of Ukraine, no progress was madeon addressingthis.
Following an election at the end of 2024 a new coalition Government has been formed and there are
encouraging signs already that Energy Security has risen up the agenda andthatactionwill finally be taken.
In early March 2025 the Government approved plans to move ahead with gas storagefacility to hold liquefied
natural gas (LNG) that can supply the Irish gas market when required. Whilst the Irish Governmentseethis as
a state led project, the door appears to be openforprivate investment.
Whilst there is some encouragement from this, the costs of the project will ultimately be borne by the
consumer, and Ireland already has some of the highest gas andelectricity prices in Europe.
It is disappointing that the Governmenthas not engaged with Predator’s, Mag Mell LNG project proposed to
them a numberof years ago, that would deliver a better solution without further burdening the consumer.
The point has been made manytimes in manyplaces that indigenousoil and gas production results in lower
emissions than whenthese fuels are imported. Hopefully this point will be understood by the new Irish
Governmentand a successorauthorisation will be awardedto follow on from the 16/26 Licensing Option that
contains the Corrib South Gas prospect. Production from the Corrib Field, Ireland’s only gas production,
continues to decline toward depletion anditis critical that satellite potential be explored in a timely manner
prior to cessation of production.
In conclusion,
| would like to thank existing and new shareholders for their support and the counterparties
that have worked with Predator through 2024 to build the companyandits exciting forward programme.
Stasa
Dr. Stephen Boldy
Chairman
15 April 2025

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
3

Strategy

The Company’s core strategy reflects the pragmatic role of gas as a “sustainable” source of energy to bridge
the gap between the expectations of a green energy goal versus the economic and socially equitable reality of
preserving an orderly and affordable energy market during what might be perceived as a new industrial
revolution.
The Company is of the opinion that it has much practical expertise to offer the renewable energy sector in
respect of subsurface storage of gases; transport using gas infrastructure; and local marketing of gases for
industrial uses. In addition, the Company has expertise in CO2 sequestration in geological reservoirs.
The Board believes that the Company’s medium-term future is tied to gas as being the flexible energy source
to replace coal and oil as a fuel for power generation to help de-carbonise the energy sector, thereby reducing
CO2 emissions, as gas, by comparison, is less CO2 pollutant.
Reducing current high levels of CO2 emissions by replacing carbon-intensive fuels used in the industrial sector
in Morocco is a realistically achievable near-term commercial objective for executing the Company’s high level
business strategy.
With the re-emergence and political recognition of fossil fuel as a key contributor to developing global
economic growth in the medium term, the Company is well positioned through its influential equity positions
in a portfolio of assets combining existing oil and gas discoveries and new prospects adjacent to mature under-
utilised infrastructure to take advantage of this changing sentiment to accelerate monetisation of its assets.
The Company also continues to maintain the ability to create new opportunities to generate future value. In
this respect it has initiated the first exploration programme in Morocco for helium, a highly prized gas if found
in commercial quantiles.
Key components of the Company’s strategy are:
•
First and foremost the Company’s business development strategy must always be aligned with
maintaining the ability to become a profitable revenue-generating business.

•
Ensuring that all field operations are carried out in an efficient, safe, environmentally aware and cost-
effective manner to eliminate, where possible, unnecessary waste;

•
Using innovative technologies, such as Sandjet perforating tools and new patented thermo-chemical
wax treatments, to address specific geological circumstances that could improve well production to
reduce the overall cost of hydrocarbon extraction per BOE;

•
Determining that all contracts with service and equipment providers are robustly and transparently
negotiated to obtain the best possible commercial terms for the Company;

•
Utilising management’s extensive experience, know-how and industry network to build a low-cost
operating base and to maintain a “First Mover” status where a competitive advantage can be
achieved;

•
Prudent deployment of capital resources on only those projects where near-term monetisation is a
realistic goal and can be achieved within the constraints of a modest capital outlay;

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
4

•
Spending capital only in those geographic jurisdictions where there remains a strong internal market
demand for the products that the Company may produce in the near-term;

•
Directing capital towards those jurisdictions where the Company’s business development strategy is
aligned with current government and regulatory policies;

•
Focussing on projects that have robust project economics with considerable headroom and therefore
have high potential to generate positive cash flow in the short-term following operational success and
which are capable of creating assets suitable for alternative monetisation through near-term trade
sales to in-country peer companies and distributors of energy seeking an indigenous source of
hydrocarbons;

•
Addressing projects in countries that have higher ESG potential where the Company can make a real
and sustainable local difference;

•
Ensuring that the highly experienced management team is enabled and incentivised, in a competitive
labour market short of skilled personnel, by the Company’s Remuneration Committee to continue to
deliver the Company’s business development strategy. Maintaining an undiluted, debt-free, equity
interest in the Company’s portfolio of material projects has been and continues to be a significant
achievement against the backdrop of financial markets impacted by BREXIT, COVID, Climate Change
Activism, inflationary pressures generated by the Energy Crisis and the Ukraine-Russia, Gaza and Red
Sea conflicts.

•
Investment in the front-end stage of the oil and gas cycle (exploration and appraisal drilling) is
dominated by understanding and managing geological risk. The strategy of the Company is to ensure
it has a Board of Directors sufficiently qualified to assess geological risk and chance of success to
manage risk versus reward expectations. The Company will consider greater investment risk in the
occasional opportunities that are potentially and unequivocally transformational to the Company’
market valuations.

During 2024 disenchantment with the London Stock Exchange (“LSE”) public market has seen 88 companies
de-list from the LSE. The primary concerns expressed relate to poor liquidity and the failure of the LSE to reflect
appropriate Company valuations with the result that business achievements and growth potential and reward
for enterprise are significantly under-valued based on a very short-term poorly-informed outlook and
ignorance of fundamental business foundations, structures and opportunities. This impacts all of the
Company’s loyal shareholders and including directors with significant equity in the Company. Whilst this has
been a global issue during 2024, the LSE has been particularly impacted by failure to manage an orderly market
during a period of great investor uncertainty whilst maintaining an inflated fee structure.

Accordingly, the Company has added to its business development strategy consideration of moves to protect
the value of its assets by looking at additional public markets in other jurisdictions more favourably disposed
to the oil and gas sector. The Company’s projects in Morocco (including strategic supply of gas to Europe),
Trinidad (where undeveloped oil resources through secondary recovery are regionally significant neighbouring
Venezuela) and Ireland (where security of energy supply is now of critical political importance and Corrib South
and the Mag Mell FSRU concept could use LNG imports from the United States) are aligned with the new
political direction in the United States where there is a more informed opinion of strategic value compared to
the LSE. The Company is also further developing strategic partnerships with indigenous companies, in the
geographic regions that it operates within, that recognise the value of oil and gas to the local economies and
which have the financial credibility to support the partnership entry requirements of the Company.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
5

Group Strategic Report

The directors have voluntarily disclosed the Group Strategic Report for the year ended 31 December 2024
although this is not required under Jersey regulations.

Principal activity

The Group was formed for the purpose of acquiring assets consistent with the Company’s business
development strategy. These may comprise businesses, import licences for LNG, material ground floor equity
positions in oil and gas licences and licences where the application of CO2 Enhanced Oil Recovery “EOR” can
form a practical stepping stone to State-sponsored Carbon Capture and Storage, or the targeting of companies
that have operations in the oil and gas exploration and production sector consistent with the Company’s
business development growth strategy. It will then look to develop and expand such assets where there is an
opportunity for reducing CO2 emissions but always within the framework of commercially viable and value-
enhancing operations for shareholders. The Group seeks to develop and provide sources of indigenous energy
that are primarily gas and oil, which can contribute to potentially reducing CO2 emissions and to accelerating
an energy transition to de-carbonise the energy sector by replacing imported oil and gas and more carbon-
intensive local fuels such as coal.
Fair review of strategy and business model
Morocco
Rigless testing
The Phase 1 rigless testing programme for the MOU-1 and MOU-3 wells was executed with conventional
smaller perforating guns and designed to confirm potential formation damage caused by heavy drilling muds
used whilst drilling and to estimate the minimum depth of penetration of drilling mud into the potential
reservoir formations.

No penetration of the perforated reservoirs was possible and no pressure was observed at surface and
consequently no flow of potential reservoir gas was achieved.

With this information the Phase 2 rigless testing programme was designed and executed using the Sandjet
perforating technology to focus initially on the MOU-3 well, which was central to a core structural area holding
sufficient 2C gas reservoirs necessary to advance an application for an Exploitation Concession.

The Sandjet testing programme was re-defined prior to testing to focus on two specific sand intervals – the
deeper TGB-4 reservoir interval and the shallower Ma Sand. A key consideration was not to risk compromising
the potential to use MOU-3 as a production well by investigating multiple reservoirs some of which may have
had higher water saturations that would have negatively impacted a development well status.

Unlike the Phase 1 testing operations Sandjet successfully perforated the TGB-4 and Ma Sand intervals
recording a static surface pressure of 246.5 and 159.5 psi respectively but no flow from the reservoir was
achieved.

Prior to perforating the shallower Ma Sand a retrievable plug was placed above the TGB-4 sand interval to
isolate it from the shallower sands but also to allow future re-entry and further testing.

Pressure monitoring of the Ma Sand continued during 2024 but there was no increase in the surface static
pressure.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
6

The data from the Phase 1 and Phase 2 rigless testing programmes were evaluated over several months by an
independent reservoir engineer and the conclusions reached were that the combination of aggressive over-
balanced drilling, necessary to control swelling clays that impacted borehole stability, and a reactive drilling
mud whose chemistry was incompatible with the unforeseen pre-drill mineralogy of the reservoir intervals
which were rich in potassium feldspars unlike the reservoirs of the gas-producing Rharb Basin to the west of
Guercif, had resulted in formation damage around the well bore and the development of fine clays that
blocked reservoir porosity and permeability. This restricts potential gas flow into the well bore.

A low-cost programme to stimulate the well by increasing draw-down pressure to clean up the well and induce
flow was generated. Scheduling of well services necessary to execute the well stimulation operations based
on the availability in-country of the equipment and materials required has been programmed for H1 2025.

Perforating the “A” Sand

An initial study of the over-pressured gas seen whilst drilling in MOU-3 between 339 to 350 Metres Depth (the
“A Sand”) has indicated that this sand can be perforated in the current well providing two strings of casing can
be perforated. This reservoir is not impacted by the sand mineralogy issues that relate to the Ma and TGB-4
sand intervals.

Currently the ability of the 2” perforating guns, the only perforating guns available in Morocco at short notice,
to penetrate two casing strings is being independently assessed. A successful test is likely to give sufficient
flow rates and connected gas volume to initiate a Compressed Natural Gas (“CNG”) development. This would
accelerate an application for a Exploitation Concession without waiting for further testing of the deeper sands
in MOU-3, MOU-1, and MOU-4. Collaboration with Afriquia Gaz continues for the potential purchase of gas for
CNG deliveries.

A successful test of the “A Sand” in MOU-3 would unlock 21.1 BCF 2C gas resources net to the Group to
accelerate the opportunity to start generating cash flow from future CNG deliveries.

Helium

One of the MOU-3 isotube gas samples collected whilst drilling showed the presence of helium at seven times
above the detection limit in the Moulouya Fan volcani-clastics and sands at 1,385 metres depth.

MOU-5 well planning

Preparation for the drilling of the MOU-5 Titanosaurus structure continued to advance with the sourcing and
purchasing of well inventory and the appointment of an additional drilling consultant.

The final well location was finalised on 2D seismic line 03-MIL-06 to take into account seismic modelling studies
and the creation of seismic inversions that identified several low impedance zones in the primary Lower
Jurassic reservoir target in the MOU-5 structure. These are potentially porous reservoir sections based on
analogues seen in the rocks outcropping at surface to the southwest of the Guercif Basin.

Updated gas-in-place estimates based on the new reservoir potential indicated by seismic inversions above
gave gross unrisked P50 and P90 gas in place estimates of 8.036 and 14.729 TCF respectively.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
7

Trinidad
Consent for Completion of the Sale and Purchase Agreement (“SPA”) executed between T-Rex Resources
Trinidad Limited (“T-Rex”), a wholly owned subsidiary of Predator Oil & Gas Holdings Plc, and the current third-
party Trinidad partner for the assignment of a 16.2% interest in the Cory Moruga “E” Block, was given by the
Ministry of Energy and Energy Industries in August 2024.

With this full control for the planning of the near-term Cory Moruga work programme, activities focussed on
prioritising the Jacobin-1 and Snowcap-1 well workover programmes.

Site restoration, maintenance and security where key initial objectives as well sites had been neglected by the
previous operator.

Quotes for well services, including workover rigs, slickline surveys and well perforating, were received and
evaluated.

Developing a low-cost in-country operating team continues to be an important objective of the Company as a
mechanism to increase profit margins per barrel of oil produced.

Access to technology not deployed previously in Trinidad has been a priority. Whereas Sandjet perforating
technology and NuTech high resolution petrophysical analysis are available to the Company to utilise, as is the
Company’s own CO2 EOR expertise gathered from its operations in the Inniss-Trinity field, a novel treatment
to address the waxy oils present in many wells in Trinidad was sought.

The patented thermo-chemical wax treatment known as SGN was shown in the laboratory to produce heat
and to release nitrogen. Heat dissolves wax and nitrogen provides reservoir drive to lower oil viscosity and
increase and sustain oil flow into the well bore.

A waxy oil sample was collected from the Jacobin-1 well and sent for laboratory analysis for thermo-chemical
SGN wax treatment. Results were optimised independently by proprietary Numeric Simulation and showed
that for 81 barrels of SGN treatment volume after 4 to 5 hours reservoir temperature was simulated to increase
by 27°F and oil viscosity reduced by up to 75%.

Results were consistent with an observed increase in oil flow rate by up to three-fold in the examples from
producing Saudi Aramco oil fields where the thermo-chemical wax treatment had been applied.

A review of 3D seismic data over Cory Moruga identified the Jacobin-1 well, drilled in 2014/15, as a separate
structural compartment within the western extension of the former BP mature Moruga West oil field that
encroaches into the Cory Moruga Licence. Jacobin-1 swabbed oil from two Herrera Sands that are producing
in the adjoining Moruga West field. Maximum recorded reservoir pressure at the time of testing was not
drained by the adjacent and producing Moruga West oil field. A recent fluid level measurement taken by the
Company in the well confirms that the reservoir pressure is at least 1636 psi, much higher than the 250 psi
reservoir pressure recorded during swabbing operations when Jacobin-1 was originally tested. This indicates
that the reservoir had not reached static equilibrium during testing. Poor flow performance is attributed to
drop out of wax in the well bore from the light oil measured at 33.65 API gravity.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
8

Jacobin-1 has been selected as the first well for a thermo-chemical wax treatment using SGN treatment fluid.

Two Herrera sands will be treated, one perforated in the original well and one to be added as “missed
hydrocarbon pay”.

RD-5 drilled in 1959 flowed initially 100 bopd from the two Herrera sands to be treated in Jacobin-1 and
recovered 42.012 barrels of oil with negligible produced oil.

Snowcap-1, and potentially Snowcap-2ST1 after a new well survey, has been selected as the second well in the
SGN thermo-chemical wax treatment programme. Snowcap-1 initially tested light oil with a gravity of 34.5 API
at rates of 1100 to 1450 bopd and an associated gas rate of 2.2M cfgpd at a flowing pressure of 1180 psi. A
later extended production test flowed oil at a stabilised rate of 250 bopd. This was later reduced to 80 bopd
as a consequence of water influx from a deeper sand and possible wax drop out in the well bore.

A review by the Company of the legacy test data for Snowcap-1 indicates that flowing the Herrera #8 reservoir
at very high rates close to the reservoir bubble point pressure creates a pressure drop and an increase in gas
production over time. Influx of water is related to a poor cement job.

Analysis of the original pressure data for the Herrera #8 Sand showed an initial reservoir temperature of
146.4°F, as for Jacobin-1, and an initial virgin reservoir pressure of 2,763.5 psi. This resulted in a good match
of the transient pressure data for a moderately permeable sand with the Company’s new independent
mapping of the size of the Snowcap-1 reservoir compartment and the mapped boundary effects to the north,
south and east based on the Company’s reservoir distribution map incorporating the data from the Moruga
West field.

It was therefore determined that Snowcap-1 was ideally located to drain its accessible resources at a stabilised
rate that prevented the premature production of gas through excessive pressure drawdown and following
remedial well intervention to squeeze cement behind casing to prevent water influx from below.

Snowcap-1, similar to Jacobin-1, will also be suitable for a thermo-chemical SGN wax treatment to potentially
increase well deliverability under normalised drawdown pressure.

Snowcap-2ST1 continues to be evaluated for potential re-entry and workover as it has been concluded that
legacy testing and swabbing of the well were not valid in terms of forecasting potential oil flow rates on
production. Due to the manner in which the well was drilled, Snowcap-2ST-1 will present a greater challenge
to successfully re-enter.

An Independent Technical Report by ScorpionGeoscience (“ITR”) for Cory Moruga was published in early 2024
and gives gross, following the acquisition of an additional 16.2% equity interest, Contingent and Prospective
P50 and P10 oil resources of 14.31 and 21.41 million barrels respectively. At that time no consideration was
given to a potential increase in primary recovery factor as a result of the application of a thermo-chemical
SGN wax treatment, and no resources were assigned to the extension of the Moruga West field into the
eastern part of the Cory Moruga Licence. 2C oil resources in the ITR for the Herrera #8 Sand alone in the
Snowcap-1 well are estimated to be 1.4M barrels.

Prior to executing its intended initial well workovers, the Company has sought to increase its access to oil
storage tanks and to negotiate its first oil off-take agreement with the owner of a local gathering station.
A successful roll out of the thermo-chemical SGN wax treatment would potentially create significant volumes
of oil to be sold.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
9

This process has to be managed efficiently otherwise production has to be shut in awaiting spare storage
capacity and trucked off-take to a sales point.

Consequently several opportunities to acquire producing fields for a limited outlay of initial cash are being
evaluated. The acquisition of one asset, Caribbean Rex Limited, was completed early in Q1 2025 which will
provide the Company with increased oil storage capacity and an oil offtake agreement. Additionally, up to
seven shut-in wells would become available for well intervention and the application of the SGN thermo-
chemical wax treatment.

For additional assets that may be acquired in 2025, the Company is establishing a Production Sharing and Field
Management Services Contract template to ensure the Company does not generate significant new field
operating costs.

Due diligence covering the potential to acquire three additional producing fields in Q1/Q2 2025 is nearing
completion. See the post balance events’ note 26 hereon.

The programme of fully-funded well workovers and the application of thermo-chemical SGN wax treatments
and acquisitions of additional producing fields has been determined by the Company as an attractive strategy
to generate significant 2025 cash flow by making full utilisation of available tax losses and minimising
deployment of its committed cash resources.

Ireland
The application for a successor authorisation to Licensing Option 16/30 (“Ram Head”) was dropped, as the
financial criteria, which were tied to the drilling of a well if a successor authorisation was awarded, required
by the GSRO within the DECC were too onerous and when jointly assessed with that required for the evaluation
of the application for the Corrib South successor authorisation. Only the Corrib South successor authorisation
application therefore was retained to reduce the financial criteria requirements.
By the end of 2024 the Company had successfully satisfied the financial criteria.
By the end of 2024 a new Irish Government resulted in a change in sentiment regarding the importance of gas
and LNG in the context of the Energy Transition and Gas Storage for Security of Energy Supply.
As a result the Company has begun the process of re-engaging with a number of legacy stakeholders in Ireland
to progress further the Corrib South gas storage concept and the Mag Mell FRSU Project. Both projects had
already been presented to the DECC and Gas Networks Ireland in 2022 in relation to security of Energy Supply.
The Company is pleased to have persevered to the stage where the projects can gather new strategic
momentum.
A farmin proposal for Corrib South has been received by the Company. Final commercial negotiations can
conclude upon the award of the Corrib South successor authorisation.
The rights to the Mag Mell FSRU Project are likely to be sold on, if possible, for a stake in any future
FSRU/Storage development project.
The Mag Mell FSRU Project is better-suited to a different stock exchange where Ireland’s requirements for
imported LNG for Security of Energy Supply is better understood and capable of potentially utilising USA LNG
exports.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
10

Financial review
The Company reported an operating loss for the period to 31 December 2024 of GBP 1,887,410 (GBP 4,187,581
for the period to 31 December 2023 (as restated)). The decrease in operating loss is primarily attributable to
the lower number of share options issued and the absence of pay-outs for performance and compensation
bonuses in 2024.
Operating expenses for the period to 31 December 2024 were GBP 1,887,401 (GBP 4,187,581 for the period
to 31 December 2023(as restated)). Excluding share-based payments for options and warrants corporate,
administrative expenses were GBP 1,655,862 (GBP2,647,100 for the period to 31 December 2023 (as
restated)). Corporate administrative expenses, directly related to running the day to day business of the
Company have been prudently managed. There was a decrease in corporate activities in 2024. The 2023
expenses included the cost of producing a Secondary Prospectus. The 2023 expenses included drilling bonuses
and a compensation for stock lending.
Technical services consulting fees increased to GBP 265,836 (GBP88,995 for the period to 31 December 2023)
as a result of the increase in the Company’s operational activities in Trinidad in the period to 31 December
2024.

TRex incurred technical services consulting fees in the sum of GBP112,426 during 2024. Technical services
consulting fees charged by the executive directors are occasioned by directors providing technical support and
reports that would otherwise would have been outsourced to third parties at competitive market rates.

Legal and professional fees increased to GBP 294,282 (GBP158,488 for the period to 31 December 2023) as a
result of the fund raise that the Company undertook in the course of 2024 and legal drafting for acquisitions
in Trinidad.

T-Rex Resources (Trinidad) Limited (TRex) incurred GBP 55,651 in office and personnel expenses in 2024, the
first full year of operations for TRex.
Through prudent management of foreign exchange exposures, the Company registered a gain of GBP40,833
on foreign exchange holdings compared a loss of GBP119,040 incurred in 2023.
The Company is finishing the reporting period with cash reserves of GBP 3,813,371 (GBP6,484,034 for the
period to 31 December 2023) and restricted cash of USD1,500,000 (USD1,500,000 for the period ended 31
December 2023) in the form of the security deposit for the Guercif Bank Guarantee in favour of ONHYM. Cash
reserves have decreased due to expenditure on drilling activity as committed to in the 2023 Secondary
Prospectus.
On 18 April 2024 the following share options lapsed:
•
1,000,000 share options at a price 5p per share
•
1,650,000 share options at a price of 5.66p per share
•
2,000,000 share options at a price of 8.125p per share
On 18 April 2024 3,000,000 share options exercisable at 12.5p per share were issued.
On 26 June 2024, following the exercise of warrants, a total 5,221,203 shares at a price of 5.63p per share
were issued.

On 1 October 2024 3,000,000 share options exercisable at 10.5 p per share were issued.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
11

On 2 October 2024 7,500,000 share options exercisable at 10p per share and 7,855,486 share options
exercisable at 8p lapsed.

On the 31 October 2024, 1,491,889 new ordinary shares at a price of 0.0925p per share were issued in lieu of
advisor fees totalling £138,000.

On the 11 November 2024 a total of 40,000,000 shares at a price of 5p per share were issued to Novum
Securities Limited for a consideration of £2,000,000. Linked to this transaction, 40,000,000 warrants
exercisable at 8p per share were issued.

As a result of the transactions successfully concluded during the period under review, the Company is well-
capitalised for initial drilling operations, free of debt and is in a position to deploy prudent levels of
administrative expenditure focussed on enhancing and promoting the potential of the Company’s portfolio.
Placing funds provided capital to progress the drilling of MOU-5.
The Company had no debt as of 31 December 2024.

Following the admission of the above exercised warrants, and the Placing Shares the issued share capital
increased to 611,874,754 shares by the end of the period to 31 December 2024 (565,161,662 shares for the
period ended 31 December 2023).
As a result of the transactions successfully concluded during the period under review, the Company is well-
capitalised for MOU-5 drilling operations in 2025; additional well intervention work on MOU-3 to potentially
stimulate gas flow; and to execute additional workover programmes in Trinidad should acquisition of new
producing assets be completed in 2025.
The Company is in a position to deploy prudent levels of administrative expenditure focussed on enhancing
and promoting the potential of the Company’s portfolio and retaining skilled and experienced management
and consultants at a time of a diminishing pool of suitably qualified personnel brought about by a period of
waning activity in the fossil fuel sector generated by climate change concerns. Sentiment is changing rapidly
for investment in the sector and the Company is well positioned having retained all critical personnel.
COVID pandemic, Energy Crisis and Volatility in the Foreign Exchange Markets
The Company continues to take all commensurate steps during the period under review to minimise
unnecessary capital expenditures and operating costs in the event that COVID restrictions might be re-imposed
at some future date. Any resurgence of COVID or a similar global pandemic would be manageable based on
the lessons learnt, experience gathered and changes to operating procedures made, and capital deployment
enacted during COVID-19.
The Energy Crisis continues to impact the industry’s business operations worldwide as a result of rising inflation
and rising costs, particularly transport and shipping, in respect of well services and well inventory. The
Company’s management has managed this situation through continuing to apply negotiating skills to maintain
contractual costs broadly at 2023 levels. As a result, our forecast drilling costs for MOU-5, scheduled for 2025,
remain aligned with actual drilling costs for MOU-4 completed in 2023.
Maintaining adequate cash reserves and continuing to deliver high impact drilling programmes in Morocco
focussed on the opportunity to supply gas to the Moroccan industrial market is a prudent risk-reward
proposition for our shareholders. This strategy is under-pinned by developing the Company’s ability to
generate cash from production in Trinidad in 2025.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
12

The Company has maintained its strategic focus on near-term projects in Morocco and Trinidad that are
capable of early monetisation. De-risking such assets in the early stage of development depends on being able
to demonstrate a clear path to monetisation. Retaining undiluted equity in the Company’s assets also
streamlines the decision-making process without the delays created by seeking partner approvals, where
partners may have different and longer-term strategic goals. The Company’s concentration on jurisdictions
where there is a robust requirement for indigenous oil and gas creates the necessary opportunities for early
monetisation funded by well-capitalised indigenous producers and marketing entities requiring local product
to boost their business development strategies and compete against more expensive imported fuels.
Conventional farmout or asset sales to international companies involve a protracted due diligence and legal
process that may or may not lead to an ultimate sale of project equity at an acceptable valuation.
The Company’s organisational structure allows it to ring-fence its assets in different geographies in dedicated
subsidiary entities. The sales process is simplified through a sale of shares in the subsidiary company which
does not attract a capital gain tax liability in the country where the assets are held nor in the country of
domicile of the parent company.
Volatility in the foreign exchange markets is being managed by maintaining cash reserves in a variety of
currencies including United States Dollars, United Kingdom Pounds, Euros and Moroccan Dirhams to reflect
the principal currencies in which its costs are incurred. The Company seeks to focus on the potential to
generate revenues in United States Dollars, which has traditionally been a more stable currency for business.
Any future oil production in Trinidad is priced against West Texas Intermediate spot price. Any future gas
production in Morocco is based on the price of gas being tied to the United States Dollar. Payments in local
currencies are therefore protected to some extent and foreign exchange controls allow the conversion to the
equivalent United States Dollars to be made for repatriation of funds to the parent Company’s country of
corporate domicile.
The implementation of windfall taxes in Trinidad and Morocco in the oil and gas sector is considered to be very
unlikely. Trinidad already has a Supplementary Petroleum Profit Tax and further taxation would greatly reduce
levels of investment required to bolster oil production in Trinidad’s depleting onshore oil fields and would also
deter the roll out of CO2 sequestration linked to the aftermath of CO2 EOR activities. Morocco’s seeks to
develop gas to replace carbon-intensive coal-fired power generation. Investment would be compromised if
windfall taxes were introduced and would be contrary to Morocco’s low taxation policy for the oil and gas
sector.
Growing challenges facing the expansion of wind energy in Europe in 2024 have been highlighted. For this
reason, gas remains a critical component of the energy mix through the Energy Transition for years to come.
Board changes
Lonny Baumgardner resigned as Managing Director on 11 September 2024.

Dr. Stephen Boldy was appointed non-Executive Chairman on 16 September 2024 with Paul Griffiths moving
from Executive Chairman back to Chief Executive Officer.

The overall objective of the Board changes was to save corporate costs; improve communication between local
managers and consultants and the Chief Executive Officer; and to strengthen Board governance by having a
clear majority of non-Executive directors.

The Audit and Remuneration Committees comprise both of the two non-executive directors Alistair Jury and
Carl Kindinger.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
13

Environmental, Social and Governance (“ESG”) and Sustainability
Environmental Policy
Protection of the environment and robust environmental management are of primary importance to the board
of the Company. It is essential that the Company conducts its operations in such a manner as to minimise the
potential impact on the environment from our activities.
Our key goals are to:
•
provide the necessary resources in the form of finance, equipment, personnel, training and time to
implement our policy and to further develop and actively promote our environmental and bio-
diversity commitments.
•
Identify and evaluate and manage environmental aspects and associated risks applying a
precautionary approach using best industry practices without compromising safety.
•
Apply a mitigation hierarchy when identifying environmental control measures, from avoidance,
mitigation and restoration to the offset of residual impacts.
•
Consider opportunities for bio-diversity net gain by having a positive ecological impact through
habitat creation or enhancement.
•
Comply with applicable environmental laws, regulations and standards of the countries in which we
operate.
•
Engage with local communities and call upon community knowledge of the local environment to assist
in protecting and conserving eco-systems and environmental resources.
•
Incorporate pollution prevention in our project planning and actively work to reduce and minimise
the greenhouse gas emissions and carbon intensity of our projects from the conception phase
onwards.
•
Promote efficiency in our use of energy and water with the aim of conserving natural resources and
reducing atmospheric emissions.
•
Operate in a safe manner to avoid spills, leaks or accidental discharges of polluting materials.
•
Ensure that an effective response capability is in place and regularly tested, so that environmental
incidents can be responded to in a timely and effective manner should they occur.
•
Identify and work towards environmental objectives and targets that are regularly reviewed and
reported on to promote continual improvement against those targets and objectives.
•
Ensure that contractors are aware of and comply with our environmental policies and standards and
where necessary work with our contractors to raise standards to meet our requirements.
•
Use our leverage and influence with business partners to promote high standards of environmental
management.
•
Where appropriate support local conservation projects.
•
Ensure that environmental accidents, incidents, near misses and non-compliances are reported
promptly and investigated, that corrective and preventive actions are implemented and that the
lessons learned are shared.
•
Monitor and evaluate our own and contractor competence and capabilities, and conduct periodic
audits to ensure our controls are effective and that our environmental standards are being achieved;
and
•
Report openly on our environmental performance and the status of our environmental objectives and
targets.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
14

Our policy will be reviewed at least annually.

Social Policy
Contribution to the societies in which we work is of primary importance to the Board of the Company. It is
essential that the Company conducts its operations in such a way as to minimise the potential impact from our
activities and deliver positive outcomes in the communities in which we operate.
Our goals are as follows:
•
Provide the necessary resources in the form of finance, equipment, personnel, training and time to
implement our policy and to further develop and actively promote our social commitments through
visible leadership.
•
Comply with applicable social laws, regulations and good international industry practice.
•
Ensure that all potential adverse social impacts are identified, assessed and avoided and when they
cannot be avoided, minimise or duly compensated. Avoid or minimise any requirements for physical
or economic displacement resulting from our projects. Develop appropriate mitigation, compensation
and resettlement plans for loss of assets.
•
Avoid causing or contributing to adverse human rights impacts and take all feasible steps so that our
operations are not directly linked through our business relationships to adverse impacts on human
rights.
•
Establish suitable platforms to share or requisite information regarding our operations with different
stakeholders, including local communities, and promote dialogue and constructive engagement.
•
Devise and implement transparent and fair grievance mechanisms for the communities in which we
operate. Ensure that grievances are recorded, investigated and responded to in a timely manner.
•
Honour internationally accepted labour standards as defined by the International Labour
Organisation, ensuring non-discriminatory and equal opportunity employment practices.
•
Engage with local communities, their representatives and other stakeholders to support projects and
initiatives and benefit the communities and countries in which we operate.
•
Strive to preserve cultural heritage in every jurisdiction in which we operate and manage all impacts,
where they occur, in close consultation with national cultural heritage specialists.
•
Support and respect the rights of indigenous communities within the scope of our operations.
•
Manage the social, health, environmental and economic impacts associated with project related
influx of people.
•
Use our leverage and influence with business partners to promote high standards of social
performance; ensure that contractors are aware of and comply with our social policies and standards
and, where necessary, work with our contractors to raise their standards to meet our requirements;
and
•
Identify and work towards social performance objectives and targets that are regularly reviewed to
promote continual improvements.
Our policy will be reviewed at least annually.
The Company has a commitment to sustainable operations through placing robust management of ESG
concerns at the core of what we do and how we work.
ESG is an important consideration in the growth of our business as we progress towards generating revenues
from production and is based on both expanding the pragmatic role of gas as a “sustainable” source of energy
for reducing CO2 emissions, future collaboration with renewable energy project developers if and where
appropriate, and the utilisation of existing infrastructure and subsurface reservoirs for cost-effective CO2

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
15

sequestration. Through this strategy we can determine a common route to achieve a timely and socially just,
fair and equitable energy transition.
Currently our Moroccan assets are focussed on gas, which has a much lower carbon intensity compared to oil.
Our Trinidad assets are dominated by oil reservoirs, many in older mature producing fields discovered before
1960These assets are part of a strategy to restore wells to production after years of neglect to:
1. Make safe the wells and improve the immediate environment around the old well heads by replacing
any leaking facilities;
2. Gather information on subsurface reservoirs that may be suitable for CO2 sequestration; and
3. Support the local economy, which is heavily dependent on the oil industry for jobs and livelihoods
during the Energy Transition.
United Nations Sustainable Development Goals (“UN SDGS”)
The Company adopts industry best practices focussed in particular on the United Nations Sustainable
Development Goals (“UN SDGS”) as a benchmark and guiding principle.
Two of the UN SDGs are particularly relevant to the countries in which we operate a business, and these
underpin our strategy and values as we seek to develop our business in the context of the Energy Transition.
Goal 7: Ensure access to affordable, reliable, sustainable modern energy for all – specifically around energy
efficiency and advanced and cleaner fossil-fuel technology expansion of infrastructure and upgrade technology
for supplying modern and sustainable energy services for developing countries in accordance with their
respective programmes of support.
In Morocco we are focussed on developing a Compressed Natural Gas market that will make energy more
affordable for industries that currently used imported, more carbon-intensive fuel oil. This will allow these
industries to retrofit natural gas versus fuel oil burners, particularly the ceramics industry, to reduce CO2
emissions and potentially become more competitive with respect to the European market. In turn this may
stimulate business growth and create additional employment.
Developing the CNG option creates a source of natural gas that can be easily transported by CNG-fuelled trucks
to regional and local distribution centres which would allow the expansion and upgrade of energy services by
creating the energy security required for heavy transport vehicles currently using more carbon-intensive diesel
to switch to CNG.
Developing any future large accumulations of natural gas will help replace very carbon-intensive coal imports
currently used to generate significant amounts of power in Morocco. This will create employment; improve
gas distribution infrastructure bringing gas to a greater number of cities and towns; and improve energy
security and the economy by eliminating costly energy imports.
In Trinidad our CO2 EOR knowledge and expertise can be applied at the right time to the development of the
Snowcap discovery in the Cory Moruga Exploration and Production Licence. This will evaluate and provide the
empirical data necessary to determine the potential storage capacity for CO2 sequestration of the Cory
Moruga reservoirs in line with the government of Trinidad and Tobago’s draft policy to implement its Action
Plan for the mitigation of Green House Gases (“GHG”) aimed at cutting CO2 emissions by 15% by 31 December
2030 (equivalent to 103 MtCO2e) for which a draft policy to create Carbon Capture and Storage (“CCS”) specific
legislation has been developed.
Establishing the CO2 storage capacity at Cory Moruga can provide critical data with which to justify investment
in CO2 pipeline infrastructure to capture CO2 that is currently being vented into the atmosphere.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
16

The Company is the only company in Trinidad that has established “Proof of Concept” for CO2 sequestration
in oil reservoirs following its successful Inniss-Trinity CO2 EOR pilot project in 2021.
The second of the UN SDGs that is particularly relevant to the countries in which we operate a business and
which underpins our strategy and values as we seek to develop our business in the context of the Energy
Transition is:
Goal 9: To build resilient infrastructure, promote inclusive and sustainable industrialisation and foster
innovation. Raise industry’s share of employment and gross domestic product, in line with national
circumstances. Upgrade infrastructure and retrofit industries to make them sustainable with increase
resource-use efficiency and greater adoption of clean and environmentally sound technologies and industries.
The new and innovative CNG and CO2 EOR, leading to CO2 storage, businesses we seek to develop in Morocco
and Trinidad respectively are aligned with Goal 9 in establishing businesses that are innovative; improve
infrastructure; increase employment opportunities; and addresses increase resource-use efficiency.
Operating responsibly with a focus on continuous improvement
We acknowledge the potential ESG impacts that our activities may have as we develop our projects. Our team
is committed to proactively identifying and assessing issues that are important to our business and to our
stakeholders. We manage these and their associated risks and seek to minimise the impacts of our activities
as far as possible by putting robust frameworks in place.
In addition, we are building our ESG capacity by appointing an ESG manager to oversee site-level
environmental and socio-economic interaction.
In recognition of the importance of stakeholders, external impacts and risks the Company has undertaken to
review its Materiality Assessment in line with the Global Reporting Initiative (” GRI”) framework; Greenhouse
Gas emissions and climate adaption, resilience and energy transition are the two most material issues for the
Company followed closely by safety and security considerations, land access and community benefits. These
issues have been linked to the Sustainable Development Goals which are guiding project development and
implementation.
These issues are set out in the GRI and will provide the basis for review and reporting going forward.
Topic 11.1 GHG emissions.
The Company has completed three wells for rigless testing in Morocco. Wells were completed to the very
highest standards with the latest wellhead equipment to minimise any risk of methane leakage. Similary in
Trinidad we are restoring old wells to make them safe and bring them up to more modern environmental
standards.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
17

Topic 11.2 Climate adaption, resilience and transition.
1. Management periodically considers the effects of climate-change and climate-related risks.

The principal risk identified is the potential for increased and more severe short-lived seasonal floods
impacting the Moulouya river that passes through the northwest part of the Guercif licence area.

This is mitigated for by choosing well locations that are not within the immediate floodplain of the
Moulouya river.

Should permanent facilities be established consideration will be given to constructing a low relief
flood defence wall.

2. Climate-related risks currently do not influence, or will potentially influence, the Company’s business
model, including our supply chain.

3. Before executing any oil and gas operations that involve the movement of equipment and personnel
onto a site the Company completes an independent Environmental Impact Assessment that has to be
published for local consultation and approved by the local civil authorities in Morocco and Trinidad.
Climate related risks relevant to the Company's financial reporting objective are identified following
this consultation process and if any risk is identified it is mitigated against by implementing a plan
that directly addresses the perceived risk.

Currently no climate risks have been identified that impact the Company’s operations or business
development strategies. risks identified are addressed.

4. The Company, which is still at a pre-revenue generating stage, has identified no climate related
disclosures for inclusion in the financial statements.

5. The Company currently operates in Morocco and Trinidad and has no plans to enter other
jurisdictions. The governments of Morocco and Trinidad recognise the importance of their oil and gas
sectors to their respective economies. The Company currently cannot identify climate change and any
climate change risks as having any impact on its financial statements. Periodic reviews of climate
change risks are undertaken if and when new information becomes available.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
18

Topic 11.8 Asset integrity and critical incident management.
The Company’s management collectively have over 100 years relevant oil and gas operations experience,
including operating onshore and offshore wells and pre-development planning.
Asset integrity and critical incident management is a key area of focus for the Company.
Prior to carrying out all field operations an HSE manual is produced which sets out procedures to address
any issues arising from a range of possible critical incident, some of which potentially could impact asset
integrity.
Operations are directly supervised by management on a day-to-day basis.
Topic 11.16 and 11.17 Land and resource rights and rights of indigenous peoples.
The Company always engages with the owners of the land that it intends to carry out field operations on
prior to the commencement of those operations.
Appropriate compensation is paid where it is necessary to construct civil works, including a well pad and
access roads, that may result in inconvenience and an alternative use of the land. The intention is always
to return the land to its original state.
Engagement with olive tree farmers and local community representatives is carried out to ensure that the
Company is made aware of areas of local concern including ensuring that valuable water resources are
not compromised by any of the Company’s operations and in order to better understand how the
Company can assist local communities (see below).

Local communities provide the security guards (currently 10) that protect our well sites and storage
facilities from unauthorised access.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
19

Improvement of the local tracks is welcomed by the community and olive tree growers as it provides
improved quality of access for them to essential services and amenities.
Topic 11.9 Occupational health and safety.
All of the Company’s personnel and contractor staff are briefed on health and safety aspects of the Company’s
operations prior to the commencement of activities in accordance with the guidelines presented to the
relevant local authorities and government regulators.
Topic 11.11 Non-discrimination and equal opportunity.
Gender and ethnic diversity is important to the Company.
The key project manager position in the area of planning and supervision of drilling operations is filled by a
highly experienced female person.
All positions in-country, including country manager, director of local subsidiaries and operational logistics, are
filled by indigenous personnel.
Topic 11.14 and 11.15 Economic impacts and local communities.
In 2024 the Company spent a significant proportion of the equity funds it raised in Morocco on local services
in relation to the rigless testing of MOU-1 and MOU-3 and the planning and contracting of services for MOU-
5 in the area of the Guercif Petroleum Agreement 10 kilometers northwest of Guercif city.
Beneficiaries included civil engineering contractors; field support activities including provision and
mobilisation of cabins; provision of Guercif warehouse staff (renting of warehouse in Guercif city); provision
of water and waste disposal; fuel supplies; transport and drivers; local hotel accommodation for well services
crews; heavy lifting equipment; internet services and provision of office equipment; and accounting and
customs administration services. This was a significant boost for the local economy.

Topic 11-3 Air emissions.
The Company operates a business development strategy based on a virtual office concept, thereby reducing
the carbon footprint associated with a fixed office facility by reducing energy consumption and waste.

Initial evaluation of sites for potential future operations uses as far as possible drone technology to reduce the
carbon footprint on the ground.

Topic 11-5, 11.6 and 11.4 Waste, water and effluents and biodiversity.
Conservation of the environment is very important to the Company and every attempt is made to ensure site
works are well maintained (see below).

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
20

Waste disposal is carried out using local approved contractors to protect the environment and ensure a clean
operations site at all times.
Land use is restored after mud pits required during the drilling operations are filled in.
Water disposal is free of effluents in accordance with standards laid down by the pre-drill Environmental
Impact Assessment.
Natural vegetation is re-established in these areas within one year (see below) and potentially over time may
or may not contribute to improving biodiversity in an otherwise barren landscape.
Topic 11-20 Anti-corruption.
The Company adopts a zero-tolerance policy towards bribery and corruption in whatever form.
Topic 11-21 Payment to governments.
ONHYM personnel are given access to the Company’s well site operations for promoting skills and competency
through training, on-the-job experience and opportunities. The Company pays annual training fees to ONHYM
as is a requirement under the Guercif Petroleum Agreement and Moroccan Hydrocarbon Code. ONHYM is a
State-owned company.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
21

Post period events

20 January 2025
The Company announced that civil engineering work, to improve access roads and prepare the MOU-5 well
pad, had commenced on its Guercif licence onshore Morocco at the MOU-5 drill site.

21 January 2025
The Company announced the completion by T-Rex Resources (Trinidad) Limited, the acquisition of 51% of the
issued share capital of Caribbean Rex Limited ("CRL"). CRL'S sole asset is a 100% interest in and operatorship
of the Bonasse Field in the SW Peninsular, Trinidad. The Bonasse field has a production licence expiring in 2039.
There are no remaining work commitments. The consideration for the investment in CRL was US$170,000.

5 February 2025
The Company announced that it had placed 50 million new ordinary shares of no-par value in the Company at
a placing price of 4 pence each to raise £2 million (before expenses) with Eva Pacific Pty Ltd. The funds are to
be applied to an accelerated drilling programme for the upcoming MOU-5 well in Morocco on the Titanosaurus
prospect and to prepare for the development and appraisal drilling programme on Snowcap-3 in Cory Moruga,
Trinidad. Pursuant to this placing 10mil warrants exercisable at 6p a share was granted to Eva Pacific Pty Ltd
and Cynosure Capital Pty Ltd.

18 February 2025
The Company announced that T-Rex Resources (Trinidad) Limited’s 51% owned subsidiary, Caribbean Rex
Limited(‘CRL’), had entered into a transaction with Challenger Energy ("CEG") for the potential acquisition of
its St Lucia domiciled subsidiary company, Columbus Energy (St. Lucia) Limited, which in turn holds various
subsidiary entities collectively representing all of the CEG's business, producing assets and operations in
Trinidad and Tobago. The three producing fields that are being acquired are Goudron, Inniss Trinity and Icacos
and are currently averaging 272 bopd of production.

The total consideration of US$1,750,000 comprises an initial deposit of US$250,000 which has been satisfied
via the issuance to CEG of 4,411,641 Predator shares; US$750,000 payable on completion comprising
US$250,000 in cash and US$500,000 via the issuance of Predator shares and deferred unconditional
consideration payments of US$750,000, payable in cash, in three instalments of US$250,000, at the end of
2025, 2026, and 2027. CRL will assume a total of US$4.25 million of legacy liabilities, provisions and potential
exposures of the business, and the assets and operations in Trinidad and Tobago.

20 February 2025
the Company awarded 45,000,000 unallocated share options, exercisable at 5.5p per share, under the option
scheme as follows:

a. Dr. Stephen Boldy: 7,500,000 options
b. Mr Paul Griffiths Chief Executive:18,500,000 options
c. Mr Alistair Jury:7,500,000 options
d. Mr Carl Kindinger:7,500,000 options
e. Mr Geoffrey Leid Director: 4,000,000 options

The vesting conditions and phased vesting dates are as follows:

•
25% of the award on commencement of MOU-5 drilling.
•
25% of the award after 9 months or on announcement of the completion of the acquisition of
Challenger Energy Group Plc's Trinidad & Tobago companies, whichever occurs first.
•
25% of award after 6 months or announcement of positive MOU-3 testing results, whichever occurs
first.
•
25% of award on announcement of achieving 500boe/pd net to Predator in Trinidad.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
22

4 March 2025
The Company announced that the MOU-5 well had commenced drilling operations onshore Morocco on 3
March 2025.

17 March 2025
The Company announced that the results of the MOU-5 drilling programme have unlocked a new Jurassic play,
opening a trend never before tested in the Guercif Basin. A helium show has provided the impetus to further
assess the helium potential of the MOU-5 structure. There was confirmation of the pre-drill play concept and
seismic inversion modelling work based on limited 2D seismic data. This allows for the acquisition of more
focussed additional seismic data to clarify the updip potential. The way forward from this point on is to
evaluate the data from the well and then to seek a farminee to join the Jurassic Project. The MOU-5 well has
confirmed that the large MOU-5 structure has to be further investigated based on new 3D seismic data.

24 March25
The Company announced an operational update and commencement of oil sales:
· CEG Trinidad acquisition progressing on schedule through regulatory process. This acquisition will add 272
bopd on completion.
· Bonasse oil off-take agreement executed and oil sales to commence.
· Bonasse Production and Field Services Management Agreement executed.
· Bonasse workover programme underway and building to 35 bopd initial target.
· SGN thermo-chemical wax treatment received regulatory approval for use in Trinidad.
· Jacobin-1 workover will be the first test of the SGN patented technology in Trinidad.
· In 2025 the MOU-3 shallow higher pressure gas onshore Morocco will be perforated.
· A farmout package for both 3D seismic and an updip well on the Titanosaurus structure based on new insights
will be prepared following assessment of MOU-5 drilling results.
· The Company is fully-funded for all 2025 firm commitments.
Key Performance Indicators
At this stage in the Group’s development, the Directors do not consider that standard industry key performance
indicators are relevant.

During 2024 the Company has completed two rigless testing programmes on MOU-1 and MOU-3 onshore
Morocco in the Guercif Licence, necessary to provide information to determine the next stages of the rigless
testing programmes to implement the Company’s strategy of developing CNG for the Moroccan industrial
market. This, if successfully executed, will reduce the reliance on more carbon-intensive fuel oil.

In Trinidad the Company has successfully completed the acquisition of the remaining 16.2% in the Cory Moruga
Exploration and Production Licence, for no cash consideration, and which contains the undeveloped Snowcap
and Jacobin-1 oil discoveries.

The main KPI’s for 2024 are therefore considered to be the following:

•
Conservation and prudent deployment of cash to acquire Contingent and Prospective resources at a
very large discount to their forecast value based on independent project economics.

•
Execution of the longer-term strategy to contribute to reducing CO2 emissions through replacing the
use of more carbon-intensive fossil fuels with natural gas during the Energy Transition and acquiring
sites that potentially can be used for subsurface storage of currently vented CO2.

•
Improving ESG and Sustainability in relation to the Group’s operations.

•
Expanding total prospective, probable and proven resources through drilling activity and acquisitions.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
23

•
Develop oil and gas projects which will result in positive cash flow within a short time horizon.
This measures our ability to assist the internal funding of our projects with medium term time
horizons. This is demonstrated by our proposed Compressed Natural Gas development option for
discovered gas in Guercif to support early monetisation of gas and to significantly reduce the quantum
of development capital required, and our acquisition of the remaining 16.2% interest in the Cory
Moruga Exploration and Production Licence where a strategy of workovers of existing wells for low
capital expenditure is forecast to generate positive cash flow.

•
Enter into value adding joint venture and farm-out transactions.
This measures our ability to mitigate risk, share capital expenditure with partners and assist in
meeting licence commitments.

Currently this strategy is being applied to the Company’s assets offshore Ireland, which are considered
to be exposed to a greater risk of regulatory delays. The Company has been approached by an
infrastructure owner regarding its application for a successor authorisation for Corrib South and a
proposal to farm in on award.

The Company has also been approached by several companies regarding its gas assets in Morocco,
but at this time the Company wishes to defer entering into any substantive negotiations until it has
advanced a Field Development Plan, believing that this will underpin valuations.

•
Secure funding that minimises, as far as market conditions allow, project equity dilution to maintain
materiality, cognisant of the potential for a judicious level of debt funding. This measures our ability
to enhance shareholder value whilst securing the means to grow the business without unduly
increasing risk.

No third-party debt has been incurred during the reporting year and an adequate quantum of equity
funding has been secured to maintain sufficient working capital as we seek to transition to a revenue-
generating Group through a period of rising commodity prices.

Shareholders’ interests are best protected by establishing sufficient liquidity to support going concern
criteria during periods of volatile global market conditions.

The above objectives have been achieved in 2024.

•
The rate of utilisation of the Group’s cash resources. This measures our ability to plan expenditure
and conserve cash to ensure a going concern and is addressed by reducing corporate costs and
operating costs whenever and wherever prudent to do so, without impacting the timely execution of
the Group’s business development strategy, and by not entering into any discretionary new
commitments and liabilities.

This has been successfully achieved in 2024.

The Group has achieved its performance targets during the reporting year by increasing liquidity, adding the
remaining interest in the Cory Moruga asset in Trinidad and successfully executing a rigless testing programme
for gas whilst preparing to drill the MOU-5 well in Morocco without project dilution, without incurring any new
firm financial liabilities and within budget forecasts.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
24

Group structure and list of assets

See post balance events for additional information on subsidiaries acquired.

Licence/Agreement
Issued
Asset
Operator
Partners
PRD%
Status
ONSHORE
MOROCCO

Guercif Petroleum
Agreement
2019¹
Moulouya
Gas discovery
Titanosaurus
MOU-5
PGVL
ONHYM
75
Appraisal
Gas
Exploration
Gas and
helium
ONSHORE TRINIDAD

Cory Moruga
E & P Licence
2023
Snowcap
POGT
T-Rex
TOUCHSTONE
Exploration
100
Oil field
Appraisal
OFFSHORE IRELAND

Atlantic Margin

LO 16/26
2016²
Corrib South
POGVL
Theseus Ltd.
50
Exploration
Gas
FSRU Project Concept
No licence
Mag Mell
FSRU
MMEIL
None
100
LNG
import

¹ First Extension Period of the Guercif Petroleum Agreement entered into to 5 November 2026
² A Frontier Exploration Licence for Corrib South is conditional
on the award of a successor authorisation that have been applied for and remains under consideration by
the Department of the Environment, Climate and Communications

Description of assets
Onshore Morocco – Guercif Petroleum Agreement (“Guercif PA”)
Background to the Guercif Project

The Guercif Petroleum Agreement (“Guercif PA”), comprising the Guercif Permits I, II, III and IV located in the
Guercif Basin in northern Morocco, covers an area of 4,301 km² after partial relinquishment following entry
into the First Extension Period. It lies approximately 250 km due east of and on trend with the geologically
coeval Rharb Basin, where shallow commercial gas production has been established by SDX Energy Plc and its
predecessor Circle Oil for several years. Guercif also lies approximately 180 km due north-west of Tendrara,
where deep gas is being appraised and potentially developed by Sound Energy Plc.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
25

Map showing the Guercif Licence Through its wholly owned subsidiary Predator Gas Ventures Ltd. (“PGVL”),
the Company holds a 75% working interest in and is the operator of the Guercif PA. ONHYM, the State oil
company, holds 25% and is carried through exploration, but funds its pro-rata share of all costs upon a
Declaration of Commerciality. ONHYM is owned by the Moroccan government and is involved in oil and gas
exploration, appraisal, development and production within Morocco.
The Guercif PA is for 8 years and is split into an Initial Period of 30 months, commencing on 19th March 2019;
a First Extension Period of 36 months duration; and a Second Extension Period also of 30 months. After each
Licence Period there is an opportunity to withdraw from the Licence, without entering the next Licence Period.
A one year extension to the Initial Period of 30 months of the Guercif Petroleum Agreement was granted as a
consequence of the restrictions that resulted from the COVID pandemic. As a result, the Guercif Petroleum
Agreement was extended for 9 instead of 8 years. The Initial Period was extended to 42 months to 5 August
2023.
In 2023 the Company extended the Initial Period by a further 9 months to 51 months to 5 February 2024 to
allow acceleration of the one well commitment planned for the First Extension Period to facilitate it being
drilled in the Initial Period whilst a drilling rig was available on site. This would remove the drilling commitment
from the First Extension Period and eliminate the requirement to put up a new bank guarantee in favour of
ONHYM prior to entering the First Extension Period. The Company also reduced its drilling depth commitment
from 2,000 metres Measured Depth to 1,500 metres Measured Depth or top Middle Jurassic, whichever

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
26

occurred first but committed to drilling two wells to this depth. The First Extension Period was reduced from
36 to 27 months. Successful conclusions of these extensions allowed the Company to cost-effectively
rationalise drilling expenditures and to reduce potential wastage in resources and finances.
At the end of 2023 a further extension of the Initial Period by four months to 6 June 2024 to allow for two
phases of rigless testing of MOU-1, MOU-3 and MOU-4 to be completed and the results evaluated was made
effective by the issue of a Joint Ministerial Order. The First Extension Period would then be reduced from 36
to 21 months to 5 March 2026.
In the Initial Period the work programme comprises 250 kilometres of 2D seismic reprocessing and AVO
analysis and the drilling of one exploration well to a minimum depth of 2,000 metres or to the top of the
Jurassic, whichever occurs first. Desk-top geological and gas marketing studies will also be carried out. The
Minimum Exploration Commitment is USD3,458,000, which has been satisfied by the work programmes
carried out to date by the Company.
By the end of the year under review the Company had completed its 2D seismic reprocessing commitment and
drilling commitments, based on the revised commitment depth of 1,500 metres Measured Depth, for the Initial
Period and First Extension Period (accelerated drilling of MOU-4 in Initial Period) as follows:
MOU-1 drilled to 1,503 metres Measured Depth
MOU-3 drilled to 1,509 metres Measured Depth
MOU-4 drilled to 1,199 metres Measured Depth to Middle Jurassic
MOU-2 was drilled to 1,260 metres Measured Depth before being suspended for operational reasons for a
potential re-entry following a review of the results of the MOU-3 and MOU-4 drilling performance and an
analysis of shallow gas samples taken whilst drilling MOU-2
MOU-5 is currently being prepared for drilling in 2025 and is a discretionary well. MOU-5 may potentially be
leveraged to replace the 200 km² of 3D seismic commitment in the First extension Period. Depending on the
results of the proposed MOU-5 well the Group may seek an extension of the First Extension Period by 8 months
to 5 November 2026 to provide additional time to submit a possible application for an Exploitation Concession
over the area tested by MOU-1, MOU-2, MOU-3 and MOU-4.
Fiscal terms and commercial opportunity.
The fiscal terms in Morocco, which are some of the best in the World, are restricted to a 5% State royalty for
gas, applicable after the first 10.6 BCF of net production to the operator, and corporation tax charged at 31%.
However, there is a 10-year “holiday” before corporation tax will be charged and any unused tax losses can be
offset against the tax due. There are no signature bonuses but production bonuses in the form of cash
payments exist with a maximum one-off payment of USD5,000,000 on production greater than 30,000
BOE/day. A commercial discovery bonus of USD1,000,000 is also payable. Significantly each individual gas field
which is the subject of an Exploitation Concession can be fiscally ring-fenced. Award of an Exploitation
Concession is not dependent upon fulfilling the work programme for the exploration phases of the Guercif PA.
The highest gas prices in Morocco are paid by industrial users, substituting for expensive carbon intensive fuel
oil imports, and ranged from USD 10 – 12/mcf during 2023. It is this market that the Company will initially
target with trucked Compressed Natural Gas (“CNG”), which by substitution of more fuel oil can potentially
reduce CO2 emissions by up to 33%.
The Guercif licence area straddles the Maghreb gas pipeline to Europe, which also serves Morocco’s current
inventory of gas-fired power plants. A major highway, suitable for the transport of Compressed Natural Gas
(“CNG”) also links Guercif to Morocco’s major industrial centres. Guercif is therefore well-positioned relative
to infrastructure for the potential early monetisation of gas.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
27

Gas infrastructure map Northern Morocco

History of exploration in Guercif

Guercif has been very lightly explored with only 4 deep exploration wells drilled by Elf in 1972 (GRF-1), Phillips
in 1979 (TAF-1X), ONAREP (the forerunner of ONHYM) in 1985 and 1986 (MSD-1 and KDH-1) and 2 shallow
stratigraphic wells drilled by BRPM for coal exploration in the 1950s.
TransAtlantic re-entered, logged and tested the MSD-1 well, originally drilled in 1985, in 2008 but the logging
and testing failed to establish the presence of hydrocarbons in the Jurassic.
The seismic inventory includes 3,291 kilometres of 2D seismic data acquired between 1968 and 2003, including
a new 300-kilometre ONAREP 2D seismic survey acquired in 2003, which were reprocessed in 2006 by
TransAtlantic when Pre-Stack Time Migration was applied for the first time to the seismic inventory.
TransAtlantic also acquired an aeromagnetic and aerogravity survey in 2006, comprising 10,000-line
kilometres.
Historical exploration focus was entirely on the Jurassic and was completed before the shift in emphasis took
place that resulted in shallow (Tertiary) gas production in the Rharb Basin and successful deep (Triassic) gas
appraisal drilling at Tendrara.
In this context therefore Guercif has been over-looked and has never attracted new exploration to evaluate
the Tertiary targets encountered in the gas producing Rharb Basin and the offshore gas discovery wells
Anchois-1, 2 and -3. New academic research (Capella et. al. 2017) confirmed for the first time the geological
continuity of the section containing the producing Miocene (equivalent to the Tortonian Hoot and Guebbas
formations) gas reservoirs in Rharb Basin with geological outcrops in the Guercif Basin.
The Company’s first MOU-1 exploration well, was successfully drilled and completed for rigless testing during
2021. It evaluated the north-western part of the Guercif Basin in a sub-basin that had never been previously
drilled.
The well confirmed the pre-drill geological prognosis and the correlation of the primary reservoir target with
a seismic amplitude anomaly linked to the presence of a formation gas show and a gas interval interpreted
using NuTech higher resolution petrophysical logging.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
28

MOU-1 was a play-opening well.
2023 drilling results.

MOU-2

The first well in the 2023 programme, MOU-2, was drilled to target an area of the “Moulouya Fan” interpreted
to potentially contain thicker reservoir sands.

The well was suspended at 1260 metres depth, above the intended primary target, due to operational issues
impacting the drilling rate. It was left in a condition to facilitate an option to re-enter following an analysis of
the drilling mud system and the future MOU-3 and MOU-4 drilling results to determine the changes that would
be required to improve drilling performance and reduce the risk of logging tools becoming irretrievably stuck
downhole.

The well could only be logged down to 1010.87 metres depth.
Below the logged interval a gross interval of 165 metres was penetrated with up to 100 metres of variable
quality sand. Presence of significant thicknesses of sands not seen in MOU-1 drilled 8 kilometres to the west
in 2021 confirmed the pre-drill predictions that the area to the east offered greater potential for sand
development at the level of the “Moulouya Fan” (the pre-drill primary target).
Gas samples in isotubes were taken whilst drilling at 575.5, 631 and 674 metres depths.
MOU-3
The second well in the programme, MOU-3, was drilled and completed for rigless testing. It evaluated a shallow
four-way dip closure and a deeper down-faulted closure potentially sealing against a fault at the level of the
primary target, the Moulouya Fan.

Within the shallow four-way dip closure, over-pressured gas was unexpectedly encountered in an 11 metre-
thick, unconsolidated sand (defined as the “A” Sand) from 339 to 350 metres Measured Depth. It had a 3%
formation gas show. The interval was estimated from the mud weight alone to be 122 psi over-pressured.

Further formation gas shows were encountered in sands at 449 metres (1.0%), 509 metres (1.35%), 555 metres
(1.51%) and 751 metres Measured Depth (2.42%). Isotube gas samples were collected from all sands with
formation gas shows for later laboratory analysis.
No provision for wireline logging had been made pre-drill for this shallow section being gas-bearing.

The “A” Sand defined a new gas target for further evaluation.

Post-well seismic re-mapping in the Mid-Case generates a closure of 6.28km² within this gross interval of 450
metres with several levels of potentially gas-bearing sands based only on mud log gas shows.

Potentially significant gas resources may be present within this shallow unlogged zone in the context of the
first phase of a potential CNG development option.

The pre-drill MOU-3 well design was not planned to include a provision for unexpected shallow, higher
pressure gas. The gas reservoir therefore is therefore isolated by two sets of casing strings. Perforating this
interval will require large perforating guns and/or Sandjet to perforate through the casing strings.

Deeper within the shallow structural closure the “Ma and TGB-6” sands were encountered from 815 to 895
metres Measured Depth with formation gas show of 2.06% at 817 and 3.0% at 841 metres Measured Depth.
Five potential sands with higher background gas were present. Individual sands have a maximum thickness of
3 metres giving an estimated cumulative thickness of 11.5 metres versus a P10 pre-drill forecast sand thickness

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
29

of 10 metres. Isotube gas samples were collected from all sands with formation gas shows for later laboratory
analysis. These sand intervals have been correlated with similar intervals in MOU-1.

The gamma log responses over these sand intervals in MOU-1 and MOU-3 show their mineralogy to be
different from similar gas sands penetrated to the west in the Rharb Basin and in the offshore at Anchois. The
sands are rich in radioactive components containing potassium. This is significant as it impacts the pre-drill
mud chemistry selected for drilling this section. Conventional drilling muds will react with potassium-rich
feldspathic sands and selling clays to produce fine-grained clays (kaolin for example) that plugs porosity and
permeability immediately around the well bore to generate what is known as “formation damage”. The well
requires to be drilled significantly over-balanced under these conditions to maintain borehole stability.

Conventional wireline logs are influenced by the formation damage and under-estimate porosity, permeability
and gas saturations. High resolution NuTech petrophysical and rock analysis based on proprietary artificial
intelligence algorithms provides a more accurate petrophysical analysis beyond the formation damage and is
more consistent with the sand properties based on well cuttings.

Post-drill seismic re-mapping of the Ma/TGB-6 structure tested by MOU-3 indicates that the structure may
persist several kilometres to the southwest towards the MOU-1 well drilled in 2021, where formation gas
shows and gas was interpreted in the Ma and TGB-6 sand interval. Mid-Case four-way dip closure is mapped
as 16 km² with a High Case that links in MOU-1 and relies on fault seals of 21 km². All faults, where present,
are anticipated to have sealing properties based on clay smearing as the intervening claystones between sands
are described as “sticky” from well cuttings. There are no significant faults within the four-way dip closure that
could compartmentalise the structure, It is expected however that thin sands will have persistent intra-
formational claystone seals that will create several separately sealed gas reservoirs albeit with probable
common gas-water contacts.

Several sands between 1.5 and 9 metres thick were encountered between 1046 and 1140 metres Measured
Depth. The upper sands are interpreted as being the TGB-4 sands. A seismic tie to the MOU-3 wireline logs
correlates this interval with stronger seismic amplitudes related to a poorly constrained four-way dip closure
and a larger fault-bounded closure. NuTech petrophysical log analysis indicates gas saturations in the range 33
to 51% with maximum porosities and calculated permeabilities of 34.6% and 106.5 mD respectively. Mud log
descriptions over this interval interpret the presence of “unconsolidated sands”. Gamma log indicates the
presence of layered potassium-rich feldspathic sands. MOU-3 was drilled significantly over-balanced with a
mud weight of 1.47 SG at total depth to help try to maintain borehole integrity in the highly mobile claystones
in an interval above this horizon. Formation damage is therefore expected as a result of deep invasion of
drilling mud and swelling clays. Under these circumstances gas saturations may have been suppressed. Rigless
testing using Sandjet perforating technology was assessed as a means of penetrating beyond the formation
damage to help potentially validate the NuTech petrophysical interpretation.

A potential equivalent of the gas-bearing TGB-2 sands seen in MOU-1 was encountered in MOU-3 between
1243 to 1248 metres Measured Depth. The interval had similar characteristics to the TGB-4 sands above.
NuTech petrophysics calculated a maximum porosity of 35.1% and a maximum permeability of 119.86 mD with
a maximum gas saturation of 54%. This interval is a possible candidate for Sandjet rigless testing.

The “Moulouya Fan” target was encountered between 1378 and 1437 metres Measured Depth with
approximately 50.5 metres of gross sand interval of very variable quality versus a pre-drill P50 expectation of
19 metres.

Elevated background gas readings were recorded whilst drilling this section and a formation gas show of 0.95%
was encountered at 1395 metres drilling depth. An isotube gas sample for later laboratory analysis was
collected.

Reservoir characterisation is more problematic as the interval contains a significant amount of volcanic
material due to the nature of the sand source area to the east. NuTech calculated gas saturations are extremely

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
30

variable, sometimes over 50%, reflecting the potential for significant layering within the gross reservoir
interval. Desk-top petrographic and mineralogical studies were commissioned to better understand reservoir
quality. These studies confirmed the presence of some layers of immatures volcani-clastic sands and
weathered lavas. Cleaner unconsolidated sands are likely to have been washed out by over-balanced drilling.

The Moulouya Fan interval penetrated by MOU-3 is defined by a distinctive seismic sequence (shown below
in yellow below) which thickens over a major fault (thickened black fault below) that extends deep into the
basement below MOU-3 and is considered to be the conduit for vertical migration of volcanic material and
mature thermogenic gases. It covers a maximum area of 68 km² following post-well seismic re-mapping. The
potential for a large stratigraphic trap exists, as the gross reservoir interval is encased above and below and
laterally by sealing claystones.

Moulouya Fan stratigraphic trap (yellow) and major basement linked feeder faults (thick black).

The extent of the Moulouya Fan is defined by an interval thickness map (see below).

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
31

In summary, MOU-3 reached its planned total depth of 1,509 metres Measured Depth on 21 June 2023.
Wireline logs were acquired for the interval from 725 to 1509 metres depth. NuTech wireline log analysis and
reservoir characterisation of the MOU-3 well highlighted 43 metres of possible gas sands. The well was
completed for rigless testing using both conventional perforating guns for estimating depth of potential
formation damage and the Sandjet water jet perforating technology widely used in the United States – Phase
1 and Phase 2 testing programmes respectively. The primary advantage of Sandjet is that it allows deeper
penetration into potential gas reservoirs beyond the wellbore zone impacted by heavier drilling mud invasion
in circumstances where the drilling is over-balanced. It is also more cost-effective compared to conventional
perforating options using explosives where there are a number of separate reservoir sands to be evaluated for
assessing the potential to co-mingle on production.

In summary, MOU-3 reached its planned total depth of 1,509 metres Measured Depth. Wireline logs were
acquired for the interval from 725 to 1509 metres depth. NuTech wireline log analysis and reservoir
characterisation of the MOU-3 well highlighted 43 metres of possible gas sands.

The well results confirmed the presence of gas in 3 zones of different geological ages, but broadly equivalent
to the reservoir sand intervals of the gas-producing Rharb Basin to the west.

MOU-3 confirmed the play-opening MOU-1 gas discovery but also added a new shallow target for over-
pressured gas (the “A” Sand).

The mineralogical composition of the sands encountered, with the exception of the “A” Sand, resulted in
formation damage due to reactive drilling mud, with a chemistry incompatible with that of the sands, and
significantly over-balanced drilling to compensate for swelling clays and borehole instability.

Perforating these sands involve significant challenges to penetrate beyond the formation damage into clean
formation and to “clean up” the well to remove fine clays and drilling slurries to stimulate gas flow from the
reservoirs to the surface. NuTech petrophysical analysis however supports the presence of good quality porous
and permeable sands (confirmed by petrographic studies) that are capable of flowing at good gas rates in the
optimum scenario where the well is cleaned up to flow gas to surface.

MOU-3 was completed ready for an extensive rigless testing programme.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
32

MOU-3 is the key well for the focus initially of rigless testing Phase 1 and Phase 2 trials. Results for MOU-3 will
drive the application for an Exploitation Concession based on the new post-well structural mapping (below)
and resources estimates. The new mapping indicates potential for large volumes of gas to be drained by MOU-
3 at four different levels in the well.

MOU-3 is suitable for a staged CNG development as follows in descending order of execution:

1. “A” Sand shallow, over-pressured gas
2. Ma and TGB-6 sand intervals
3. TGB-4 sand interval
4. Moulouya volcaniclastic fan (potentially a helium development – see later)

MOU-3 is central to a core area potential CNG gas development (see map below).

Further potential appraisal and development wells can be designed with drilling parameters and drilling mud
systems compatible with the Ma, TGB-6, TGB-4 and Moulouya Fan reservoir mineralogy to minimise the
requirement to drill over-balanced and to reduce significantly any potential formation damage.

MOU-4

The third well in the programme, MOU-4, was drilled and completed for rigless testing. It tested a pre-drill
shallow three-way dip closure across a stratigraphic pinchout of the Moulouya Fan at the basin margin.

At 532 metres Measured Depth MOU-4 encountered a 50 metre thick low resistivity sand interval with very
small gas peaks slightly above background gas. NuTech petrophysical log analysis indicated porosities of up to
38.6% and calculated permeabilities up of up to 56.82 mD with highly variable gas saturations in the range 40
to 60%. NuTech petrophysics and the gamma log indicate a highly layered reservoir with multiple claystone
horizons and some tighter calcite- and dolomite-cemented sands. Clean sands are unconsolidated based on
the mud log well site reporting.
This interval was tied seismically to the “A” Sand in MOU-3 but is not contained within any obvious structural
trap.

MOU-4 encountered another interval of low resistivity potential reservoir section above the Moulouya Fan
primary target between 779 and 809 metres Measured Depth. NuTech petrophysical log analysis indicates
porosities up to 36% and calculated permeabilities up to 50 mD with gas saturations up to 40%.
Post-well desktop studies by PETROSTRAT have identified the presence from thin section slides of a highly
porous volcanic ash horizon that potentially forms the reservoir.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
33

The Moulouya Fan was penetrated in MOU-4 as prognosed between 862 and 883 metres Measured Depth
with approximately 21 metres of higher resistivity gross sand. It correlates with an equivalent section
penetrated in MOU-3. Reservoir characterisation of this interval is similar to that penetrated in MOU-3 due to
the presence of volcanic material. NuTech petrophysical analysis showed porosities up to 25.7% and calculated
permeabilities up to 65.87 mD. Gas saturations of up to 84% were interpreted by NuTech, although there is
the potential for significant layering within the gross reservoir interval. This interval interpreted to be part of
an extensive volcani-clastic/ash deposit exploiting a significant basement fault, replicating the setting of the
MOU-3 well.MOU-4 established an area of 68 km2 for the extent of the Moulouya Fan. Multiple reservoir
targets, including some potentially clean sands, may exist in this feature.

Wireline logs from MOU-4 confirmed that MOU-2 penetrated the Moulouya Fan. Several drilling breaks
suggest possible reservoir development in MOU-2, although this cannot be confirmed as the interval could not
be logged due to poor hole conditions.
MOU-4 reached the top of the Jurassic (Middle Jurassic or older) below the Base Tertiary unconformity at 1135
metres Measured Depth.

This enabled the section directly to the east of MOU-4 to be confirmed as an older structural high separated
from MOU-4 by a very large basin-bounding fault that may have provided a conduit for the migration of deep
thermogenic gas to charge the older structural high.

With this new information the Titanosaurus Structure could be identified and mapped over an area of up to
187 km2 (see below). The seismic signature and geometries have been interpreted to indicate the
development of a potential carbonate bank up to approximately 250 metres in relief (see below). Analogue
features are seen in the exposed equivalent age rocks to the southwest of Guercif.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
34

MOU-4 therefore established a second play-opening Jurassic prospective trend to be tested in 2025 by the
MOU-5 well to a depth of approximately 1200 metres Measured Depth.

MOU-4, as was the case for MOU-3, was drilled significantly over-balanced and with a reactive drilling mud
chemistry with the result that significant formation damage may have occurred within some potential reservoir
intervals interpreted from the NuTech logs to have good reservoir characteristics. Therefore, in order to
evaluate clean reservoir beyond the zone of formation damage MOU-4 was completed for rigless testing. Gas
readings and rate of penetration whilst drilling did not reflect the potential reservoir characterisation and
therefore the rigless testing programme will better assess potential reservoir properties.

2024 rigless testing results

The Phase 1 rigless testing programme was designed to confirm potential formation damage caused by
heavy drilling muds used whilst drilling and to estimate the minimum depth of penetration of drilling mud
into the potential reservoir formations.

This information was an important input for designing the Phase 2 Sandjet rigless testing programme,
including perforating parameters, and for evaluating additional potential reservoir intervals interpreted by
NuTech but where conventional wireline logs were potentially impacted by deep invasion of drilling mud into
these intervals.

In order to carry out Phase 1 rigless testing, conventional 111/16” perforating guns, being the only option
available at the time to allow Phase 1 rigless testing to commence before 5 February 2024 and the end of the
extension of the Initial Period of the Guercif Petroleum Agreement facilitated by Amendment #3, were used.
It was recognised that the perforating guns were likely to be under-sized but a third party analysis indicated a
maximum 12” penetration into the reservoir formation versus their interpreted zone of formation damage
for the TGB-2 Sand, for example, in MOU-1 of 8”.

Therefore, it was assessed that the Phase 1 rigless testing programme would at least establish a minimum
extent for formation damage around the wellbore of 8 inches based on the above third party information.
This would assist in designing more appropriate Sandjet perforating parameters.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
35

Operations summary

MOU-3 rigless testing

Phase 1 rigless testing operations commenced on 10 February 2024 after arrival at the well
site of the explosives required for the perforating guns and allowing for some adverse weather
conditions which prevented crane work.

All four zones in MOU-1 and MOU-3 to be tested were perforated and operations were completed on 19
February 2024 with the crews and equipment being demobilised. Operations took 10 days versus the pre-
testing forecast of up to 14 days.

For all four zones tested the under-sized 111/16” perforating guns failed to penetrate beyond the zone of
formation damage caused by the necessity to use heavy drilling muds whilst drilling.

Planning work continued to scope out the parameters for the Phase 2 rigless testing using Sandjet. Sandjet
testing tools were imported into Morocco on 12 June 2024.

The Sandjet rigless testing tools were deployed in MOU-3 from 26 July to 13 August 2024 to perforate the
TGB-4 and Ma sand intervals below 844.9 and 1,069.64 Metres Depth respectively.

The TGB-4 sand was perforated first and then isolated by a retrievable plug from the overlying Ma sand,
which was then perforated between 844.9 and 846.43 metres Measured Depth.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
36

Both intervals showed an initial rapid pressure build-up to 246.5 and 159.5 psi respectively but no flow from
the reservoir was achieved.

Downhole pressure monitoring for the Ma sand has continued since the initial perforating operation to
assess any potential changes in reservoir pressure over time. None have occurred by the end of 2024.

No further rigless testing has been initiated whilst the results of the programme of testing carried out during
2024 were independently reviewed and interpreted by a reservoir engineer in order to determine the
optimum and most cost-effective way forward.

The results of the independent study has shown that it is likely that the Sandjet testing tool successfully,
unlike the under-sized smaller perforating guns deployed during Phase 1 rigless testing, perforated beyond
extensive formation damage generated by over-balanced drilling and a drilling mud chemistry that was
reactive with sand intervals high in potassium feldspars, unlike the sand mineralogy of equivalent reservoirs
in the Rharb Basin.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
37

The combination of significantly over-balanced drilling and the generation of fine reservoir-plugging clays
around the borehole whilst drilling indicated that the next stage in the testing of MOU-3 will involve a
significant increase in the testing drawdown pressure with, possibly, some further reservoir stimulation, to
clean out the well and initiate flow to surface from the reservoir.

A programme to carry out this operation is being put together to be implemented in the first half of 2025.

Gas analysis of isotube gas samples from MOU-3

Seven gas samples collected in isotubes in MOU-3 whilst drilling at measured depths of 446, 508, 555, 750,
817, 846 and 1395 metres were analysed by Applied Petroleum Technology (UK) Ltd. (“APT”) in their Oslo
laboratory. Gas composition is in the range 98.04 to 99.57% methane, making it ideal for a Compressed
Natural Gas development with minimum processing. Isotope analysis indicates the gas is biogenic in origin.

MOU-3 “A Sand”

A review of the shallower over-pressured gas in MOU-3 between 339 to 350 metres depth (the “A Sand”)
has shown that this sand can be perforated in the current well. This reservoir interval is not impacted by the
issues that relate to the Ma and TGB-4 sand intervals.

Currently the ability of the 2” perforating guns, the only perforating guns available in Morocco at short
notice, to penetrate two casing strings is being independently assessed. If this assessment proves positive
then the A Sand will be perforated next on the basis that a successful test is forecast with sufficient flow
rates and connected gas volume to initiate a Compressed Natural Gas (“CNG”) development and to therefore
accelerate an application for a Exploitation Concession without waiting for further testing of the deeper
sands in MOU-3, MOU-1, and MOU-4.

A successful test of the “A Sand” in MOU-3 would unlock 21.1 BCF 2C gas resources net to the Group to
accelerate the opportunity to start generating cash flow from future CNG deliveries.

The results of the MOU-3 shallow rigless testing of the “A Sand” would also allow the interval to be evaluated
as a new potential rigless testing target in MOU-2 and MOU-4.

Helium

MOU-3 gas samples collected whilst drilling showed the presence of helium at seven times above the
detection limit in a deeper sand interval at 1,385 metres depth.

An independent study of the MOU-5 Titanosaurus structure incorporating the MOU-3 analytical data and
information on helium discoveries in adjacent geographic areas has shown that the proposed MOU-5 well
location will also test the potential for a helium accumulation in the Titanosaurus structure. This structure is
interpreted to be located in a more favourable setting for the migration of any potential helium from a deep-
seated source. Accordingly a separate additional chromatograph able to detect helium has been included in
the preparations for the drilling of MOU-5.

MOU-5 is optimally located to test the geological model for helium generation based on the deep basement
structure reflected in the total magnetic intensity map below.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
38

Potential helium resources are shown in Table 1 below and are based on an Independent Technical Report by
Scorpion Geoscience Ltd.

MOU-5 well planning

Preparation for the drilling of the MOU-5 Titanosaurus structure continued to advance with the sourcing and
purchasing of well inventory and the appointment of an additional drilling consultant to assist our existing
Project Drilling Manager.

The well location was finalised on 2D seismic line 03-MIL-06 to take into account seismic modelling studies
and the creation of seismic inversions that identified several low impedance zones in the primary Lower
Jurassic reservoir target in the MOU-5 structure. These have been interpreted as potentially indicating
porous reservoir development based on analogue examples seen in the rocks outcropping to the southwest
of the Guercif Basin. Reservoir development is forecast to occur between 800 and 1,200 metres depth. The
well is currently expected to take 12 to 14 days to drill.

Upgraded gas-in-place based on the new reservoir potential identified above gave gross unrisked P50 and P90
gas in place estimates of 8.036 and 14.729 TCF respectively.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
39

Contingent gas resources

The Company’s Independent Technical Report (“ITR”) by Scorpion Geoscience Ltd. dated 21 June 2024 for the
Guercif block updated the CNG development resources for the “A” Sand, combined Ma Sand, TGB-6 and TGB-
5 sand intervals (Table 1 below).

The Company’s Independent Technical Report (“ITR”) by Scorpion Geoscience Ltd. dated 10 September 2024
for the Guercif block updated the gas-to-power development resources for the Jurassic Titanosaurus structure
to be tested by MOU-5 (Table 1 below).

* Multiply gross values by 0.75 to yield net to PRD

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
40

** Additional infill drilling likely to be required after initial production period, two wells allowed for in Project Economics
Table 1
Contingent and Prospective gas and helium resources as of 31 December 2024

Additional prospectivity

An Environmental Impact Assessment was commissioned and is nearing final approval by the regulatory
authorities to facilitate the drilling of up to three wells if and when required to evaluate the Titanosaurus
Jurassic carbonate prospect; the shallow potential gas sands behind well casing in MOU-3; and to appraise the
extension to the southwest of the Ma/TGB-6 and possible TGB-4 gas sands penetrated in MOU-3.

Following the obligatory relinquishment of a portion of the licence area on entering the First Extension Period
of the Guercif Petroleum Agreement during the latter part of 2024, the area of the Guercif Licence was reduced
to 4,301 km2.

Forward Work Programme for 2025
•
Drill MOU-5 on the Jurassic Titanosaurus structure to approximately 1200 metres for an estimated
cost of US$ 2.5 million
•
Perforate and flow gas from the “A” Sand in MOU-5 for an estimated cost of US$750,000
•
Carry out an Environmental Impact Assessment study for a CNG development
•
Apply for an Exploitation Concession
•
Depending on the “A” Sand gas flow rates stimulate the Ma Sand in MOU-3 to potentially provide
additional gas resources to support the application for an Exploitation Concession if required at that
time for an estimated cost of US$150,000.
•
The entire programme of work outlined above is fully funded.
Continue to collaborate with Afriquia Gaz on the preferred CNG development plan but also extend
negotiations with other international downstream gas marketing entities focussed on a gas-to-power Jurassic
development option utilising the Maghreb gas pipeline, which is located just 2.5 kilometres from the
Titanosaurus Jurassic structure.
A schematic of a loading station for CNG development is shown below.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
41

Planned Test Programme
Contingent Resources – Gross GIIP (Gross
Unrisked Recoverable*) BCF
Economic Modelling
Phase 1 Rigless Testing
P90(1C)
P50(2C)
P10(3C)
Early Q1
2024
MOU-1 Testing Ma
sands
14.82(9.54)
33.84(21.84)
63.04(41.20)
P50 used for
10MMScf/d 8 year
initial production
profile
P10 used for
20MMScf/d profiled
project economics over
6 years
MOU-3 Testing Ma
sands
MOU-1 Testing
TGB-2 sands
TRACS
7.32(2.93)
TRACS
29.15(17.49)
TRACS
88.96(71.18)
Phase 2 Rigless Testing
P90(1C)
P50(2C)
P10(3C)

Q1 2024
MOU-3 Testing
Moulouya Fan
72.66(46.49)
152.39(98.09)
281.75(184.03)
Potential to upscale
production to
50MMScf/d for
minimum four years in
P50 success case
MOU-4 Testing
Moulouya Fan

Onshore Trinidad – Acquisition of T-Rex Resources Trinidad Limited (“T-Rex”).
Cory Moruga Exploration and Production licence history
The Cory Moruga licence is a direct licence from the Trinidadian Ministry of Energy and Energy Industries
(“MEEI”) in which Challenger Energy’s wholly owned subsidiary T-Rex Resources (Trinidad) Limited (“T-Rex”),
holds an 83.8 % interest, alongside its partner Touchstone Exploration Inc. which has 16.2% interest. T-Rex is
operator.

T-Rex acquired its interest in the Cory Moruga asset from Parex Resources who made the original Snowcap-1
oil discovery and acquired 3D seismic data over the licence from British Gas.

Cory Moruga represents a rare opportunity to explore and produce hydrocarbons from an existing discovered
but undeveloped accumulation in a low-cost onshore operating environment in the Southern Basin of Trinidad.
The undeveloped Snowcap discovery is located immediately north of the mature Moruga West field,
developed and produced by BP over many years, in a separate thrust structure at the proven Miocene aged
Herrera sands reservoir level.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
42

Location Cory Moruga and related infrastructure

Oil has been produced on short-term test from several different sand levels in three wells associated with the
Snowcap structure: Snowap-1 (2011), Snowcap-2ST1 (2019) and Rochard-1 (1955) which is now thought to be
drilled on the western periphery of the Snowcap structure based on new 3D seismic mapping.
The uppermost H#8 sand in Snowcap-1 was tested by Parex Resources at 550 bopd with 4.5 MMcf/day of
associated gas, with no formation water during, flow test #4 from in 2 metres of perforated interval between
1401 and 1403 metres measured depth. Overpressure of up to 0.62 psi/ft was noted with short term open
choke flow rates ranging from 1,100 to 1,450 bopd and gas at a rate of 2.2 MMcf/day. Static initial surface
tubing pressure was recorded at 2516 psia, and initial static bottom hole pressure was 2761 psia. Live oil
recovered from the initial testing was found to have a sulphur content of 0.47 % and a viscosity of 0.59 cp. Live
dry oil gravity measured at 60°F was 34.5°API with wet oil measured at 34.3°API based on 0.784% measured
water content. Stock tank oil minus solution gas had an oil gravity reading of 29.5°API at 60°F and pour point
of c.55°F (12.7°C) consistent with loss of gases making it a light sweet crude suitable for export by existing
pipelines which experience typical annual night-time temperature minimums of 22 degrees Celsius.
On the basis of the production tests, a development plan was submitted in 2018 to the MEEI by T-Rex, prior to
Challenger Energy taking control of the asset, however, the block was not further developed. Subsequent to
the acquisition of Columbus Energy Resources PLC in 2020, Challenger Energy undertook a detailed technical
review of its Trinidad portfolio and assessed that Cory Moruga field required further appraisal before a
commercial development decision could be made.

Challenger Energy considered the Cory Moruga licence to be non-core to its cash flow generative production-
focused business in Trinidad, and therefore no further work was planned for the Snowcap field in. At the same
time, Predator considers that the Cory Moruga field represents an ideal candidate for the application of novel
thermo-chemical wax treatment technology and potentially later in field life secondary recovery by carbon
dioxide injection. .

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
43

The Herrera #8 sand (“H#8”) tested in Snowcap-1 is judged on a fair and reasonable basis to represent a known
accumulation with other stacked sands (H#1-H#7) requiring additional appraisal and testing to confirm the
extent of producible hydrocarbons.
Fiscal terms and commercial opportunity
Gross Revenue

Production x Price (world price corrected for transport, offset)
Operating Costs

Fixed and Variable
Royalty

12.5% of Gross Revenue
Supplemental Petroleum Tax
18% of Gross Revenue minus Royalty – applied above WTI
$70/bo
Petroleum Production Levy

4% of Gross Revenue if production above 3,500 BOPD
Green Fund Levy

0.1% of Gross Revenue
Annual Payments

Includes surface, training, scholarship fund
Petroleum Profit Tax

50% of taxable income
Unemployment Levy

5% of taxable Income
Capital Allowances

Tangible Capital 36% in year 1 and then 16% for the next 4 years

of the original balance.

Intangible Capital 10% in year 1 and then 20% of remaining
balance in years 2-5

Significant unrealised tax losses of US$47,948,510 exist in TRex with 75% of these allowable each year for
offset against annual profits.

The combinations of unrealised tax losses and the potential for high productivity wells to reduce fixed
operating costs pro-rata for a barrel of oil production given the near-virgin field reservoir pressure and the
added potential to apply novel thermo-chemical wax treatments and miscible CO2 EOR later in field life i makes
for an attractive commercial proposition.

2024 Activities

During 2024 T-Rex completed the acquisition of the remaining 16.2% interest in the Cory Moruga licence for a
small overriding royalty on production in excess of 200 bopd.

The Company has continued to focus on developing a portfolio of well workovers in the Cory Moruga Licence
area. Field work has included site restoration (below) and maintenance of access roads. Quotes for in-
country well services have been received. STOW certification has been advanced to allow T-Rex to re-
establish its status as a field operator.

A Memorandum of Understanding was executed with Earth Integrated Solutions, an indigenous company,
who have the rights to deploy in Trinidad for the first time a new thermo-chemical wax treatment (“SGN”)
patented by Saudi Aramco. This treatment creates heat and simultaneously generates nitrogen to lower
waxy oil viscosity and stimulate reservoir flow into the wellbore.

Saudi Aramco SGN thermo-chemical wax treatment has resulted in a 3-fold increase in well productivity, far
superior to other acidizing treatments (see below).

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
44

Planning was carried out to determine the potential to re-enter the Jacobin-1 well drilled at the western edge
of the Moruga West field within the Cory Moruga licence area. The well was originally unsuccessfully tested
previously but is expected to produce by applying the thermo-chemical wax treatment following the
completion of desk top modelling work using proprietary software based on an oil sample from Jacobin-1 that
was analysed for wax content.
A review of 3D seismic data indicates that Jacobin-1 is a separate structural compartment not drained by the
adjacent and producing Moruga West oil field. A recent fluid level measurement in the well confirms that the
reservoirs are close to virgin reservoir pressure, indicating that initial well test rates should be close to that
(100 bopd) for the two correlatable reservoirs, one of which was not perforated, in the adjoining RD-5 well in
the Moruga West field.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
45

A target initial production rate in the guidance range of 100 to 200 bopd is realistic, with the higher end
dependent upon the success of the novel technology of the thermo-chemical wax treatment. Utilising the
significant tax losses in T-Rex improves project economics by reducing Petroleum Profit Tax by 75%.

An evaluation of the legacy production test data for Snowcap-1, inherited with the acquisition of T-Rex, is in
agreement with independent potential recoverable oil estimates based on the Company’s new independent
3D seismic interpretation and new reservoir maps. There is a strong expectation that production can be
restored at former levels following remedial downhole work and a thermo-chemical wax treatment at a
stabilised rate between 100 and 300 bopd.

An Independent Technical Report for Cory Moruga was commissioned and gives gross, following the
acquisition of an additional 16.2% equity interest, Contingent and Prospective P50 and P10 resources of 14.31
and 21.41 million barrels respectively.

The Group has focussed its efforts during the latter part of 2024 on identifying and carrying out legal, technical
and commercial due diligence on several producing assets onshore Trinidad that are suitable for the
application of the thermo-chemical wax treatment. This will allow the Group to create economies of scale by
merging separate field operating costs; utilising tax losses to the maximum extent; acquiring infrastructure
and facilities and expanding the application of thermo-chemical wax treatments to potentially improve and
sustain well flow rates. Establishing different options to sell oil into current gathering stations via an existing
Oil Offtake Agreement has been a critical strategic objective as the process of negotiating and executing new
Offtake Agreements can take a significant length of time. Part of the due diligence process involved identifying
assets with sufficient in situ oil storage tanks to accommodate the forecast levels of production anticipated
by the Company in 2025. Oil storage facilities are important to reducing trucking costs by moving larger
volumes in a single monthly operation.

Further consideration was given to developing local partnerships to manage field operations such that the
Company would be relieved of field operating costs in exchange for a share of gross sales income after
deduction of royalties and taxes.

A commercial structure to deal with legacy liabilities attached to any potential producing asset that may be
acquired was put in place to relieve the Company of any short and medium turn liabilities.

A 51% controlling interest in Caribbean Rex Resources (Trinidad) Limited (“CREX”) was identified as the first
acquisition target and by the end of December. This transaction completed on 21 January 2025.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
46

CREX’s sole asset is a 100% interest in the Bonasse Field in SW Trinidad.

The field produces from the Cruise reservoirs above the Herrera sands within a structure covered by 3D
seismic that is similar to that hosting the Snowcap Field in the Cory Moruga licence.

Upon Completion the acquisition will add seven currently shut in producing wells suitable for well workovers
and in some cases thermo-chemical wax treatment. Oil storage tanks are to be acquired together with other
field inventory.

CREX’s tax losses are US$5.3 million which in the future may be consolidated with T-REX’s tax losses.

Further acquisitions of producing fields onshore Trinidad are actively being progressed towards completion..

Contingent oil and gas resources

The Company’s Independent Technical Report (“ITR”) by Scorpion Geoscience Ltd. (2024) for the Cory Moruga
block and resource potential of the Snowcap Discovery following the acquisition of T-Rex provided updated
Contingent and Prospective oil and gas resources as described in Tables 2 and 3 below.

Unrisked Volumetric
Estimation

Contingent Resources

Herrera #8 Sand
Total
Petroleum
in place
(PIIP)
MMSTB
P90
4.57
P50
5.94
PMEAN
6.01
ML
5.66
P10
7.54
Recoverable
Oil
Resources
MMSTB
P90
1.04 (1C)
P50
1.40 (2C)
PMEAN
1.42
ML
1.26
P10
1.84 (3C)
ASG BCF
P90
0.73
P50
0.98
PMEAN
0.99
ML
0.88
P10
1.29

Table 2
Volumetric estimations for Contingent Resources in the Herrera H#8 sand unit at the Snowcap Structure.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
47

Unrisked Volumetric Estimations

Prospective Resources

Herrera #1
Herrera #2
Herrera #3
Herrera #4
Herrera #5
Herrera #6
Herrera #7
Total
Petroleum in
place (PIIP)
MMSTB
P90
9.01
4.59
2.35
1.83
4.73
5.65
6.87
P50
15.97
7.54
3.62
2.97
6.75
8.08
9.97
PMEAN
17.10
7.76
3.69
3.05
6.88
8.30
10.16
ML
14.03
6.54
3.33
2.96
6.79
7.86
9.69
P10
26.83
11.23
5.09
4.40
9.20
11.21
13.75
Recoverable
Oil Resources
MMSTB
P90
2.08 (1U)
1.07 (1U)
0.54 (1U)
0.42 (1U)
1.09 (1U)
1.31 (1U)
1.58 (1U)
P50
3.77 (2U)
1.77 (2U)
0.85 (2U)
0.69 (2U)
1.58 (2U)
1.91 (2U)
2.34 (2U)
PMEAN
4.05
1.83
0.87
0.72
1.63
1.97
2.41
ML
3.40
1.64
0.75
0.63
1.45
1.70
2.14
P10
6.37 (3U)
2.68 (3U)
1.24 (3U)
1.04 (3U)
2.22 (3U)
2.70 (3U)
3.32 (3U)
Associated
Gas BCF
P90
1.46
0.75
0.38
0.29
0.76
0.92
1.11
P50
2.64
1.24
0.60
0.48
1.11
1.34
1.64
PMEAN
2.84
1.28
0.61
0.50
1.14
1.38
1.69
ML
2.38
1.15
0.53
0.44
1.02
1.19
1.50
P10
4.46
1.88
0.87
0.73
1.55
1.89
2.32
Table 3
Volumetric estimations for Prospective Resources in the stacked Herrera sand units at the Snowcap Structure
Forward work programme 2025
•
Re-enter Jacobin-1 perforate and apply SGN thermo-chemical wax treatment.

•
Re-enter Snowcap-1 perforate and apply SGN thermo-chemical wax treatment

•
Further evaluate the possibility of re-entering Snowcap-2 ST1

•
Planning the Snowcap-3 appraisal well

•
Complete acquisition of additional producing fields and rationalise operating costs

•
Identify further wells for re-entry and thermo-chemical wax treatment and infill drilling opportunities
based on a local field management and production services agreement for an override as a
percentage of gross sales revenues after tax and royalties and an allowable percentage of the 100%
of drilling costs incurred by the local company under the field management and services agreement.

Offshore Ireland – Floating Storage and Regasification Unit (“FSRU”)
Background
Mag Mell Energy Ireland Ltd created in 2021 an ambitious liquid natural gas floating storage and regasification
project for the Celtic Sea with the potential to include strategic gas storage.

The project provides a unique and secure essential energy supply to Ireland in the transition period from fossil
fuel to green energy.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
48

What is a Floating Storage and Regasification Unit (FSRU)?
After transportation to its required destination of consumption, liquefied natural gas (LNG) needs to be
brought back to its gas state (Natural gas is cooled to approximately -160°C at the source of production to
reduce its volume down to 1/600 for better transportation efficiency).
The FSRU receives, stores and warms up LNG for regasification and sends it out as high-pressure gas according
to the customer's demand.
The Mag Mell project offers near term and safe solution to Ireland’s energy requirements and security of
supply, all year round.
It will deliver energy independence for Ireland and provide a backup for renewables when the Eirgrid capacity
is not met by renewables.
LNG can be competitively priced amidst rising energy costs if seasonal deliveries are tied to developing gas
storage capacity.
The Mag Mell project is committed to delivering on the Irish Government’s Climate Action Plan objectives.
Using existing infrastructure to accelerate the energy transition, Mag Mell provides energy with a low
environmental footprint.
In alignment with the Irish government’s policy pledge not to allow the import of LNG produced from shale
gas, the Mag Mell project will source LNG from a transparent certified origin where there is no reliance on
fracked gas feedstock.
Working in collaboration the Mag Mell project will create opportunities for CO2 and hydrogen storage.
Maintenance of energy security for Ireland within this transition period depends on the provision of a project
such as Mag Mell, providing security of supply for the national network.
Activities in 2024
The application for a successor authorisation to Licensing Option 16/30 (“Ram Head”) was dropped, as the
financial criteria required by the GSRO within the DECC was too onerous and was linked to that required for
the evaluation of the application for the Corrib South successor authorisation. Only the Corrib South successor
authorisation application was retained to reduce the financial criteria requirements.
No operational activities were carried out in respect of the Corrib South Licensing Option 16/26.
Company strategy is to focus on satisfying the financial criteria determined by the GSRO within the DECC to
secure the award of a successor authorisation. Maintaining the dialogue with the preferred farminee is also
an important consideration in terms of enhancing the ability to satisfy the financial criteria required by the
application process with the GSRO and progressing towards concluding a farmout transaction.
At the end of the period under review the Group believes that it has satisfied the financial criteria required by
the GSRO and DECC for the award of the successor authorisation.
The Irish Government will approve a plan to develop a State-led liquified natural gas (LNG) terminal. The
floating facility at a coastal location would serve as the country's emergency gas reserve. The temporary gas
reserve is critical to Ireland's energy security as the State continues to transition to clean, renewable energy.
The plan states that the emergency reserve will provide an alternative source of gas at an appropriate scale if
Ireland was to experience interruption to gas supplied by subsea interconnections. Based on this new Irish
Government initiative, the Company has started to re-engage with the parties and regulators in Ireland to re-
present the Mag Mell FSRU project as the quickest option to achieve the Governments new strategic
objectives.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
49

Offshore Ireland – Applications for successor authorisations to Licensing Option 16/26 (“Corrib South”) and
16/30 (“Ram Head”)
The application for a successor authorisation to Licensing Option 16/30 (“Ram Head”) was dropped, as the
financial criteria required by the GSRO within the DECC was too onerous and was linked to that required for
the evaluation of the application for the Corrib South successor authorisation. Only the Corrib South successor
authorisation application was retained to reduce the financial criteria requirements.
No operational activities were carried out in respect of the Corrib South Licensing Option 16/26.
Company strategy is to focus on satisfying the financial criteria determined by the GSRO within the DECC to
secure the award of a successor authorisation. Maintaining the dialogue with the preferred farminee is also
an important consideration in terms of enhancing the ability to satisfy the financial criteria required by the
application process with the GSRO and progressing towards concluding a farmout transaction.
At the end of the period under review the Group believes that it has satisfied the financial criteria required by
the GSRO and DECC for the award of the successor authorisation.

Corrib South has significant potential prospective gas resources that in a success case could be monetised
through the Corrib infrastructure to preserve its longevity and assist with the transition to a blended natural
gas and hydrogen storage facility. It potentially could also be linked to a modified Mag Mell FSRU Project.
Tracs International Limited (“Tracs”) Competent Person’s Report (2023) has estimated probabilistic P50 and
P10 gas-in-place for Corrib South of 212 BCF and 606 BCF respectively for Predator’s net 50% interest.
Chance of geological success is put at 44% and chance of commercial success at 22%.

Forward Work Programme
The Company will continue to make submissions that will demonstrate that the FSRU LNG project can be
considered to be very much in the public interest in the context of security of energy supply.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
50

Dialogue will be maintained with the regulatory authorities regarding the applications for the successor
authorisation to the Corrib South licensing option.
The Company is currently not planning any third-party expenditure on Ireland during 2025 and will only spend
a limited amount of management time supporting its position in relation to its applications for a successor
authorisation which, if awarded, will allow the Company to close out a farmout with a strategic partner that
has made a proposal to farm in.
Principal risks and uncertainties

ExploraƟon industry risks
Oil and gas drilling and operaƟons are speculaƟve acƟviƟes and involve numerous operaƟonal risks and
substanƟal and uncertain costs that could adversely aﬀect the Group. The Group is subject to a number of risks
and hazards generally, including adverse environmental condiƟons, industrial accidents, labour disputes,
unusual or unexpected geological condiƟons, changes in the regulatory environment and natural phenomena
such as earthquakes, inclement weather condiƟons and ﬂoods. Such occurrences could result in damage to
mineral properƟes or producƟon faciliƟes, personal injury or death, environmental damage to properƟes of
the Group or others, delays in mining, monetary losses, and possible legal liability all of which could have a
material adverse impact on the operaƟons and performance of the Group.
Mitigation:Where possible the Board aims to build a diversified portfolio of assets so that an adverse outcome
is mitigated by the prospects of favourable outcomes

Dependency on skilled personnel, drilling and related equipment
Oil and gas exploraƟon and development acƟviƟes are dependent on the availability of skilled personnel,
drilling and related equipment in the parƟcular areas where such acƟviƟes will be conducted. Demand for such
personnel or equipment, or access restricƟons may aﬀect its availability to the Group, parƟcularly relevant
when taking into consideraƟon the Ukraine-Russia and Middle East conﬂicts and the conƟnuing global
hangover of COVID-19 and the increased demand for services and personnel during the early stages of post-
COVID-19 global economic recovery. The Group may encounter compeƟƟon from other compeƟtors in
Morocco, Ireland, and Trinidad to retain experienced and reliable third-party contractors, which may adversely
impact operaƟons. The dependence on third-party contractors may also subject the Group to collecƟve
bargaining agreements by law in Morocco, Ireland, and Trinidad, as well as labour disputes which may adversely
impact its operaƟons.
Mitigation: Management through many years of experience has a network of independent contractors with
skilled personnel and equipment which it can access.

Oil and gas prices are highly volaƟle
Oil and gas prices are highly volaƟle and are driven by numerous factors beyond the control of the Group, in
parƟcular world demand for oil and gas as well as expectaƟons regarding inﬂaƟon, the ﬁnancial impact of
movements in interest rates, global economic trends, and domesƟc and internaƟonal ﬁscal, monetary and
regulatory policy seƫngs. There is a risk that low prices for oil and gas may have an adverse impact on the
ﬁnancial performance / valuaƟon of the Company and price of its Ordinary Shares.
Mitigation: By balancing projects with near-term cash inflow prospects with projects that require long-term
funding the risk is mitigated. Planning includes simulation of downside risk scenarios.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
51

EsƟmates may be inaccurate
Reserve and resource data and esƟmated discounted future net cash ﬂows are esƟmates based on assumpƟons
that may be inaccurate and on exisƟng economic and operaƟng condiƟons that may change in the future. As a
result of these uncertainƟes, there can be no assurance that any drilling programmes will result in proﬁtable
commercial operaƟons.
Mitigation: The Group has considerable experience in project evaluation. It may resort from time to time to
independent expert consultants to verify assumptions. The Group focusses on projects that require relatively
low capital investment but can potentially generate very high rates of return as a means of mitigating against
reduction in discounted future net profits.

The Group is dependent on the successful development of its oil and gas assets
There is no guarantee that resources will be produced, nor the amount and quality of resources that may be
produced. FluctuaƟon in oil and gas prices, results of drilling and producƟon and the evaluaƟon of development
plans subsequent to the date of any esƟmate, may require revisions of such esƟmates. The quality and volume
of resources and producƟon rates may not be the same as anƟcipated at the Ɵme of investment by the
Company. AddiƟonally, producƟon esƟmates are subject to change, and actual producƟon may vary materially
from such esƟmates. No assurance can be given that any esƟmates of future producƟon and future producƟon
costs with respect to any of the ﬁelds or assets underpinning the Company’s assets or interests will be achieved,
which may have a material adverse impact on the performance and prospects of the Group.
Mitigation: The Group has diversified its profile away from regular oil and gas exploration by developing CO2
EOR and CO2 sequestration expertise and progressing an FSRU LNG project in Ireland.

Rigless well tesƟng
Rigless well tesƟng of MOU-1, MOU-3 and MOU-4 using convenƟonal perforaƟng guns and Sandjet carries
operaƟonal risks such as misﬁring of perforaƟng guns and lack of penetraƟon of reservoirs that may have
suﬀered formaƟon damage as a result of the heavy mud used whilst drilling.
There is no guarantee that either gas will ﬂow from the perforated reservoirs or that gas will ﬂow at suﬃcient
rates and without a decline in reservoir pressure due to low connected volume of gas to the wellbore to support
a commercial development.
Mitigation: Extensive use of offset well data for the geologically analogous, gas-producing Rharb Basin and
published information from the Anchois-1 and -2 Tertiary gas discovery in the offshore is used to improve the
overall knowledge base.
Political risks

All of the Group’s operations are located in a foreign jurisdiction. As a result, the Group is subject to political,
economic and other uncertainties, including but not limited to, changes in policies, particularly in relation to
the fossil fuel industry in the context of concerns regarding climate change, or the personnel administering
them, terrorism, nationalisation, appropriation of property without fair compensation, cancellation or
modification of contract rights, foreign exchange restrictions, currency fluctuations, export quotas, royalty and
tax increases and other risks arising out of foreign governmental sovereignty over the areas in which these
operations are conducted, as well as risks of loss due to civil strife, acts of war, guerrilla activities and
insurrection.

Mitigation: The Group only conducts operations in those countries with a stable political environment and
which have established acceptable oil and gas codes. The Company adheres to all local laws and pays heed to
local customs.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
52

Licensing and Ɵtle risks
In general terms, the Group’s acƟviƟes are dependent upon the grant, renewal or conƟnuance in force of
appropriate permits, licences, concessions, leases and regulatory consents, in parƟcular the exploraƟon and
prospecƟng licences, which may be valid only for a deﬁned Ɵme period and subject to limitaƟons or other
condiƟons related to operaƟonal acƟviƟes and in parƟcular, in each jurisdicƟon in which it operates as follows:
-
The Company has completed its MOU-3 and MOU-4 drilling programmes. The drilling commitment
for the IniƟal ExploraƟon Period has therefore been saƟsﬁed and the Company has proceeded to enter
the First Extension Period of the Guercif Petroleum Agreement in 2024.
-
In Trinidad, progressing towards the development of the Snowcap oil discoveries will require the
submission of a new Field Development Plan (“FDP”) and approval thereof by the MEEI. There is no
guarantee that the approval by the MEEI may include condiƟons that are not commercially acceptable
the Company. This is an unlikely scenario, but the Company is adopƟng a cauƟonary approach.

-
In Ireland, Ɵtle to the Company’s Corrib South asset depends on a successful outcome of the
Company’s applicaƟon for a successor authorisaƟon. Failure to grant the authorisaƟon will have an
adverse impact on the performance and prospects of the Group. This is not considered to be material
as the assets oﬀshore Ireland have not been given prominence in the Company’s business
development strategy which is focused on Morocco and Trinidad as opportuniƟes to develop near-
term cash ﬂow for relaƟvely modest capital outlays.

-
The Mag Mell FSRU LNG project is a desktop project at present its execuƟon would require being
granted Ɵtle from the Minister at the Department of Environment, Climate and CommunicaƟons of
Ireland to access gas infrastructure for the project to shore and applying for a LNG import licence from
the Commission for the RegulaƟon of UƟliƟes. There is a risk that the Company will not be granted
such access Ɵtle and/or import licence which will mean the Company cannot proceed with the project
with the consequenƟal adverse impact on the prospects for the Group. This is not considered to be
material as the assets oﬀshore Ireland have not been given prominence in the Company’s business
development strategy which is focused on Morocco and Trinidad as opportuniƟes to develop near-
term cash ﬂow for relaƟvely modest capital outlays.

If the Group fails to fulﬁl the speciﬁc terms of any of its licences or if it operates its business or enters into
transacƟons or arrangements in a manner that violate applicable law or regulaƟon, government regulators may
impose ﬁnes or suspend or terminate the right, concession, licence, permit or other authorisaƟon, any of which
could have a material adverse eﬀect on the Group’s results of operaƟons, cash ﬂows and ﬁnancial condiƟon.
ExecuƟve personnel risk
The Group’s success depends upon skilled management as well as technical and administraƟve back-up. The
loss of service of criƟcal members of the Group’s team could have an adverse eﬀect on the business.
The Group is dependent on its ExecuƟve Director to idenƟfy potenƟal business and acquisiƟon opportuniƟes
in Trinidad, Morocco and Ireland and to oversee and execute its oil and gas operaƟons. The loss of services of
the ExecuƟve Director could have a material adverse eﬀect on the conƟnued operaƟons and growth prospects
of the Company.
Mitigation: The Group periodically reviews the compensation and contract terms of its consultants and
service providers to ensure that they are competitive, but subject to the working capital available to the
Group from time to time. The executive Director is a significant shareholder in the Group and committed to
developing shareholder value.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
53

Reliance on third parƟes
The Company is reliant on third party service providers for drilling in Morocco and there can be no assurance
that such parƟes will be able to provide these services in the Ɵme scale and at the cost anƟcipated by the
Company, parƟcularly in the context of the supply chain logisƟcs which have been signiﬁcantly impacted by the
Ukraine-Russia and Middle East conﬂicts. In the event that the third parƟes are unable to provide these
services, alternaƟve third parƟes will need to be sourced and engaged which may have an adverse impact on
Ɵming and anƟcipated costs on the project.
Environmental risks
The Group is subject to various environmental risks and government regulaƟons relaƟng to the environment
and the Directors believe that future regulaƟons in this area are likely to become more stringent.
Climate change and climate change legislaƟon and regulatory iniƟaƟves could result in increased operaƟng and
capital costs to address reducing CO2 emissions, delays to regulatory and environmental approvals and
decreased demand for, in parƟcular, oil. Extreme weather events are globally becoming more frequent, posing
a physical risk to acƟviƟes in each operaƟonal locaƟon. Geographically, Trinidad is most vulnerable to
hurricanes, tropical storms, and earthquakes. Northern Morocco is at risk of drought and earthquakes. Ireland
is relaƟvely low risk yet may suﬀer ﬂooding. Such events, including the long-term risk of rising sea levels, may
damage Company property, disrupt operaƟonal and transportaƟon acƟviƟes, and pose increased health and
safety risks to third-party contractors all of which will have a negaƟve impact on the operaƟons, ﬁnancial
posiƟon, performance and prospects for the Group.
In addiƟon, investor and lender decision-making criteria are becoming increasingly dominated by climate
change awareness and consequently loss of senƟment for ﬁnancing the fossil fuel sector. As a result, there is a
risk that it will become increasingly diﬃcult to raise equity and debt ﬁnance for tradiƟonal oil and gas acƟviƟes.
Mitigation: The Group’s strategy has always been since IPO in May 2018 to focus primarily on gas, which is
currently considered as “sustainable” by the EU and suited therefore to accessing green finance, and CO2
sequestration to support reductions in CO2 emissions. By focusing on jurisdictions where there is a need to
reduce high levels of CO2 emissions from ammonia plants, imported fuel oil and coal- and oil-fired power
stations by substituting for gas and enacting CO2 sequestration, the Group is demonstrating its commitment
to ESG and sustainability necessary to attract responsible financing of its activities. The Group has positioned
itself in the energy transition space and can adapt to contributing expertise and knowledge necessary for the
building of local green energy hubs based on a symbiotic relationship working in tandem between natural gas,
CO2 sequestration, hydrogen production and storage and renewable energy to provide the security of
affordable energy supply and to support and protect local communities through the “economic shock” of the
energy transition process.

Insurance risks
Oil and gas operaƟons are subject to various operaƟng and other casualty risks that could result in liability
exposure.
The Group may not have enough insurance to cover all of its risks. COVID-19 and climate acƟvism has increased
insurance costs as has the Ukraine-Russia and Middle East conﬂicts. In addiƟon, certain types of risk may be,
or may become, either uninsurable or not economically insurable or may not be currently or in the future
covered by the Company’s insurance policies. The occurrence of an event that is not covered in whole or in
part by insurance could have a material adverse eﬀect on the Company.
Mitigation: A judicious quantum of self-insurance may need to be resorted to in these circumstances but
currently the Group has access to appropriate levels of insurance both at the corporate level and for its
operations.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
54

ConƟnuing Coronavirus Risk
The global public health emergency caused by the spread of the coronavirus is now well documented. It had
an enormous negaƟve impact on all aspect of the health, welfare and economies of countries across the globe
including on the oil and gas sector in which the Group operates relaƟng to oil and gas commodity prices, caused
by collapsing demand, parƟcularly from the aviaƟon industry, and storage capacity being over-saturated; and
general investor and debt-ﬁnancing senƟment.
Although the ongoing impact of the pandemic has now largely passed, there conƟnues to be a risk that
divergent variants of coronavirus may emerge which cannot be controlled by vaccinaƟon programmes. If such
variants evolve with similar virulence as previously experienced, there is potenƟal again for there to be a
material adverse impact on the health of the world populaƟon and the global economy and with consequenƟal
impact on the Group and the sector in which it operates including in parƟcular travel restricƟons, inability to
operate in certain countries, supply chain issues, collapsing commodity prices, restricted access to capital and
curtailment of business expansion.
MiƟgaƟon: Management successfully put in place strategies to allow the Company to conƟnue to operate
safely and in accordance with public health advice and restricƟons through the original Coronavirus outbreak.
Should a resurgence in Coronavirus occur the Board is conﬁdent that it is prepared for such an eventuality and
that the assets of the Company are now at a stage of development where producƟon and cash ﬂow can be
generated in the near-term to cushion the impact of any prolonged Coronavirus outbreak.
The increasing use of ArƟﬁcial Intelligence to replace human acƟviƟes is likely to further miƟgate against the
negaƟve impact of pandemics.
FINANCIAL RISKS
Financial and liquidity risks
Whilst the Group has suﬃcient working capital for at least 12 months from the date of this Document, its
business involves signiﬁcant capital expenditure. The Group may require addiƟonal funding to meet all of its
future discreƟonary work programs in the medium term, however there is no guarantee that such addiƟonal
funding will be available on acceptable terms at the relevant Ɵme.
Mitigation: Management has demonstrated and continues to demonstrate an ability to raise funds. Through
timely and regular cash flow projections proactive action is capable of being taken to prevent cash deficits.
Such actions may include farm-outs, debt-financing and equity fund raises.

Instability in the global ﬁnancial system
Instability in the global ﬁnancial system may have impacts on the Group’s liquidity and ﬁnancial condiƟon that
currently cannot be predicted.
The global ﬁnancial markets are experiencing conƟnued volaƟlity and geopoliƟcal issues and tensions conƟnue
to arise. The Ukraine-Russia and Middle East conﬂicts, and now a change in poliƟcal direcƟon in the United
States, currently have a signiﬁcant impact on the global ﬁnancial markets and the collapse of SVB bank and
rescue of Credit Suisse have caused ongoing nervousness in the ﬁnancial community. Many OrganisaƟons for
Economic Co-operaƟon and Development (“OECD”) countries have conƟnued to, or may start to, experience
recession or negligible growth rates due to trade tariﬃng wars, which are likely to have an adverse eﬀect on
consumer and business conﬁdence. The Company cannot predict the severity or extent of these recessions
and/or periods of slow growth. Accordingly, the Group’s esƟmate of the results of operaƟons, ﬁnancial

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
55

condiƟon and prospects of the Group will be uncertain and may be adversely impacted by unfavourable general
global, regional and naƟonal macro-economic condiƟons.
Mitigation: Pre-emptive cut-back of new potential licence commitments; careful financial planning, currency
hedging and economic evaluation of opportunities with simulation of risks mitigate against these risks. The
Directors also maintain tight budgetary and financial controls to ensure cash is spent in the most efficient
manner.

Foreign exchange risks
The Group operates internaƟonally and is exposed to foreign exchange risk arising from various currency
transacƟons, primarily with respect to the Moroccan Dirham, Trinidadian dollar, Euro and US Dollar. Although,
the Group endeavors to reduce its exposure to foreign currencies by minimising the amount of funds held
overseas, holding cash balances in the currency of intended expenditure and recognising the proﬁts and losses
resulƟng from currency ﬂuctuaƟons as and when they arise, there remains a risk that adverse currency
movements may have a negaƟve impact on the ﬁnancial posiƟon and performance of the Company.

RISKS RELATING TO THE ORDINARY SHARES
The market price for the Ordinary Shares may be aﬀected by ﬂuctuaƟons and volaƟlity in the price of
Ordinary Shares
The price of the Ordinary Shares aŌer the Placing can vary due to a number of factors, including but not limited
to, general economic condiƟons and forecasts, the Company’s general business condiƟon and the release of its
ﬁnancial reports. Although the Company’s current intenƟon is that its securiƟes should conƟnue to trade on
the London Stock Exchange, it cannot assure investors that it will always do so. In addiƟon, an acƟve trading
market in the future of the Ordinary Shares may not be maintained. Investors may be unable to sell their
Ordinary Shares unless a market can be maintained, and if the Company subsequently gains a lisƟng on an
exchange in addiƟon to, or in lieu of, the London Stock Exchange, the level of liquidity of the Ordinary Shares
may decline.
The Company may fail to pay dividends
The declaraƟon, payment and amount of any future dividends of the Company are subject to the discreƟon of
the Shareholders or, in the case of interim dividends to the discreƟon of the Directors, and will depend upon,
amongst other things, the Company’s earnings, ﬁnancial posiƟon, cash requirements, availability of proﬁts, as
well as provisions for relevant laws or generally accepted accounƟng principles from Ɵme to Ɵme. As such,
there can be no assurance as to the level or declaraƟon of future dividends.
The Standard LisƟng of the Ordinary Shares aﬀords Shareholders a lower level of regulatory protecƟon than
a Premium LisƟng
A Standard LisƟng aﬀords shareholders in the Company a lower level of regulatory protecƟon than that
aﬀorded to investors in a company with a Premium LisƟng, which is subject to addiƟonal obligaƟons under the
LisƟng Rules. A Standard LisƟng will not permit the Company to gain a FTSE indexaƟon, which may impact the
valuaƟon of the Ordinary Shares. Shareholders should note that Chapter 10 of the LisƟng Rules does not apply
to the Company and as such, the Company is not required to seek Shareholder approval for an acquisiƟon
under this Chapter (although it may be required to do so for the purposes of facilitaƟng the ﬁnancing
arrangements or for other legal or regulatory reasons).

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
56

Investors may not be able to realise returns on their investment in Ordinary Shares within a period that they
would consider to be reasonable.
Investments in Ordinary Shares may be relaƟvely illiquid. There may be a limited number of Shareholders and
this factor, together with the number of Ordinary Shares to be issued pursuant to the Placing, may contribute
both to infrequent trading in the Ordinary Shares on the London Stock Exchange and to volaƟle Ordinary Share
price movements. Investors should not expect that they will necessarily be able to realise their investment in
Ordinary Shares within a period that they would regard as reasonable. Accordingly, the Ordinary Shares may
not be suitable for short-term investment. Even if an acƟve trading market develops, the market price for the
Ordinary Shares may fall below the Placing Price.
RISKS RELATING TO TAXATION
TaxaƟon of returns from assets located outside of the UK may reduce any net return to investors.
To the extent that any assets or business which the Company acquires is or are established outside the UK, it
is possible that any return the Company receives from it may be reduced by irrecoverable foreign withholding
or other local taxes and this may reduce any net return derived by investors from a shareholding in the
Company.
The tax treatment of Shareholders, any special purpose vehicle that the Company may establish and any
company which the Company may acquire are all subject to changes in tax laws or pracƟces in England and
Wales or any other relevant jurisdicƟon. Any change may reduce any net return derived by investors from a
shareholding in the Company.
Investors should not rely on the general guide to taxaƟon set out in this Document and should seek their own
specialist advice. The tax rates referred to in this Document are those currently applicable and they are subject
to change.
The Directors have and will conƟnue to structure the Group, including any asset, company or business acquired,
to maximise returns for Shareholders in as ﬁscally eﬃcient a manner as is pracƟcable. The Company has made
certain assumpƟons regarding taxaƟon. However, if these assumpƟons are not correct, taxes may be imposed
with respect to the Company’s assets, or the Company may be subject to tax on its income, proﬁts, gains or
distribuƟons (either on a liquidaƟon and dissoluƟon or otherwise) in a parƟcular jurisdicƟon or jurisdicƟons in
excess of taxes that were anƟcipated. This could alter the post-tax returns for Shareholders (or Shareholders in
certain jurisdicƟons). The level of return for Shareholders may also be adversely aﬀected. Any change in laws
or tax authority pracƟces could also adversely aﬀect any post-tax returns of capital to Shareholders or payments
of dividends (if any, which the Company does not envisage the payment of, at least in the short to medium
term). In addiƟon, the Company may incur costs in taking steps to miƟgate any such adverse eﬀect on the post-
tax returns for Shareholders.
The Company may be subject to the imposiƟon by governments of windfall taxes in cases where proﬁts have
been signiﬁcantly inﬂated by high commodity prices driven upwards by the “Energy Crisis”.
Risks related to Jersey company law
The Company is a company incorporated in Jersey. Accordingly, UK legislaƟon regulaƟng the operaƟons of
companies does not generally apply to the Company. In addiƟon, the laws of Jersey apply with respect to the
Company and these laws provide rights, obligaƟons, mechanisms and procedures that do not apply to
companies incorporated in the UK. As the rights of Shareholders are governed by Jersey law and the ArƟcles,
these rights diﬀer in certain respects from the rights of shareholders in the UK and other jurisdicƟons.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
57

Risks related to changes in tax residency
The Company is exposed to changes in its tax residency and changes in the tax treatment or arrangements
relaƟng to its business and its UK resident investors are exposed to its conƟnued compliance with the UK
Oﬀshore Funds RegulaƟons.
Whilst the Company is incorporated in Jersey, it must pay conƟnued aƩenƟon to ensure that it remains resident
for tax purposes in Jersey (and not in the UK) at all Ɵmes. Should the Company be considered to be a tax
resident in the UK, for example, it will be subject to UK corporaƟon tax on its worldwide income and gains with
the result that investors stand to suﬀer signiﬁcant tax leakage indirectly.
To maintain its Jersey tax residency, the Company must be centrally managed and controlled in Jersey (and
outside the UK) at all Ɵmes. Central management and control, which broadly seeks to determine who exercises
ulƟmate decision-making authority over a company's aﬀairs and where they exercise that authority from,
typically resides at board level, unless the decision-making authority of a board is being usurped.
The composiƟon of the Board, including each individual Director's experience and place of residence are
important factors in establishing that ulƟmate decision-making authority over the Company's aﬀairs resides
with the Board. It is imperaƟve that the Board is also capable of demonstraƟng having exercised its authority
during fully quorate Board meeƟngs held regularly in Jersey.
In addiƟon, if the Company was treated as being engaged in a trade or business (whether through a permanent
establishment or otherwise) in any country in which it invests or in which its investments are managed, all of
its income or gains, or the part of such income or gains that is aƩributable to, or eﬀecƟvely connected with,
such trade or business may be subject to tax in that country, which could have a material adverse eﬀect on the
Company's performance and the value of the Ordinary Shares.
UK tax resident investors should also be aware that to preserve capital gains tax treatment on the disposal of
their shares, the Company must comply with the Oﬀshore Funds RegulaƟons to the extent they apply to the
Company, which may include reporƟng distribuƟons, including deemed distribuƟons, to investors during each
relevant reporƟng period in order that investors can meet their respecƟve UK tax liabiliƟes accordingly.
The risk factors listed above set out the material risks and uncertainties currently known to the Directors
but do not necessarily comprise all of the risks to which the Company is exposed or all those associated with
an investment in the Company. In particular, the Company’s performance is likely to be affected by changes
in the market and/or economic conditions and in legal, accounting, regulatory and tax requirements. There
may be additional risks that the Directors do not currently consider to be material or of which they are
currently unaware.
If any of the risks referred to above materialise, the Company’s business, financial condition, results or
future operations could be materially adversely affected. In such case, the price of its shares could decline,
and investors may lose all or part of their investment.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
58

Future developments
The Group’s immediate priority is to execute the MOU-5 drilling programme in Morocco. Further rigless well
testing will be applied to MOU-3 after results from a programme to perforate and potentially flow gas from
the shallowest gas sand has been completed and the results analysed. The Group has developed an economic
model for a nearer term gas monetisation strategy for Guercif that involves CNG being transported to the
industrial centres of Morocco. The size of the initial gas market has been assessed and capital and operating
costs have been tailored to fit the immediate marketing opportunity. The Group’s experience and expertise
with engineering, costing and developing the CO2 EOR project in Trinidad will be applied to the CNG project in
Morocco. The ability to monetise gas for relatively low amounts of capital investment and with low operating
costs, tax- and royalty-free production on the first 10.6 BCF of net gas, and high profit margins based on the
high price (USD10 -12/mcf) paid by Moroccan’s industrial gas users will be the Group’s marketing tools to
attract financing to help fast-track an early gas development. The rigless well testing results and evaluation
thereof will determine whether there is an early opportunity to apply for an Exploitation Concession.
The Group’s other near-term priority is to focus also on developing potential cash flow from its newly acquired
Cory Moruga asset onshore Trinidad. Workovers of existing wells, some of which have historically produced
oil, in the Cory Moruga Exploration and Production Licence area are expected to re-establish production with
positive cash flow in 2025. The Group will test a new patented thermo-chemical wax treatment for the first
time in Trinidad in 2025. If successful it will have the capability of significantly improving oil flow rates which
in turn will reduce the administrative and some operating costs per barrel of extraction to increase profit
margins. The Group will evaluate and, where appropriate, acquire producing assets in Trinidad for minimal
capital outlay to increase the potential for production revenues and to increase the number of existing wells
available for the application of the new thermo-chemical wax treatment.
The Group has re-positioned its business strategy for Ireland to focus on offshore regasification of LNG and gas
storage in accordance with EU guidelines for member States.
Securing the award of the Group’s Corrib South successor authorisation remains a priority as this gas asset is
adjacent to infrastructure and can potentially significantly further enhance the enterprise value of the Group’s
portfolio in terms of potential M & A activity given the unsolicited interested already shown by an
infrastructure owner in 2024.
There is now a reasonable expectation that the decision whether or not to award the Corrib South successor
authorisation will be made by the DECC in 2025.
Liquidity remains a fundamental priority for the Group. The Company’s business assets are commercially
robust, well managed, operated efficiently and have significant growth potential as well as potential for partial
divestment and consolidation.
Sustainability Report
The Group is committed to sustainable development of its gas assets and its CO2 EOR business incorporating
anthropogenic CO2 sequestration.
To sustain our business, we must meet the expectations of our stakeholders and focus on mitigating climate
change, advancing the circular economy so that nothing goes to waste and implementing responsible business
practices.
The short- and medium-term goal is to be a producer of energy that replaces more carbon-intensive fossil fuels
during the energy transition, thereby lowering CO2 emissions in a pragmatic and achievable manner. Best ESG
and Sustainability practices can be applied to utilising and preserving existing infrastructure and subsurface

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024

gas storage options for the eventual roll out of green hydrogen. During this period of change maintaining
security of energy supply by using gas to help decarbonize the energy sector by replacing more carbon-
intensive oil and coal is an absolute socially just necessity. This is required to control inflation in energy prices
and spiraling costof living and interest rate rises generated mainly by unsustainable energy price hikes due to
a periodic excess of demand over capacity caused by the Ukraine-Russia and Middle East conflicts and the
squeezingof gas andoil supplies. Fossil fuel energy is being re-directed to China and Asia due to Europe’s lack
of pragmatic realism in how to enact the Energy Transition. Currently Europe is becomingincreasingly reliant
on imports of LNG from the United States and therefore of fracked gas as a consequenceof not developingits
indigenous gas resources. This is an example where flawed Energy Policy has resulted in creating a bigger
dependenceonless climate-friendly LNG.
Demonstrable CO2 sequestration is an added advantage of the business strategy that we have adopted.
Natural gas in tandem with hydrogen storage can provide back-up to interruptible power from wind and solar
energy to improveresilience of grid supplies and potential project economics.
Expanding our responsible
business practices is a key benefit for our people, partners and the communities that are affected by our supply
chain. Security of affordable energy supply and supporting in a just, fair and equitable manner the energy
transition to ameliorate the negative economic impact on
local communities currently dependent on
traditional forms of energy is a key objective of the Group. No-onecan beleft behind in the Energy Transition.
At the corporate level, since the advent of the Covid-19 emergency in late March 2020 our management
operate our business from home-based locations, thereby reducing the high level of energy consumed by a
fixed office location and eliminating the CO2 emissions footprint left by commuting to work by manyformsof
transport that emit pollutant CO2.
The practical and pragmatic ways in which the Groupare enacting its climate awareness strategy in the period
under revieware described in detail in the section on ESG metrics and Sustainability.
PSB
PaulGriffiths
Chief Executive Officer
15 April 2025
59

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
60

Report of the directors
The Directors present their report together with the audited financial statements for the year ended 31
December 2024.
The Company’s Ordinary Shares were admitted on 24 May 2018 to a listing on the London Stock Exchange on
the Official List pursuant to Chapters 14 of the Listing Rules, which sets out the requirements for Standard
Listings.
Results and dividends
The Directors do not recommend the payment of a dividend (2023: nil).
Directors

The Directors who served during the year and up to the date hereof were as follows:

Date of Appointment
Date Resigned

Paul Griffiths
21 December 2017

Dr. Stephen Boldy
16 September 2024

Lonny Baumgardner
12 July 2021
11 September 2024

Alistair Jury
12 May 2022
Carl Kindinger 24 October 2022

For directors interests, please refer to remuneration report on pages 77 to 82.

Directors Third Party Indemnity Provisions
The Group maintained during the period and to the date of approval of the financial statements, indemnity
insurance for its Directors and Officers against liability in respect of proceedings brought by third parties.

Going Concern

The preparation of financial statements requires an assessment on the validity of the going concern
assumption. At 31 December2024 the Group held £3.8mil in cash. At the date of these financial statements
the Directors do not expect that the Group will require further funding for the Group’s corporate overheads,
the Irish licence interest, the Trinidad licences and the Moroccan licence. The existing Trinidad licences are
expected to become self-funding when production commences in the course of 2025. Pursuant to a placing in
November 2024 total capital of £2.0mil before expenses, was raised. In 2025 a quantum of these funds will
be applied to testing of MOU-3 and to drilling MOU-5 in Morocco and to a minimum programme of three well
workovers in Trinidad to bring two wells into production and to enhance production from a third well. Two
production forecasts for 2025 are presented. A Base Case and a conservative Upside Case, where production
is enhanced by applying a, new to Trinidad patented chemical wax treatment for waxy oil that has been applied
in Saudi Arabia by Aramco and shown to increase production by up to 3-fold. The cash flow forecasts for
Trinidad production are robust and use available tax losses to increase the net-back per barrel of oil. Cash flows
are sufficient to cover any Going Concern Working Capital Forecast shortfall from April 2025 onwards for the
foreseeable future, following the drilling of MOU-5. The Group also has announced an intention to pursue
various incremental activities in Trinidad and Morocco. Any such activities in Morocco are likely to be funded
through a farm down of some project equity interest. The Group intends to expand its footprint in Trinidad
with the acquisition of additional producing field(s) in 2025. Acquisition will be for shares and a small initial
consideration on completion of any transaction. Costs in maintaining the operations in the fields will be funded
from existing cash flows for the fields targeted for acquisition. Field operating costs for acquisitions will be
transferred under an Oil Field Services and Production Agreement with NABI Construction, a local Trinidadian

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
61

company, under which the group will receive 30% of gross income after tax and royalty deductions. There
may be significant cost savings for the Group by apportioning operating costs and administrative costs over a
larger portfolio of producing assets. Further exploration activity may be required in Morocco pursuant to the
outcome of the MOU-5 well, but this would not be implemented during the next 12 months unless a farm
down of project equity occurred. In Ireland, if awarded, the Corrib South licence will not require funding in
2025 due to a provisional commitment reached with a farm-in partner. Progressing these discretionary
activities will be dependent on a combination of potentially further equity and/or debt fund raises and in the
case of Trinidad will be supported by the proceeds of oil production following the aforesaid workovers.
Directors are confident that the Group will be able to meet requirements over the course of the next 24
months.

The Group's cash flow projections indicate that the Group should have sufficient resources to continue as a
going concern. As at 31 December 2024 the Group had cash of £3.8 million, no debt and minimal licence
commitments for the ensuing year. As a result, the Group’s overheads will not require funding for a minimum
of 12 months from the date of this review taking into account the forecast production revenues from Trinidad,
In addition the Group is fully funded for all firm operational commitments for 2025.

Heretofore the Group has not generated revenues from operations but production revenues from Trinidad are
expected to be generated during Q2, 2025. Going forward the Group will depend on raising equity, debt
finance, licence and/or joint venture partnerships, and potential partial or complete divestment of its assets
in Morocco, if an attractive opportunity to monetise, is presented to finance the Group’s projects to maturity
and revenue generation.

The Board have reviewed a range of potential cash flow forecasts for the period to 30 April 2026, including
reasonable possible downside scenarios that include a reduction in corporate overhead and running costs in
Trinidad and Morocco. This has also included the following assumptions:

1. Trinidad – Cory Moruga licence

For Predator Oil & Gas Trinidad Ltd., where production revenues from its wholly Trinidad owned
subsidiary, T-Rex Resources (Trinidad) Limited (TRex’) and 51% owned subsidiary, Caribbean Rex
Resources (Trinidad) Limited (“CREX”) are forecast to be generated in Q2 2025 following a program
of well workovers. The workovers will be funded partly out of existing cash resources but in some
cases by a Production and Service Agreement with a local operator Nabi Construction. Leading into
2026, the Cory Moruga Production Licence provides the Group with the potential to generate strongly
positive cashflows so as possibly to contribute organically towards further development of the
Group’s assets. Capital required for a staged field development in 2026 could be funded from
operating profits generated from an increasing level of accrued gross production net profits following
the well workovers. The Group may resort to the option of raising equity funding to accelerate this
development if this proves to be advantageous. The Group also has the option to seek a partial or
complete divestment of any producing asset to indigenous local companies, where the Group’s ability
to offer CO2 EOR services and expertise and the application of a patented chemical wax treatment
new to Trinidad Enhances the value of the Group’s assets.

The Initial Work Programme agreed by TRex with the MEEI will be conducted over the next two years
without any fixed commitments to be met in the first year.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
62

2. Morocco – Guercif licence

In the case of Predator Gas Ventures Ltd., cash flow is dependent upon the Guercif drilling and rigless
testing programmes successfully recovering commercial quantities of gas and potentially helium that
can be developed and brought to market. Following significant gas discoveries in 2021 and 2023 a
programme of rigless testing was undertaken in 2024. Rigless testing will continue in 2025 with focus
on stimulating the reservoirs in MOU-3 to generate gas flow. Priority will be given to perforating and
flowing the, as yet, untested shallow over-pressured gas in MOU-3. This contains potentially sufficient
volumes to allow an application for an Exploitation Concession to be made and an initial CNG
development to be progressed. The Company is seeking to drill in Q1 2025 a Jurassic target, the
extreme edge of which was penetrated in the MOU-4 downdip. This will be a high impact well
enabling a gas to power project in the success case. In a success case the Group would seek to
monetise the project immediately through a divestment process to, most likely, an indigenous
Moroccan entity. Any potential for helium in MOU-5 will take longer for an assessment of
commerciality to be made. These programmes are fully funded. The Company may drill an appraisal
well, to add, if successful, incremental gas resources to support and extend the production profiles of
a CNG project. Funding for this discretionary drilling programme in 2025 will be either through an
equity placing or the Group’s internal cash resources, including the availability of production revenues
generated by Cory Moruga and the opportunity for partial monetisation of gas assets in Guercif
through a divestment to an indigenous entity. The Group has received a second unsolicited approach
from a downstream company in Morocco to market and distribute gas from a successful MOU-3
rigless testing programme.

3. Ireland

In the case of Predator Oil and Gas Ventures Ltd., the quantum of inter-company loan is relatively
small, and no substantive expenditures are anticipated going forward in 2025. The Group is awaiting
the outcome of an applications for a successor authorisation to Licensing Option 16/26 (Corrib South)
which is under active consideration as confirmed by the Department of the Environment, Climate and
Communications (“DECC”). There are not likely to be any significant funding implications emerging
from this process in 2025 as the Group has been notified by a potential farminee of an intention to
farm into Corrib South upon award of a successor authorisation. In the future, the potential exists for
the Company, as promoters of a LNG project to receive introduction and service providers’ fees and
a free minority equity position in a joint venture vehicle to move to the project development stage.
Under these circumstances the inter-company loan would constitute past costs contributing to the
level of free equity. Recovery of the relatively modest inter-company loan therefore has a variety of
ways of being repaid. A potential award of the Corrib South successor licence and a closing of a farm
down to one of the Corrib gas field owners would potentially grant the Group access rights to the
Corrib infrastructure with which to re-purpose the Mag Mell FSRU project to deliver LNG to the Corrib
pipeline and for potential gas storage at Corrib South. The change in the Irish Government coalition
and the deteriorating situation with relation to gas supplies and gas storage in Europe provides an
incentive for a new government policy in relation to security of energy and gas supply. This is reflected
in the increased level of communication between the DECC and the Group over the Corrib South
application for a successor authorisation.

The Company has no debt and no outstanding directors’ loans.

The Directors do not believe that either a resurgence of COVID or post-Brexit issues will adversely influence
the Group’s business development strategy. Operations in Morocco can be maintained if that were to occur

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
63

based on the operating practices established for the drilling of MOU-1. Brexit will only create more
uncertainty for Ireland’s security of gas supply, thereby enhancing the Company’s LNG import project for
Ireland by creating an alternative source of gas not tied to the UK-Ireland gas transmission infrastructure.

The directors having made do and careful enquiry, are of the opinion that the Group has adequate working
capital to execute its operational commitments over the next 12 months given that current spending
commitments will prevail. The Group will therefore continue to adopt the going concern basis in preparing
the Financial Statements.

Substantial shareholders
Within 30 days of signing the financial statements, the total number of issued ordinary shares with voting
rights in the Company was 611,874,754.

Ordinary shares held
% Holding of
the Company
HARGREAVES LANSDOWN (NOMINEES) LIMITED <15942>
83,174,606
13.59%
INTERACTIVE INVESTOR SERVICES NOMINEES LIMITED
68,159,275
11.14%
DAVYCREST NOMINEES
49,027,839
8.01%
INTERACTIVE INVESTOR SERVICES NOMINEES LIMITED
SMKTNOMS>
41,285,467
6.75%
HARGREAVES LANSDOWN (NOMINEES) LIMITED
35,753,351
5.84%
BARCLAYS DIRECT INVESTING NOMINEES LIMITED
34,851,808
5.70%
PEEL HUNT PARTNERSHIP LIMITED
30,625,898
5.01%
HSDL NOMINEES LIMITED
29,002,179
4.74%
HARGREAVES LANSDOWN (NOMINEES) LIMITED
27,710,541
4.53%
VIDACOS NOMINEES LIMITED
22,638,922
3.70%
LAWSHARE NOMINEES LIMITED
22,286,273
3.64%
LAWSHARE NOMINEES LIMITED
22,111,136
3.61%
INTERACTIVE BROKERS LLC
15,419,913
2.52%
TOTAL
482,069,208
78.79%

Financial instruments
Details of the use of financial instruments by the Group are contained in note 18 of the financial statements.
Greenhouse gas emissions
The Group does not have responsibility to disclose any other emission producing sources under the Companies
Act 2006 (Strategic Report and Directors’ Report) Regulations 2014. However, Management is committed to
reducing its greenhouse gas emissions. As disclosed above, amongst other measures taken, virtual meetings,
the use of drones to inspect operational sites, and a more flexible home-based working environment will
reduce the amount of travel required by management as part of their duties in overseeing the Group’s
projects.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
64

Statement of Directors' responsibilities
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law
the Directors have elected to prepare the financial statements in accordance with International Financial
Reporting Standards (IFRSs’) as adopted by the EU and applicable law.
Under Company law the Directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of
the Group for that period. In preparing these financial statements, the Directors are required to:
*
Select suitable accounting policies and then apply them consistently;
*
Make judgements and accounting estimates that are reasonable and prudent;
*
State whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
*
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the Group will continue in business.
In accordance with Article 103 of Companies (Jersey) Law 1991, the Directors are responsible for keeping
adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with
reasonable accuracy at any time the financial position of the Group and enable them to ensure that the
financial statements comply with the requirements of Companies (Jersey) Law 1991 as a whole.
They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
They are further responsible for ensuring that the Strategic Report and the Report of the Directors and other
information included in the Annual Report and Financial Statements is prepared in accordance with applicable
law in the United Kingdom.
The maintenance and integrity of the Group’s website is the responsibility of the Directors; the work carried
out by the auditors does not involve the consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred in the accounts since they were initially presented
on the website.
Legislation in Jersey governing the preparation and dissemination of the accounts and the other information
included in annual reports may differ from legislation in other jurisdictions.
Directors’ responsibilities pursuant to DTR4 (Disclosure and Transparency Rules)
The directors confirm to the best of their knowledge:
•
The group and company financial statements have been prepared in accordance with IFRSs as
adopted by the European Union and Article 4 of the IAS Regulation and give a true and fair view of
the assets, liabilities, financial position and profit and loss of the Group and Company; and
•
The annual report includes a fair review of the development and performance of the business and
financial position of the group and company together with a description of the principal risks and
uncertainties.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024

Future developments
The Group’s plans for future developments are morefully set downin the Groupstrategic report, on pages 5
to 59.
Corporate Governance
The Group’s corporate governanceis reflected on corporate governancereport, on pages 68 to 76.
Statementas to Disclosure of Information to the Auditor
So far as the Directors are aware,there is no relevant audit information of which the Company’s auditor are
unaware, and eachDirector has takenall the steps that he ought to have taken as a Director in order to make
himself aware of any relevant audit information and to establish that the Company’s auditor is aware of that
information.
Weconfirm to the best of our knowledge:
°
The financial statements, prepared in accordance withthe relevant financial reporting framework, give
a true andfair view ofthe assets,liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as whole;
e
The strategic report includesa fair review of the development and performanceof the business and the
position of the Company, and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face; and
e
The annualreport and financial statements, taken as a whole, are fair, balanced and understandable
and provide the information necessary for shareholders to assess the Company’s position and
performance, business modelandstrategy.
Auditors
The Company’s auditor, PKF Littlejohn LLP, was initially appointed on 4 December 2017 andit is proposed by
the Board that they be reappointed as auditors at the forthcoming AGM. The auditors have expressedtheir
willingness to continuein office.
Events after the reporting date
These are morefully disclosed in Note 26.
By orderof the Board
RSG
PaulGriffiths
Chief Executive Officer
15 April 2025
65

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
66

Board of Directors
Paul Griffiths, Executive Chairman (age 71)
Mr. Griffiths has 48 years’ oil and gas industry experience, including with the Libyan National Oil
Corporation and Gulf Oil and as consultant to Enterprise Oil, Amoco (Mediterranean) and the Arabian Gulf
Oil Company, amongst others, and as CEO of both Island Oil & Gas plc and Fastnet Oil and Gas plc. During
this time Mr. Griffiths has managed 2D and 3D seismic data acquisition and processing projects
onshore and offshore; drilling and testing programmes, both onshore and offshore; and geological and
reservoir simulation deskt o p studies. Mr. Griffiths is also experienced in business development in
respect of licence acquisitions, farm-ins, farm outs, gas marketing and gas sales
contracts and
negotiations with government agencies. In 2006, Mr. Griffiths put together and led the team that drilled
the first successful exploration well in offshore southeast Ireland in 16 years. In 2008 he put together and
led the team that generated and submitted the plan of development for the Amstel Field in the
Netherlands and in 2014 he put together and led the team that carried out the Tendrara gas field re-
evaluation prior to a successful appraisal drilling program by Sound Energy. He has 18 years specific
experience in the Moroccan oil and gas sector. He is a director of H2Green Power Ltd. and Green Dragon
Hydrogen Ltd. and also was a contributor to the government of Trinidad’s CO2 EOR Steering Committee
established in 2021 and a contributor to.
He has led Predator Oil & Gas Holdings Plc since 2018 and has been instrumental in bringing the Mag Mell
FSRU project to the attention of Irish politicians and regulatory authorities in two years in advance of the 2022
European Energy Crisis.
He is a geology graduate of the Royal School of Mines (London) and an Associate of the Royal School
of Mines.

Stephen Boldy, Non-Executive Chairmn (age 69)

Dr Stephen Boldy, aged 69, is a geologist with more than 40 years’ experience in oil and gas Exploration and
Production. From 1980 to 1984 he worked as a petroleum geologist for the Petroleum Affairs Division of the
Department of Energy in Dublin.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
67

He then spent almost 19 years with Amerada Hess Corporation, where his appointments included UK
Exploration Manager, Exploration Manager Norway and International Exploration Manager. In March 2003 he
relocated back to Dublin as Vice President Ireland for Ramco Energy plc.
In 2006 he led the listing of Lansdowne Oil & Gas plc on the AIM market in London and was appointed as Chief
Executive Officer, a role he continues to serve. Lansdowne has been active in the Celtic Sea offshore Ireland,
where the principal activity was the successful appraisal of the Barryroe oil and gas field.
Dr Boldy has a B.Sc in geology from Bedford College, University of London, an M.Sc in Sedimentology from
the University of Reading and earned his PhD in geology from Trinity College Dublin.

Alistar Jury, Non-Executive Director (age 58)

Alistair Jury has over 28 years’ experience in the energy industry in a variety of finance and commercial
experience in a variety of roles with ExxonMobil, Unocal, Murphy, Svenska Petroleum. He is an associate of
Columbus Energy Partners involved in evaluating renewable and sustainable energy projects worldwide. He
has a degree in Geology from University of London, is a Fellow of the Geological Society and is a Fellow member
of the Association of Chartered Certified Accountants.
Carl Kindinger, Non-Executive Director (age 72)

Carl Kindinger, aged 72, for over 30 years has held senior corporate finance roles, including board level
appointments, in a multitude of industries.
He is an associate member of the UK’s Institute of Chartered Management Accountants and holds a degree
in economics and an M.B.A.
His experience has been gained in large and medium sized companies in Africa, the Middle East, in particular
Saudi Arabia, Ireland and Romania. He has participated at executive committee and board level in strategic
decision making. Carl has track record in high level negotiations with JV partners, suppliers and principals. He
is skilled in financial planning and control; evaluation of projects; Stock Exchange IFRS reporting; IPO
requirements; business plans and performance evaluation. He has held managerial roles and non-executive
director appointments in several listed SME sector oil and gas exploration companies spanning two decades.
He joined the Board of AIM-listed Island Oil & Gas Plc as Chief Finance Officer in 2006 and assisted with
developing Island’s position in Morocco. Later he joined Fastnet Oil & Gas Plc consulting on finance matters
relating to Morocco. Carl is a former Non-executive Chairman of the Company.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
68

Corporate Governance Report

The Chairman of the Board of Directors, guided by the Non-executive Directors, of Predator Oil & Gas Holdings
Plc (‘Predator’ or ‘the Company’ or’ the Group’ or ‘we/our’) has a responsibility to ensure that Predator has a
sound corporate governance policy and an effective Board.

The Board has not adopted, but voluntarily follows, the Quoted Companies Alliance Corporate Governance
Code (“QCA Code”). The QCA Code identifies ten principles to be followed in order for companies to deliver
growth in long-term shareholder value, encompassing effective management with regular and timely
communication to shareholders. This report follows the structure of those principles and explains how we have
applied the guidance as well as disclosing any areas of non-compliance.

We will provide annual updates on our compliance with the code. The most recent update is included in the
current Annual Report available on the website. The Board considers that the Group complies with the QCA
Code so far as is practicable having regard to the size, nature and current stage of development of the
Company.

The sections below set out how the Group applies the ten principles of the QCA Code and sets out areas of
non-compliance.

Principle 1: Establish a strategy and business model which promotes long-term value for shareholders

The Company is an oil and gas exploration specialist, with operations in Morocco, Trinidad and Ireland. Our
goal is to deliver long term value for our shareholders. We aim to do this by identifying prospective and early-
stage exploration projects. Consequently we:

1.
use our expertise to identify areas with economically feasible resources,
2.
assess the business environment of the target country and its attractiveness for prospecting and
eventual development and production,
3.
understand existing interests in a licence area in order to ensure we can earn-in to existing interests
on terms favorable to our shareholders.

Oil and gas exploration is by its nature speculative, and we aim to reduce the risks inherent in the industry by
careful application of funds in individual projects. We do that by:

1.
Reviewing existing exploration data;
2.
Establishing close in-country partnerships for our projects;
3.
Applying the most appropriate cost-effective exploration techniques in order to determine whether
further work, using increasingly expensive exploration techniques, is justified; and
4.
Appreciating the likely realisation routes that will be available to us as the project moves towards
development.

Principle 2: Seek to understand and meet shareholder needs and expectations

The Company is committed to engaging with its shareholders to ensure that its strategy, operational results
and financial performance are clearly understood. We engage with our shareholders via webinars, holding
investor presentations and through our regular reporting on the London Stock Exchange. Presentations are
typically timed to follow the release of significant operational information and where appropriate interim and
final results. LSE announcements include details of the website and include phone numbers to contact the

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
69

Company and its professional advisors. The Company has a zero tolerance to the potential dissemination of
Inside Information which restricts the amount of information it can relay specific shareholder enquiries.

Private shareholders
The AGM is the main forum for dialogue with retail shareholders and the Board. The Notice of Meeting is sent
to shareholders at least 21 days before the meeting. All Directors attend the AGM and are available to answer
questions raised by shareholders. For each vote, the number of proxy votes received for, against and withheld
is announced at the meeting. The results of the AGM are announced via the London Stock Exchange. In
addition, the Chief Executive Officer holds webinars and online interviews at which common shareholder
queries are addressed where possible. Investors can contact us via our website or by email.

In line with the rapid expansion of social media platforms retail shareholders are encouraged to use the
Company’s X account for the latest information on matters of a general nature relating to the Company’s
operations. In addition, our up to date Corporate presentation is made available on our website which will be
updated and re-launched in Q1 2025

Institutional shareholders
The Directors actively seek to build a relationship with institutional shareholders. Shareholder relations are
managed primarily by the Chief Executive Officer. The Chief Executive Officer makes presentations to
institutional shareholders and analysts during the year, mainly in London, though also virtually. We also have
ad-hoc meetings with our shareholders via conference call and email. The Board as a whole is kept informed
of the views and concerns of major shareholders by the Chief Executive Officer and the Chairman. Any
significant investment reports and research notes from analysts are also circulated to the Board and added to
the Company’s website. The Non-Executive Directors are available to talk with major shareholders if required
to discuss issues of importance to them and are considered to be Independent from the executive
management of the Company. The Group’s operations are always of a sensitive nature in terms of preserving
the integrity of its confidential data and information where a competitive advantage has been achieved and
where licence obligations prevent certain non-material information being made public without the approval
of the affiliated ministries and State partners within the jurisdictions within the countries in which the Group
operates. It is at the absolute discretion of the Chief Executive Officer in operational matters to determine
whether or not certain operational data can be released without compromising the Group’s licence obligations
and longer term competitive advantage.

Principle 3: Take into account wider stakeholder and social responsibilities and their implications for long term
success.

Aside from our shareholders, our most important stakeholder groups are our personnel and local partners and
those local communities that may be impacted by our exploration activities. The Board is regularly updated on
stakeholder issues and their potential impact on our business to enable the Board to understand and consider
these issues in decision-making. The Board understands that maintaining the support of all its stakeholders is
paramount for the long-term success of the Company.

Personnel
The Group does not have permanent staff in Jersey, Channel Islands. All staff are recruited under consultancy
agreements as service providers. We aim to provide an environment which will attract the best, retain and
motivate our team and we monitor the effectiveness by regular one-on-one discussion. Our goal is to treat all
staff fairly and equally and to promote ethical behaviour, diversity and non-discrimination.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
70

Local partners and communities
Our operations often provide employment in remote areas of developing countries. Essential to our success is
the establishment of close working relationships with local partners. We seek local partners who have a good
understanding of the local exploration and oil and gas exploration industry and regulations within their
country, and with the capacity and capability to assist with the management and maintenance of the project.

We are mindful of our obligations to the local environment and operate to high levels of health and safety in
respect of both our local workers and the local community. Staff training focuses on operating safety.
Engagement with local communities is dependent on jurisdiction and the stage of exploration but is typically
by public forum or with local or regional leaders, including site visits and workshops. Social projects in the local
communities are dependent on local need and also the stage of exploration/level of project investment.
As projects move forward, towards potential production activities, we seek to bring in partners who can
credibly make the investments to move towards development and production. In doing so we have regard for
their ability and desire to move projects forward, their industry reputation and their commitment to treating
the local communities fairly and protecting the environment. We enter agreements that allow us to monitor
their activities and have monthly updates on project progress.

Principle 4: Embed effective risk management, considering both opportunities and threats, throughout the
organisation

Audit, risk and internal control

Financial controls
The Company has an established framework of internal financial controls, the effectiveness of which is
regularly reviewed by the Executive Management, the Audit Committee and the Board. The key financial
controls are:

1.
The Board is responsible for reviewing and approving overall company strategy, approving new
exploration projects and budgets, and for determining the financial structure of the Company
including treasury, tax and dividend policy. Regular results and variances from plans and forecasts are
reported to the Board;
2.
The Audit Committee, comprising the two Non-executive Directors, assists the Board in discharging
its duties regarding the financial statements, accounting policies and the maintenance of proper
internal business, and operational and financial controls;
3.
Regular budgeting and forecasting is performed to monitor the Company’s ongoing cash
requirements and cash flow forecasts are circulated to the Board on a monthly basis;
4.
Actual results are reported against budget and prior year and are circulated to the Board;
5.
The Company has an investment appraisal system that considers expected costs against a range of
potential outcomes arising from the exploration opportunities that we are invited to participate in;
6.
Regular reviews of exploration results are performed as the basis for decisions regarding future
expenditure commitment.
7.
Due to the international nature of the business, there are, at times, significant foreign exchange rate
movement exposures. Cash flow forecasting is done at the ‘required currency’ level and foreign
currency balances are maintained to meet expected requirements; and
8.
For exploration projects, we manage the risk of failure to find economic deposits by low-cost early
stage exploration techniques, with detailed analysis of results. Moving projects to more expensive
exploration techniques require a rigorous review of results prior to deciding whether to proceed with
further work.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
71

Non-financial controls
The Board has ultimate responsibility for the Group’s system of internal control and for reviewing its
effectiveness. However, any such system of internal control can provide only reasonable, but not absolute,
assurance against material misstatement or loss. The Board considers that the internal controls in place are
appropriate for the size, complexity and risk profile of the Group. The principal elements of the Group’s
internal control system include:

1.
Close management of the day-to-day activities of the Group by the Executive Director;
2.
An organisational structure with defined levels of responsibility, which promotes entrepreneurial
decision-making and rapid implementation whilst minimising risks; and
3.
Central control over key areas such as capital expenditure authorisation and banking facilities.

The Group reviews at least annually the effectiveness of its system of internal control, whilst also having regard
to its size and the resources available. As part of the Group’s plans, we continue to review a number of non-
financial controls covering areas such as regulatory compliance, business integrity, health and safety, and
corporate social responsibility. All personnel are aware of their obligations under anti-bribery and corruption
legislation.

Principle 5: Maintaining the Board as a well-functioning, balanced team led by the Chair

During the year under review the Board was strengthened with the appointment of a non-executive Chairman.
The post of Chief Executive Officer was created. The Chief Executive Officer serves on the Board as the only
executive Director. Including the Chairman there are three non-executive Directors. The casting vote is held
by the non-executive Directors. During the year, there were 9 meetings, of which Paul Griffiths attended
9(100%), Lonny Baumgardner attended 7 out of 7 (100%) prior to his resignation from the Board. Alistair Jury
attended 7 (78%), Carl Kindinger attended 7 (78%) and Stephen Boldy attended 2 out 2 (100%) after his
appointment as a director. The three non-executive Directors have extensive experience in the oil and gas
industry. Two are qualified accountants and the Chairman is a geologist. All non-executive Directors have
considerable experience of serving on the Board of public companies and are expected to commit 3 days per
month to the Group.

The Board is satisfied that it has a suitable balance between independence on the one hand, and knowledge
of the Company and industry on the other, to enable it to discharge its duties and responsibilities effectively.
All Directors are encouraged to use their independent judgement and to challenge all matters, whether
strategic or operational.

The Board aim to meet at least monthly either formally or through a Board Call. The agenda is set by the
Company Secretary in consultation with the Chairman and Chief Executive Officer. The standard agenda points
include:

1.
Review of previous meeting minutes and actions arising therefrom.
2.
A report by the Chief Executive Officer covering all operational matters.
3.
Any update to the Register of Conflicts
4.
Updating the Insider Register and
5.
Any other business.

Directors’ conflict of interest
The Company has effective procedures in place to monitor and deal with conflicts of interest. The Board is
aware of the other commitments and interests of its Directors, and changes to these commitments and
interests are reported to and, where appropriate, agreed with the rest of the Board. A Register of Conflicts is

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
72

maintained and is a standard agenda item at each Board Meeting. The Board has access to the Company’s
advisers, including its brokers and its lawyers. The advisers do not typically provide materials for Board
meetings except if requested to do so for the purposes of discussing upcoming regulations and other issues.

Board meetings are deemed quorate if two Board members are present and providing 7 days’ notice of such
meeting has been given and waived by the non-attending Directors.

Directors and Officers Liability insurance is maintained for all Directors.

Principle 6: Ensure that between them the Directors have the necessary up-to-date experience, skills and
capabilities

The Board is satisfied that, between the Directors, it has an effective and appropriate balance of skills and
experience, particularly so in the area of oil and gas exploration and evaluation as per each of the Directors
bios shown on pages 66 to 67. All Directors receive regular and timely information on the Group’s operational
and financial performance. Relevant information is circulated to the Directors in advance of meetings by the
Company Secretary. Contracts are available for inspection at the Company’s registered office and at the Annual
General Meeting (“AGM”).

Directors are selected having regard to the Company’s needs for a balance of operational, industry, legal and
financial skills. Experience of the Oil and Gas exploration industry is important but not critical, as is experience
of running a public company.

All Directors retire by rotation at regular intervals in accordance with the Company’s Articles of Association.
The Board makes decisions regarding the appointment and removal and re-election of Directors, and there is
a formal, rigorous and transparent procedure for appointments. The Company’s Articles of Association require
that at every AGM any director (i) who has been appointed by the board since the last AGM or (ii) who held
office since the first of the three previous AGMs and who did not retire at either of them or (iii) who has been
selected by the board for re-election shall retire from office and may offer himself for re-appointment by the
members. In accordance with the Articles of Association Paul Griffiths, Stephen Boldy and Alistair Jury retire
at the next AGM and will be offering themselves up for re-appointment by the members.

Independent advice
All Directors are able to take independent professional advice in the furtherance of their duties, if necessary,
at the Company’s expense from lawyers, brokers and other professional advisors that they deem relevant. In
addition, the Directors have direct access to the advice and services of the Company Secretary.

Principle 7: Evaluate Board performance based on clear and relevant objectives, seeking continuous
improvement

In each 12 month reporting period we intend to review the performance of the team as a unit to ensure that
the members of the Board collectively function in an efficient and productive manner. Over the same period
the Non-Executive Directors will be seeking to set clear and relevant objectives for the Executive Directors,
and for the Board as a whole. For further information on Directors, please refer to the Directors’ Remuneration
report on pages 77 to 82.

Principle 8: Promote a culture that is based on ethical values and behaviour

The Board aims to lead by example and do what is in the best interests of the Company, its stakeholders and
the environment. This is enacted through on-site meetings in the countries we do business in where all

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
73

contractors and service personnel and consultants are reminded of their responsibilities to adhere to the strict
guidelines laid down in our executed contracts and environmental assessments and approvals. We operate in
remote and underdeveloped areas and ensure that our staff understand their obligations towards the
environment and in respect of anti-bribery and corruption.

Principle 9: Maintain governance structures and processes that are fit for purpose and support good decision-
making by the Board

Board programme
The Board aims to meet monthly and as and when required. The Board sets direction for the Company through
a formal schedule of matters reserved for its decision. During the year to 31st December 2024 the Board met
9 times. The Board and its Committees receive appropriate and timely information prior to each meeting; a
formal agenda is produced for each meeting and Board and Committee papers are distributed by the Company
Secretary several days before meetings take place. Any Director may challenge Company proposals and
decisions are taken democratically after discussion. Any Director who feels that any concern remains
unresolved after discussion may ask for that concern to be noted in the minutes of the meeting, which are
then circulated to all Directors. Any specific actions arising from such meetings are agreed by the Board or
relevant Committee and are then followed up by the Company’s management.

Roles of the Board, Chairman and Chief Executive Officer.
The Board is responsible for the long-term success of the Company. There is a formal schedule of matters
reserved to the Board. It is responsible for overall Group strategy, approval of exploration projects, approval
of the annual and interim results, annual budgets, dividend policy and Board structure. It monitors the
exposure to key business risks. There is a clear division of responsibility at the head of the Company. The
Chairman is responsible for running the business of the Board and for ensuring appropriate strategic focus and
direction.
The Chief Executive Officer is responsible for proposing the operational focus to the Board, implementing it
once it has been approved and overseeing the management of the operations. The Chief Executive Officer is
responsible for establishing and enforcing systems and controls, liaison with external advisors and
communicating with shareholders. Non-executive Directors, from time to time, will assist the Chief Executive
Officer in carrying out these functions.
All Directors receive regular and timely information on the Group’s operational and financial performance.
Relevant information is circulated to the Directors in advance of meetings. The business reports regularly on
its headline performance against its agreed budget; the Board reviews these updates and any significant
variances at each board meeting.
Board committees
The Board is supported by the Audit and Remuneration committees. Each committee has access to such
resources, information and advice as it deems necessary, at the cost of the Company, to enable the committee
to discharge its duties. The two committees comprise both of the Non-Executive Directors.

The Audit Committee provides a formal review of the effectiveness of the internal control systems, the Group’s
financial reports and results announcements and the external audit process. The Committee meets three times
per year to review the published financial information and to meet with the Auditors.

The Remuneration Committee provides a formal and transparent review of the remuneration of the Chief
Executive Officer. The Directors and senior personnel and makes recommendations to the Board on individual
remuneration packages. The Committee met four times during the year.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
74

The Audit Committee meets when required to consider the Company’s financial risks and mitigating actions
(including financial controls), review audit plans and completion reports prepared by its auditor, and to review
financial statements and recommend them for approval by the Board. This includes the appropriateness of the
underlying accounting judgements, going concern and asset impairment considerations. The Audit Committee
met three times during the year.

Principle 10: Communicate how the Company is governed and is performing by maintaining a dialogue with
shareholders and other relevant stakeholders

The Company communicates with shareholders through the Annual Report and Accounts, full-year and half-
year results announcements, the Annual General Meeting (AGM) and one-to-one meetings with large existing
or potential new shareholders. The Company regularly posts LSE announcements covering operational and
corporate matters, such as drilling results and significant changes in ownership positions across historic
projects in which it still retains an investment. A range of corporate information (including all Company
announcements and a corporate presentation) is also available to shareholders, investors and the public on
the Company’s corporate website.

The Board receives regular updates on the views of shareholders through briefings and reports from Investor
Relations, the Chief Executive Officer and the Company’s brokers. The Company communicates with
institutional investors through briefings with management. In addition, analysts’ notes and brokers’ briefings
are reviewed to achieve a wide understanding of investors’ views.

The Company is aware of the new disclosure requirement with regards to the Task Force on Climate Related
Financial Disclosures and have made such disclosures that are relevant to the Company’s current business
strategies.

In compliance with FCA Listing Rules, the Company is required to describe and explain its adherence to the
recommendations of the TCFD. These are organised into four areas as outlined in the table below, to facilitate
the identification, assessment, and management of climate-related impacts on the Company
We recognise the need to enhance our reporting and communications to more closely align with TCFD
recommendations and the expectations of the Financial Reporting Council. Therefore, the following table
includes detail of our planned steps to improve TCFD alignment and further develop our disclosures going
forward.

TCFD Compliance Summary
Compliance
Status
Details
Governance

(a) Describe the Board’s oversight
of
climate-related
risks
and
opportunities
Comply
The Board recognises that climate change poses
a significant risk to the Company and Industry as
a whole. It reviews risks regularly and builds in
resilience to identified risks. The Company
engages professional consultants’ opinion when
appropriate.
(b) Describe management’s role
in
assessing
and
managing
climate-related
risks
and
opportunities
Comply
The Company has only a few management staff
and relies on a number of professional
consultants and advisors. These consultants are
mainly top tier companies and are chosen with
their considerable risk management credentials
in mind. Opinion would be sought on potential
climate-related risks prior to making major
decisions.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
75

TCFD Compliance Summary
Compliance
Status
Details
Strategy

(a) Describe the climate-related
risks
and
opportunities
the
organisation has identified over
the short, medium and long-term
Comply
Principal risks identified:
•
Tighter regulation as countries work to
pursue their decarbonisation targets.
This may involve higher taxes, and
levies, and higher costs required to
ensure emission levels are minimised
•
Possible reduced demand for fossil fuels
as new renewable technologies are
introduced,
and
efficiencies
in
hydrocarbon reliant industries
•
Capital raising might become harder as
investors refocus away from fossil fuel
producing companies
Principal opportunities identified:
Focus on cleaner gas producing projects, and use
of new technologies such as Carbon Capture and
Storage (“CCS”) may make the Company’s
activities more attractive.
(b) Describe the impact of
climate-related
risk
and
opportunities
on
the
organisation’s
businesses,
strategy and financial planning
Explain
The Board considers the impact of the above
identified risks on the Company’s projects and
builds robust financial models to assess their
effect. For many of these risks, such as tighter
regulation and higher operating levies it is not
possible to forecast accurately as dependant on
individual government policy, but a close
dialogue is maintained with host governments to
incorporate these potential impacts into current
and future projects
(c) Describe the resilience of the
organisation’s strategy, taking
into
consideration
different
climate-related
scenarios,
including a 2°C or lower scenario
Explain
The drive to achieve a 2°C or lower scenario may
involve the restriction on longer term oil and gas
exploration and production activities and higher
taxes and levies. The Company is mindful of this
and investment decisions will be made such that
the Company plays its part in the energy
transition and pursues cleaner and more efficient
projects, such as the looking at CCS possibilities in
Trinidad, and the possible refocus on Helium
production in Morocco.
Risk Management

(a) Describe the organisation’s
processes for identifying and
assessing climate-related risks
Comply
Identification and assessing risks (Including
climate related risks) is inbuilt as a key part of the
management process. Board and management
will also engage with expert advisors and external
stakeholders to ensure risks have been identified
as far as it is possible to do within the limitations
of having a small Board and Management
structure

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
76

TCFD Compliance Summary
Compliance
Status
Details
(b) Describe the organisation’s
processes for managing climate-
related risks
Comply
Potential climate related risks identified are
discussed at Board level for current and potential
future operations. If additional advice or
expertise is required, the Board will engage with
external advisers to assist in mitigating these
risks.
(c) Describe how processes for
identifying,
assessing
and
managing climate-related risks
are
integrated
into
the
organisation’s
overall
risk
management
Comply
These are integrated into the overall risk review
procedure within the Company operations and
strategy, but within the confines of working as a
small Board and Management structure
Metrics and Targets

(a) Disclose the metrics used by
the
organisation
to
assess
climate-related
risks
and
opportunities in line with its
Explain
The Company conducts operations as efficiently
as it is able by using state of the art modern
equipment and techniques, and by following
regulations
and
environmental
recommendations often at a more stringent level
than that required by industry standards and host
governments.
strategy and risk management
process

(b) Disclose Scope 1, Scope 2 and,
if
appropriate,
Scope
3
greenhouse gas (GHG) emissions,
and the related risks
Explain
The Company is currently principally an explorer,
and emissions are mainly limited to drilling
activities and mobilisation/demobilisation of
equipment and people. This is infrequent and
irregular, and emission records would be hard to
gather. When the Company enters a production
phase additional focus will be extended to
measuring greenhouse gas emissions from
operations
(c) Describe the targets used by
the
organisation
to
manage
climate-related
risks
and
opportunities and performance
against targets
Explain
The Company is in a pre-development and pre-
production phase, where operations are unique
and not continuous – mainly drilling activities.
These are conducted as efficiently as possible
with regard to climate related risks, with
minimum emissions. Each site is decommissioned
and restored to a condition the same or improved
than prior to the Company’s activities.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
77

Directors’ Remuneration Report
The Company’s Remuneration Committee at 31 December 2024 comprised two Non-Executive Directors:
Alistair Jury and Carl Kindinger.

The Company’s Remuneration Committee operates within the terms of reference approved by the Board.
The Committee met four times during the year. In August 2024 the Committee met to consider the cash
payment of the remaining Drilling Bonus to the Company’s Executive Directors, Paul Griffiths and Lonny
Baumgardner. This was approved by the Board in 2023 but payment deferred into 2024. Details are outlined
below under Director Service Contracts. Lonny Baumgardner resigned his position as Managing Director on 11
September 2024, and the Committee met to consider the terms of his resignation. Subsequently on 16
September 2024 a new Non-Executive Chairman, Dr Stephen Boldy was appointed, and Paul Griffiths position
changed from 'Executive Chairman' to 'Chief Executive Officer' (“CEO”). The Committee met to consider Dr
Stephen Boldy’s appointment terms. Details of Lonny Baumgardner’s termination and Dr Stephen Boldy’s
appointment are set out in the Directors Service Contracts section below. In November 2024 the Committee
met to consider any inflationary adjustment appropriate to the Directors fees.
The items included in this report are unaudited unless otherwise stated.
Committee’s main responsibilities
•
The Remuneration Committee considers the remuneration policy, personnel engagement terms and
remuneration of the Executive Directors and senior management;

•
The Remuneration Committee’s role is advisory in nature, and it makes recommendations to the Board
on the overall remuneration packages for Executive Directors and senior management in order to
attract, retain and motivate high quality executives capable of achieving the Company’s objectives;

•
The Remuneration Committee also reviews proposals for any share option plans and other incentive
plans, makes recommendations for the grant of awards under such plans as well as approving the terms
of any performance-related pay schemes;

•
The Board’s policy is to remunerate the Company’s executives fairly and in such a manner as to facilitate
the recruitment, retention and motivation of suitably qualified personnel as service providers; and

•
The Remuneration Committee, when considering the remuneration packages of the Company’s
executives, will review the policies of comparable companies in the industry.

Consideration of shareholder views
The Remuneration Committee considers shareholder feedback received and guidance from shareholder
bodies. This feedback, plus any additional feedback received from time to time, is considered as part of the
Company’s periodic reviews of its policy on remuneration.
Statement of policy on Directors’ remuneration
The Company’s policy is to maintain levels of remuneration so as to attract, motivate, and retain Directors and
Senior Executives of the highest calibre who can contribute their experience to deliver industry leading
performance with the Company’s operations. Director’s remuneration includes a fixed fee element, but also a
discretionary bonus scheme that may be awarded from time to time as deemed appropriate by the
Remuneration Committee.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
78

The Remuneration Committee considers remuneration policy and the employment terms and remuneration
of the Executive Directors and makes recommendations to the Board of Directors on the overall remuneration
packages for the Executive Directors. No Director takes part in any decision directly affecting their own
remuneration.
There was no vote taken during the last general meeting with regard to the Director’s remuneration policy.
This is considered reasonable given the current size and stage of development of the Company. This will be
revisited in future periods.
Directors’ remuneration
The Directors who held office at 31 December 2024 and who had beneficial interests in the ordinary shares of
the Company are summarised as follows:
Name of Director
Position
Carl Kindinger

Non-Executive Director
Alistair Jury

Non-Executive Director
Paul Griffiths

Chief Executive Officer
Dr. Stephen Boldy Non-Executive Chairman (appointed 16 September 2024)
The Directors’ interests in the shares of the Company and Group companies of the Directors who served during
the year were as follows:

31 December 2024
At the date of this report

Ordinary Shares
Share Options
Ordinary Shares
Share Options
Paul Griffiths
46,415,581
15,355,486
46,415,581
15,355,486
Lonny Baumgardner 1
-
-
-
-
Dr Stephen Boldy 2
-
3,000,000
-
3,000,000
Alistair Jury
-
5,000,000
-
5,000,000
Carl Kindinger
1,581,103
5,000,000
1,581,103
5,000,000
Moyra Scott3
-
3,000,000
-
3,000,000
Geoffrey Leid4
-
3,000,000
-
3,000,000
Total
47,996,684
34,355,486
47,996,684
34,355,486

1.
Lonny Baumgardner resigned 11 Sept 2024
2.
Dr Stephen Boldy was appointed 16 Sept 2024
3.
Moyra Scott was a Director of Predator Gas Ventures Limited until her resignation on 24 Sept 2024
4.
Geoffrey Leid is a Director and in-country Manager of T-Rex Holdings (Trinidad) Limited

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
79

Share Option Scheme
The following Directors have been granted rights under the Group’s Share Option Scheme:

In issue at
31 December
2023
2024
Options
Awarded
Lapsed during
year
In issue at
31 December
2024
Vesting
Periods See
notes 21
Paul Griffiths
15,355,486
-
-
15,355,486

Lonny Baumgardner
15,355,486
-
(15,355,486)
-
Dr Stephen Boldy (1)
-
3,000,000
-
3,000,000

Louis Castro
1,000,000
-
(1,000,000)
-

Steve Staley
1,650,000
-
(1,650,000)
-

Tom Evans
2,000,000
-
(2,000,000)
-

Alistair Jury
5,000,000
-
-
5,000,000

Carl Kindinger
5,000,000
-
-
5,000,000

Moyra Scott
3,000,000
-
-
3,000,000

Geoffrey Leid (2)
-
3,000,000
-
3,000,000

1. In October 2024, The Board approved a grant of 3,000,000 options to Dr Stephen Boldy on his
appointment as Non-Executive Chairman
2. In April 2024, The Board approved a grant of 3,000,000 options to Geoffrey Leid on his appointment
as a director of the Group's subsidiary company T-Rex Holdings (Trinidad) Limited
Details of the current Company Directors service agreements are set out below.
Directors’ service contracts
Paul Griffiths provides his services as Chief Executive Officer (“CEO”) under a consultancy agreement with the
Company. The consultancy agreement with Petro-Celtex Consultancy Limited (“Petro-Celtex”) provides for
the services of Paul Griffiths as CEO of the Company, on a part-time basis.
Up to November 2024, the consultancy agreement entitled Petro-Celtex to a fixed base fee of GBP152,040
per annum and a technical services consultancy fee of GBP188 per hour (subject to an annual cap of
£140,000). The Remuneration committee met in November 2024 to consider whether these rates were still
appropriate. It was decided to increase the fixed base fee by the annual Jersey RPI of 3% to GBP156,600 per
annum.

This consultancy agreement is subject to termination by either party on six months’ written notice. In
addition, the Company may forthwith terminate Paul Griffiths’ appointment as a director of the Company
for, inter alia, a material breach by Petro-Celtex of its obligations under the consultancy agreement referred
to above and Paul Griffiths may terminate such appointment for a material breach by the Company of its
obligations under the consultancy agreement referred to above.

Paul Griffiths also has an Advisory Agreement dated 1 September 2020 with a subsidiary, Mag Mell Energy
Ireland Limited (formerly named Predator LNG Ireland Ltd), a company set up to explore opportunities in
Ireland, and in particular the feasibility of developing an offshore LNG import facility for Ireland. Under the
terms of an Advisory Agreement dated 1 September 2020, Paul Griffiths is entitled to a fixed Advisory Fee of
GBP40,000 per annum and a technical services consultancy fee of GBP188 per hour.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
80

Under an Exclusivity and Referral Agreement between Mag Mell and Hamilton Fox Holdings Ltd. (“HFHL”), a
company incorporated jointly by Paul Griffiths and Ronald Pilbeam, a previous Director, to hold performance
incentives under the aforementioned agreement dated 2 September 2020, HFHL has an entitlement to
performance incentives comprising up to a maximum of 20% of the issued share capital of Mag Mell split into
four separate tranches each of 5%. Performance Conditions for allotment of each tranche of 5% are defined
as the signing of Collaboration Agreement in each case between Mag Mell and bona fide international entities
in the downstream LNG and gas infrastructure and distribution business. Allotment of the final 5% tranche is
conditional on a Financial Investment Decision (“FID”) being made in respect of developing an LNG import
facility for Ireland.

Lonny Baumgardner was appointed on 12 July 2021 and resigned on 11 September 2024. He provided his
services as Managing Director under a consultancy agreement with the Company. The Company entered into
a consultancy agreement with Earthware Energy Inc (“Earthware”), formally Touchpoint Energy S.L. under
which Earthware provided the services of Lonny Baumgardner as Managing Director of the Company. Up until
his resignation, the consultancy agreement entitled Earthware to a fixed base fee of GBP152,040 per annum
and a technical services consultancy fee of GBP188 per hour (subject to an annual cap of £140,000).

On 11th September 2024, due to a change in his personal circumstances, Lonny Baumgardner resigned his
position as Managing Director. It was agreed that he would retain his rights to a potential future production
bonus – payable in shares, but that he surrenders his rights under the Group Option Scheme to his existing
share options. He is also entitled to a termination settlement equivalent to 6 months’ fixed fees of £76,020,
by way of the issue of Ordinary Shares.

In 2023, the Board had approved a bonus payment to the Executive Directors for the successful outcome of
the MOU drilling program – to be paid 50% in shares and 50% cash. The share element was satisfied with the
issue of shares in December 2023, while the cash element was deferred into 2024. In August 2024, the
committee met to consider the current working capital requirements and future commitments and agreed
that a cash payment of the remaining 50% was now acceptable, and the cash element of the drilling bonus of
£125k was made to each of Paul Griffiths and Lonny Baumgardner
Following the resignation of the Managing Director, the Board resolved to appoint a new Non-Executive
Chairman, with Paul Griffiths moving to the position of CEO.
Dr Steven Boldy was appointed as Non-Executive Chairman on 16 Sept 2024. Pursuant to this letter of
appointment Dr Steven Boldy is entitled to an annual fee of £48,000.

Alistair Jury was appointed as Non-Executive Directors of the Company on 12 May 2022 and Carl Kindinger
was appointed as a Non-Executive Director of the Company on 24 October 2022. Up until November 2024
Alistair Jury and Carl Kindinger were entitled to an annual fee of £44,000 which includes consideration for
being members of the Remuneration Committee and for being members of the Audit Committee. In
November 2024 these fees were reviewed by the Board and an increase of 3% agreed in line with Jersey RPI.

Carl Kindinger has a consultancy arrangement for providing additional financial reporting and corporate
compliance assistance from time to time, chargeable at a rate of £100/hour.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
81

Remuneration components
Up until 1 September 2023 consultancy fees and a share incentive scheme were the only two components of
remuneration. The Company established a share option scheme that became effective on 24 May 2018 for a
long-term incentive plan for the award of share options. During 2023 the Committee met a number of times
to consider the award of a Bonus Payment to the Executive Directors – as outlined above. It was proposed that
the Executive Directors service contracts be amended to include a provision for a discretionary Bonus Scheme
effective from 1 September 2023
Directors’ emoluments and compensation

2024

2023
Director

£
Dr Stephen Boldy (appointed 16 Sept 2024)
12,240
-
Moyra Scott (1) (resigned 24 Sept 2024)

114,125

185,616
Geoffrey Leid (2) (appointed 18 April 2024)

88,465

-
Alistair Jury
45,494
40,039
Carl Kindinger
77,081
56,050
Non-Executive Total

337,405
281,705
Paul Griffiths
303,336
282,884
Lonny Baumgardner

274,956

321,622
Executive Total

578,292
604,506
Total

915,697

886,211

(1) Director of Predator Gas Ventures Limited
(2) Director and in-country Manager of T-Rex Holdings (Trinidad) Limited
On 1 December 2023 the Executive Directors were awarded a performance bonus in recognition of the work
undertaken to bring forth the Group's drilling programme in Morocco and the successful drilling results in the
sum of £250,000 each. In 2023 the bonus was part settled by the issue of 1,329,787 new Ordinary Shares to
each Executive Director representing an award of £125,000 each. The remaining 50% of the performance
award was paid in cash in August 2024.
Pension entitlements
The Company does not currently have any pension plans for any of the directors and does not pay pension
amounts in relation to their remuneration.
Directors’ interests in share warrants
Directors do not hold any share warrants over ordinary shares.
The Committee considers that the current remuneration of Executive Directors to be consistent with pay and
appointment benefits across the Group.
UK 10-year performance graph
The directors have considered the requirement for a UK 10-year performance graph comparing the Group’s
Total Shareholder Return with that of a comparable indicator. The directors do not currently consider that
including the graph will be meaningful because the Company has only been listed since May 2018, is not paying
dividends and is currently incurring losses as it gains scale. The directors therefore do not consider the inclusion
of this graph to be useful to shareholders at the current time. The directors will review the inclusion of this
table for future reports.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024

UK 10-year CEO table and UK percentage changetable
The directors have considered the requirement for a UK 10-year CEO table and UK percentage changetable.
The directors do not currently consider that including these tables would be meaningful because, as described
underthe Directors’ Service Contracts section above directors have been engaged in the Companyonly since
May 2018.The directors will review the inclusion of this table for future reports.
Relative importance of spend on pay
The Directors have considered the requirement to present information on the relative importance of spend
on pay comparedto shareholder dividends paid. Given that the Companydoesnot currently pay dividends the
directors have not consideredit necessary to include such information.
Policy for new appointments
Basesalary levels will take into account market data for the relevantrole, internal relativities, the individual’s
experience and their current base salary. Where an individual is recruited at below market norms, they may
be re-aligned overtime(e.g. two to three years), subject to performancein the role. Benefits will generally be
in accordance with the approvedpolicy.
For external and internal appointments, the Committee may agree that the Company will meet certain
relocation and/orincidental expensesas appropriate.
Policy on paymentforloss of office
Payment for loss of office would be determined by the Remuneration Committee, taking into account
contractual obligations.
Approved by the Board on 15 April 2025.
La
Alistair Jury
Memberof the Remuneration Committee
82

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
83

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PREDATOR OIL AND GAS
HOLDINGS PLC
Opinion
We have audited the group financial statements of Predator Oil and Gas Holdings Plc (the ‘group’) for the year
ended 31 December 2024 which comprise Consolidated statement of comprehensive income, the
Consolidated statement of financial position, the Consolidated statement of changes in equity, the
Consolidated Statement of cash flows, Statement of accounting policies and notes to the financial statements,
including significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting Standards as adopted by the European
Union.
In our opinion, the group financial statements:
•
give a true and fair view of the state of the group’s affairs as at 31 December 2024 and of its loss for
the year then ended;
•
have been properly prepared in accordance with IFRSs as adopted by the European Union; and
•
have been prepared in accordance with the requirements of the Companies (Jersey) Law 1991.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the financial statements section of our report. We are independent of the group in accordance with
the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’
assessment of the group’s ability to continue to adopt the going concern basis of accounting included:

obtaining and reviewing the cashflow forecast and budgets for a period of at least 12 months from the
date of signing the financial statements and the corresponding assumptions used;

reviewing the post year end bank balances for evidence of available cash;

documenting and discussing with management the future plans of the group; and

challenging management’s key inputs and assumptions, including but not limited to the forecast
committed costs, to the cashflow forecast and performing sensitivity analysis.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
84

Our application of materiality
The scope of our audit was influenced by our application of materiality. The quantitative and qualitative
thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit
procedures.
The materiality applied to the group financial statements as a whole was set at £520,000 (2023: £440,000).
Performance materiality was set at £364,000 (2023: £308,000), being 70% (2023: 70%) of materiality for the
group financial statements as a whole.
Materiality has been calculated as 2% of gross assets (2023: 2% of net assets), which we have determined, in
our professional judgement, to be the principal benchmark relevant to members of the company in assessing
financial performance. As the group has yet to begin trading, the key focus of the group is on exploration
activities to advance the development of its investments. The performance materiality threshold was
considered to be sufficient to provide coverage of significant and residual risks to the balances within the
financial statements representing risk areas and those that require management judgements and estimates.
We agreed that we would report to the audit committee all misstatements we identified through our audit
with a value in excess of £26,000 (2023: £22,000), in addition to other audit misstatements below that
threshold that we believe warrant reporting on qualitative grounds.
Component performance materiality ranged from £44,800 to £235,200 (2023: between £41,300 and
£277,200).
Our approach to the audit
In designing our audit, we determined materiality, as above, and assessed the risks of material misstatement
in the group financial statements. In particular, we considered the areas involving significant accounting
estimates and judgement by the directors and including future events that are inherently uncertain, in
particular with regard to the capitalisation of exploration costs. We also addressed the risk of management
override of internal controls, including among other matters, consideration of whether there was evidence of
bias that represented a risk of material misstatement due to fraud. Procedures were then performed to
address the risks identified and for the most significant assessed risks of material misstatement, the
procedures performed are outlined below in the Key audit matters section of this report.
As part of our planning, we assessed all components of the group for their significance in order to determine
the scope of the work to be performed. Predator Oil and Gas Holdings Plc, Predator Gas Ventures Limited and
T-Rex Resources (Trinidad) Limited were considered to be significant components, given they hold the
capitalised costs and the acquisition as described in the Key audit matters section of this report below. T
To support our audit opinion on the group financial statements, we performed an assessment of risk at the
group level using the group materiality, and full scope audits were performed on the following components
using a component materiality: Predator Oil and Gas Holdings Plc, Predator Oil and Gas Trinidad Limited, and
Predator Gas Ventures Limited.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on:
the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement
team. These matters were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
85

We have determined the matters described below to be the key audit matters to be communicated in our
report.
Key Audit Matter
How our scope addressed this matter
Capitalisation and valuation of intangible assets (note 12)
The group has material intangible
assets
of
£21,550,060
(2023:
£17,505,809 – as restated) in relation
to capitalised exploration costs as a
result of exploration activities in
Morocco and Trinidad and Tobago.

There is a risk that costs have been
incorrectly capitalised in Predator
Gas Ventures Ltd when considering
the recognition criteria of IFRS 6
Exploration for and Evaluation of
Mineral Resources. There is also a risk
that
there
are
indicators
of
impairment as at 31 December 2024
which could result in the intangible
assets being overstated.

Management’s
assessment
of
impairment under IFRS 6 required
estimation
and
judgement,
particularly in early-stage exploration
projects, and thus the capitalisation
and valuation of intangible assets has
been designated as a key audit
matter.

Our work in this area included:
•
Obtaining and reviewing management’s assessment of
the capitalisation and valuation of the intangible assets as
at 31 December 2024, and challenging key inputs and
assumptions in the assessment, where appropriate;
•
Verifying the good standing and ownership of the
intangible assets included licences;
•
Considering whether there are any indicators of
impairment in accordance with IFRS 6;
•
Reviewing budgets and work programmes for the licence
areas;
•
Reviewing the latest studies, including Regulatory News
Service
(RNS)
announcements
and
Independent
Technical Report (ITR) reports, to demonstrate the
progress the project has made over the year;
•
Testing substantively to supporting documentation and
assess whether costs capitalised in the year are in
accordance with IFRS 6;
•
Reviewing the licence agreements to assess whether
there are associated capital commitments with regards to
minimum spend on the licence or annual licence fees; and
•
Reviewing
the
accounting
policies
and
related
disclosures, in the financial statements, including capital
commitments, to ensure they are in accordance with IFRS
6 and other applicable accounting standards.
Other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditor’s report thereon. The directors are responsible for the other information contained
within the annual report. Our opinion on the group financial statements does not cover the other information
and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
86

In the light of the knowledge and understanding of the group and its environment obtained in the course of
the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies (Jersey) Law
1991 requires us to report to you if, in our opinion:
•
certain disclosures of directors’ remuneration specified by law are not made; or
•
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the
preparation of the group financial statements and for being satisfied that they give a true and fair view, and
for such internal control as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the group financial statements, the directors are responsible for assessing the group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below:
•
We obtained an understanding of the group and the sector in which it operates to identify laws and
regulations that could reasonably be expected to have a direct effect on the financial statements. We
obtained our understanding in this regard through discussions with management, and application of
cumulative audit knowledge and experience of the sector.
•
We determined the principal laws and regulations relevant to the group in this regard to be those
arising from Companies (Jersey) Law 1991, Disclosure and Transparency Rules, the Financial Conduct
Authority Listing Rules, General Data Protection Regulations, Jersey and local tax regulation, local
environmental laws and local mineral extraction regulations.
•
We designed our audit procedures to ensure the audit team considered whether there were any
indications of non-compliance by the Group with those laws and regulations. These procedures
included, but were not limited to:
o
Making enquiries of management;
o
Reviewing board minutes;
o
Reviewing legal and professional fees and understanding the nature of the costs and the
existence of any non-compliance with laws and regulations;
o
Reviewing RNS publications; and
o
Reviewing accounting ledgers for any unusual journal entries which may indicate non-
compliance.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
87

•
We also identified the risks of material misstatement of the financial statements due to fraud. We
considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management
override of controls, that the potential for management bias was identified in relation to the
capitalisation and valuation of intangible assets and acquisition of T-Rex Resources (Trinidad) Limited
as described in the Key audit matters section of this report above.
•
As in all of our audits, we addressed the risk of fraud arising from management override of controls
by performing audit procedures which included, but were not limited to: the testing of journals;
reviewing accounting estimates for evidence of bias; evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of business; and reviewing of
bank statements during the period to identify any large and unusual transactions where the business
rationale is not clear.
•
We obtained sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the group to express an opinion on the group financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
•
As part of the group audit, we have communicated with component auditors the fraud risks
associated with the group and the need for the component auditors to address the risk of fraud in
their testing. To ensure that this has been completed, we have reviewed component auditor working
papers in this area and obtained responses to our group instructions from the component auditors
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Article 113A of the
Companies (Jersey) Law 1991 Chapter. Our audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other
than the company and the company’s members as a body, for our audit work, for this report, or for the
opinions we have formed.

Nicholas Joel (Engagement Partner)
15 Westferry Circus
For and on behalf of PKF Littlejohn LLP
Canary Wharf
Statutory Auditor
London E14 4HD

15 April 2025

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
88

The accompanying accounting policies and notes on pages 92 to 122 form an integral part of these financial
statements.
All items in the above statement derive from continuing operations.

* Please refer to note 27.

Consolidated statement of comprehensive income
For the year ended 31 December 2024
Restated *
Notes
£
£
Administrative expenses
4
(1,652,862)
(1,639,501)
Performance and Compensation Bonuses
5
-
(1,007,599)
Share based payments
6
(480,748)
(1,540,481)
Total operating expenses
(2,133,610)
(4,187,581)
Operating loss
(2,133,610)
(4,187,581)
Finance Income
3
71,221
36,495
Finance expense
7
-
(87,277)
Loss for the year before taxation
(2,062,389)
(4,238,363)
Taxation
8
-
-
Loss for the year after taxation
(2,062,389)
(4,238,363)
Total comprehensive loss for the year attributable to the owner of the parent
(2,062,389)
(4,238,363)
Earnings per share basic and diluted (pence)
10
(0.359)
(1.050)
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
Consolidated statementof financial position
As at 31 December 2024

Restated *
31.12.2024
31.12.2023
Notes
£
£
Non-current assets
Tangible fixed assets
13
1,144
1,181
Intangible assets
12
21,623,394
17,505,809
Trade and other receivables
15
1,195,377
-
22,819,915
17,506,990
Current assets
Trade and other receivables
15
213,327
1,871,960
Cash and cash equivalents
16
3,813,371
6,484,034
4,026,698
8,355,994
Total assets
26,846,613
25,862,984
Equity attributable to the ownerof the parent
Share capital
19
35,509,502
33,067,028
Reconstruction reserve
403,734
531,233
Warrants issuance cost
20
(1,374,041)
(1,711,756)
Share based payments reserve
20
2,473,910
2,844,770
Retained deficit
(14,677,868)
(13,129,372)
Total equity
22,335,237
21,601,903
Currentliabilities
Trade and other payables
17
4,511,376
4,261,081
Totalliabilities
4,511,376
4,261,081
Totalliabilities and equity
26,846,613
25,862,984

The accompanying accounting policies and notes on pages 92 to 122 form
anintegral part of these financial
statements.
The Company has adopted the exemption under Companies (Jersey) Law 1991 Article 105 (11) not to prepare
separate accounts. The Group reporteda loss after taxation for the year of £2.1 million (2023: £4.2 million loss).
The financial statements on pages 88 to 122 were approved and authorised for issue by the Board of Directors on
15 April 2025 and weresignedonits behalf by:
* Please refer to note 27.
PSG
~~
Paul Griffiths
Director
89

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
90

The accompanying accounting policies and notes on pages 92 to 122 form an integral part of these financial
statements.

An Adjustment to the prior year intangible asset and retained deficit is it explained in note 27.
Consolidated statement of changes in equity
For the year ended 31 December 2024
Total
£
£
£
£
£
£
Balance at 31 December 2022
16,840,165
1,909,540
(583,825)
1,379,964
(10,210,097)
9,335,747
Issue of ordinary share capital
14,500,377
-
-
-
-
14,500,377
Issue of warrants
-
-
-
1,219,130
-
1,219,130
Fair value of share options
-
-
-
1,540,481
-
1,540,481
Transaction costs
-
(1,378,307)
-
-
-
(1,378,307)
Exercised options
1,646,986
-
-
(1,250,663)
1,250,663
1,646,986
Exercised warrants
79,500
-
44,142
(44,142)
-
79,500
Cancelled/expired warrants
-
-
47,057
-
(47,057)
-
Warrants issuance costs
-
-
(1,219,130)
-
-
(1,219,130)
Total contributions by and
distributions to owners of the
parent recognised directly in
equity
16,226,863
(1,378,307)
(1,127,931)
1,464,806
1,203,606
16,389,037
Loss for the year
-
-
-
-
(4,815,984)
(4,815,984)
Total comprehensive income for
the year
-
-
-
-
(4,815,984)
(4,815,984)
Balance at 31 December 2023 as
previously stated
33,067,028
531,233
(1,711,756)
2,844,770
(13,822,475)
20,908,800
Prior Year Adjustment
693,103
693,103
Balance at 31 December 2023 as
restated *
33,067,028
531,233
(1,711,756)
2,844,770
(13,129,372)
21,601,903
Issue of ordinary share capital
2,138,000
-
-
-
-
2,138,000
Issue of warrants
-
-
-
-
-
-
Transaction costs
-
(127,499)
-
-
-
(127,499)
Cancelled options
-
-
-
(513,893)
513,893
-
Exercised warrants
304,474
-
337,715
(337,715)
-
304,474
Fair value of share options
-
-
-
480,748
-
480,748
Total contributions by and
distributions to owners of the
parent recognised directly in
equity
2,442,474
(127,499)
337,715
(370,860)
513,893
2,795,723
Total comprehensive income for
the year
(2,062,389)
(2,062,389)
Balance at 31 December 2024
35,509,502
403,734
(1,374,041)
2,473,910
(14,677,868)
22,335,237
(2,062,389)
Loss for the year
(2,062,389)
Attributable to owner of the parent
Share based
payments reserve Retained deficit
Share Capital
Reconstruction
reserve
Warrants
issuance cost

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
91

The accompanying accounting policies and notes on pages 92 to 122 form an integral part of these financial
statements.
Significant non-cash transactions
The significant non-cash transactions during the year are detailed in notes 20 and 21.

Consolidated statement of cash flows
For the year ended 31 December 2024
Restated
Notes
£
£
Cash flows from operating activities
Loss for the period before taxation
(2,062,389)
(4,238,363)
Share based payment charge
20
480,748
1,540,481
Finance expense
7
-
87,277
Finance income
(71,221)
(36,495)
Depreciation
694
2,267
Foreign exchange
(52,787)
157,790
New shares in lieu of Advisors fees
19
138,000
-
Bonus payable in shares
-
250,000
Increase in receivables on acquisition of T-Rex Resources (Trinidad) Ltd
-
603,272
Increase in payables on acquisition of T-Rex Resources (Trinidad) Ltd
-
(2,815,944)
Waiver of loans on acquisition of T-Rex Resources (Trinidad) Ltd
-
(643,909)
Decrease in trade and other receivables
463,257
14,811
Increase in trade and other payables
287,706
3,763,913
Net cash used in operating activities
(815,992)
(1,314,900)
Cash flow from investing activities
Acquisition of T-Rex Resources (Trinidad) Ltd
12
(3,409,264)
(2,395,356)
Capitalised costs - Project Guercif - Morocco
12
(708,321)
(7,637,894)
Purchase of Tangible Fixed Asset
(657)
-
Net cash used in investing activities
(4,118,242)
(10,033,250)
Cash flows from financing activities
Proceeds from issuance of shares, net of issue costs
19
2,176,975
14,598,556
Finance expense paid
-
(87,277)
Finance income received
71,221
36,495
Net cash generated from financing activities
2,248,196
14,547,774
Effect of exchange rates on cash
15,375
(38,752)
Net increase in cash and cash equivalents
(2,670,663)
3,160,873
Cash and cash equivalents at the beginning of the year
6,484,034
3,323,161
Unrestricted cash at the end of the year
1,813,371
4,698,574
Restricted cash at the end of the year
2,000,000
1,785,460
TOTAL cash and cash equivalents a the end of the year
3,813,371
6,484,034
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Adjustments for:

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
92

Statement of accounting policies
For the year ended 31 December 2024
General information
Predator Oil & Gas Holdings Plc (“the Company”) and its subsidiaries (together “the Group”) are engaged
principally in the operation of an oil and gas development business in the Republic of Trinidad and Tobago and
an exploration and appraisal portfolio in Ireland and Morocco. The Company’s ordinary shares are on the Official
List of the UK Listing Authority in the standard listing section of the London Stock Exchange.
Predator Oil & Gas Holdings plc was incorporated in 2017 as a public limited company under Companies (Jersey)
Law 1991 with registered number 125419. It is domiciled and registered at IFC5, 3rd Floor, Castle Street, St
Helier, Jersey, JE2 3BY.
Basis for preparation and going concern assessment
The principal accounting policies adopted in the preparation of the financial information are set out below. The
policies have been consistently applied throughout the current year and prior year, unless otherwise stated.
These financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRSs and IFRIC interpretations) as adopted by the European Union and with those parts of the Companies
(Jersey) Law, 1991 applicable to companies preparing their accounts under IFRS. The Company has adopted the
exemption under Companies (Jersey) Law 1991 Article 105 (11) not to prepare separate accounts.
The consolidated financial statements incorporate the results of Predator Oil & Gas Holdings Plc and its
subsidiary undertakings as at 31 December 2024.
The financial statements are prepared under the historical cost convention on a going concern basis. The
financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using
consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and
losses resulting from intra-group transactions that are recognised in assets, are eliminated in full. Subsidiaries
are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control ceases.
The preparation of financial statements requires an assessment on the validity of the going concern assumption.
At 31 December 2024 the Group held £3.8mil in unrestricted cash. In addition US$1.5 million was held as
restricted cash. The unrestricted cash is sufficient to support a going concern. At the date of these financial
statements the Directors do not expect that the Group will require further funding for the Group’s corporate
overheads, the Irish licence interest, the Trinidad licence and the Moroccan licence. The existing Trinidad
licences are expected to become self-funding when production commences in the course of 2025. Pursuant to
a placing in November 2024 total capital of £2.0mil before expenses, was raised. In 2025 a quantum of these
funds will be applied to testing of MOU-3 and to drilling MOU-5 in Morocco and to a minimum programme of
three well workovers in Trinidad to bring two wells into production and to enhance production from a third well.
Two production forecasts for 2025 are presented. A Base Case and a conservative Upside Case, where
production is enhanced by applying a new to Trinidad patented chemical wax treatment for waxy oil that has
been applied in Saudi Arabia by Aramco and shown to increase production by up to 3 fold. The cash flow
forecasts for Trinidad production are robust and use available tax losses to increase the net-back per barrel of
oil. Cash flows are sufficient to cover any Going Concern Working Capital Forecast requirements from April 2025
onwards following the drilling of MOU-5. The Group also has announced an intention to pursue various
incremental activities in Trinidad and Morocco. Any such activities in Morocco are likely to be funded through a
farm down of some project equity interest. The Group intends to expand its footprint in Trinidad with the
acquisition of additional producing field(s) in 2025. Acquisition will be for shares and not for a cash consideration.
Costs in maintaining the operations in the fields will be funded from existing cash flows for the fields targeted
for acquisition. There may be significant cost savings for the Group by apportioning operating costs and
administrative costs over a larger portfolio of producing assets. Further exploration activity may be required in
Morocco pursuant to the outcome of the MOU-5 well, but this would not be implemented during the next 12

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
93

months unless a farm down of project equity occurred. In Ireland, if awarded, the Corrib South licence will not
require funding in 2025 due to a provisional
commitment reached with a farm-in partner. Progressing these discretionary activities will be dependent on a
combination of potentially further equity and/or debt fund raises and in the case of Trinidad will be supported
by the proceeds of oil production following the aforesaid workovers. Directors are confident that the Group
will be able to meet requirements over the course of foreseeable future.
Change in Accounting Policies
At the date of approval of these financial statements, certain new standards, amendments and interpretations
have been published by the International Accounting Standards Board but are not as yet effective and have not
been adopted early by the Group. All relevant standards, amendments and interpretations will be adopted in
the Group’s accounting policies in the first period beginning on or after the effective date of the relevant
pronouncement.
At the date of authorisation of these financial statements, a number of Standards and Interpretations were in
issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and
interpretations, or any of the amendments made to existing standards as a result of the annual improvements
cycle, will have a material effect on the financial statements in the year of initial application.
Standards and amendments to existing standards effective 1 January 2024
- Amendment to IAS 1 - Classifications of Liabilities as Current or Non-current
- Amendment to IFRS 16 - Lease Liability in a Sale and Leaseback
- Amendment to IAS 1 - Non-current Liabilities with Covenants
- Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements
- Amendments to IAS 12 - International Tax Reform - Pillar Two Module Rules
New Standards, amendments and interpretations effective after 1 January 2024 and have not been early
adopted
The Group does not believe that the standards not yet effective, will have a material impact on the consolidated
financial statements.
Areas of estimates and judgement
The preparation of the group financial statements in conformity with International Financial Reporting Standards
as adopted by the European Union requires the use of estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Although these
estimates are based on management’s best knowledge of current events and actions, actual results may
ultimately differ from those estimates.

a) Going concern
The Group's cash flow projections indicate that the Group should have sufficient resources to continue as a going
concern. As at 31 December 2024 the Group had cash of £3.8 million, no debt and minimal licence commitments
for the ensuing year. As a result, the Group’s overheads will not require funding for a minimum of 12 months
from the date of this review. In addition, the Group is fully funded for all firm operational commitments for 2025.
Heretofore the Group has not generated revenues from operations. Going forward the Group will depend upon

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
94

on raising equity, debt finance and licence and or joint venture partnerships to finance the Group’s projects to
maturity and revenue generation.
The Board have reviewed a range of potential cash flow forecasts for the period to 30 April 2026, including
reasonable possible downside scenarios. This has included the following assumptions:
Trinidad – Cory Moruga licence
For Predator Oil & Gas Trinidad Ltd., where production revenues from its wholly Trinidad owned subsidiary, T-
Rex Resources (Trinidad) Limited (TRex’) and 51%-owned subsidiary, Caribbean Rex Resources (Trinidad) Limited
(“CREX”) are forecast to be generated in the Q2 2025 following a program of well workovers. The workovers will
be funded partly out of existing cash resources but in some cases by a Production and Services Agreement with
a local operator Nabi Construction. Leading into 2026, the Cory Moruga Production Licence provides the Group
with the potential to generate strongly positive cashflows so as possibly to contribute organically towards
further development of the Group’s assets. Capital required for a staged field development in 2026 could be
funded from operating profits generated from an increasing level of accrued gross production net profits
following the well workovers. The Group may resort to the option of raising equity funding to accelerate this
development if this proves to be advantageous. The Group also has the option to seek a partial or complete
divestment of any producing asset to indigenous local companies, where the Group’s ability to offer CO2 EOR
services and expertise and the application of a patented chemical wax treatment new to Trinidad Enhances the
value of the Group’s assets.
The Initial Work Programme agreed by TRex with the MEEI will be conducted over the next two years without
any fixed commitments to be met in the first year.
Morocco – Guercif licence
In the case of Predator Gas Ventures Ltd., cash flow is dependent upon the Guercif drilling and rigless testing
programmes successfully recovering commercial quantities of gas and potentially helium that can be developed
and brought to market. Following significant gas discoveries in 2021 and 2023 a programme of rigless testing
was undertaken in 2024. Rigless testing will continue in 2025 with focus on stimulating the reservoirs in MOU-3
to generate gas flow. Priority will be given to perforating and flowing the as yet untested shallow over-pressured
gas in MOU-3. This contains potentially sufficient volumes to allow an application for an Exploitation Concession
to be made and an initial CNG development to be progressed. The Company is seeking to drill in Q1 2025 a
Jurassic target, the extreme edge of which was penetrated in the MOU-4 downdip. This will be a high impact
well enabling a gas to power project in the success case. In a success case the Group would seek to monetise
the project immediately through a divestment process to, most likely, an indigenous Moroccan entity. Any
potential for helium in MOU-5 will take longer for an assessment of commerciality to be made. These
programmes are fully funded. The Company may drill an appraisal well, to add, if successful, incremental gas
resources to support and extend the production profiles of a CNG project. Funding for this discretionary drilling
programme in 2025 will be either through an equity placing or the Group’s internal cash resources, including the
availability of production revenues generated by Cory Moruga and the opportunity for partial monetisation of
gas assets in Guercif through a divestment to an indigenous entity. The Group has received a second unsolicited
approach from a downstream company in Morocco to market and distribute gas from a successful MOU-3 rigless
testing programme.
Ireland
In the case of Predator Oil and Gas Ventures Ltd., cash commitments are insignificant and no substantive
expenditures are anticipated going forward in 2025. The Group is awaiting the outcome of an applications for a
successor authorisation to Licensing Option 16/26 (Corrib South) which is under active consideration as
confirmed by the Department of the Environment, Climate and Communications (“DECC”). There are not likely
to be any significant funding implications emerging from this process in 2025 as the Group has been notified by
a potential farminee of an intention to farm into Corrib South upon award of a successor authorisation.. In the
future, the potential exists for the Company, as promoters of a LNG project to receive introduction and service
providers’ fees and a free minority equity position in a joint venture vehicle to move to the project development
stage. Under these circumstances the inter-company loan would constitute past costs contributing to the level

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
95

of free equity. Recovery of the relatively modest inter-company loan therefore has a variety of ways of being
repaid. A potential award of the Corrib South successor licence and a closing of a farm down to one of the Corrib
gas field owners would potentially grant the Group access rights to the Corrib infrastructure with which to re-
purpose the Mag Mell FSRU project to deliver LNG to the Corrib pipeline and for potential gas storage at Corrib
South. The change in the Irish Government coalition and the deteriorating situation with relation to gas supplies
and gas storage in Europe provides an incentive for a new government policy in relation to security of energy
and gas supply. This is reflected in the increased level of communication between the DECC and the Group over
the Corrib South application for a successor authorisation.
b) Share based payments
The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity instruments.
The Group operates an equity settled share option scheme for directors. The increase in equity is measured by
reference to the fair value of equity instruments at the date of grant. The liabilities incurred under these
arrangements are assumed to be converted into shares in the parent company, under an option arrangement.
The fair value of the service received in exchange for the grant of options and warrants is recognised as an
expense. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market
based vesting conditions) at the date of grant. The fair value determined at the grant date of equity-settled
share-based payment is expensed over the vesting period, based on the Group's estimate of shares that will
eventually vest and adjusted for the effect of non-market based vesting conditions.
During the year, the Company issued warrants in lieu of fees to stockbrokers. The charge is recognised within
the statement of changes in equity. The valuation of these warrants involves making a number of estimates
relating to price volatility, future dividend yields and continuous growth rates (see Note 19).
The fair value of the share options is estimated by using the Black Scholes model on the date of grant based on
certain assumptions. Those assumptions are described in note 21 and include, among others, the expected
volatility and expected life of the options. The expected life used in the model is, based on management’s best
estimate, for the effects of non-transferability exercise restrictions and behavioural considerations. The market
price used in the model is the market price at the date of the issue of the options. Where the terms and
conditions of options are modified before they vest, the increase in the fair value of the warrants, measured
immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons or entities other than staff, the fair value of goods and services
received is charged to profit or loss, except where it is in respect to costs associated with the issue of shares, in
which case, it is charged to the share capital account.
The fair values calculated are inherently subjective and uncertain due to the assumptions made and the
limitation of the calculations used. Further details of the specific amounts concerned are given in note 21.
c) Intangible assets - Project Guercif
All expenditure relating to oil and gas activities is capitalised in accordance with the “successful efforts” method
of accounting, as described in IFRS 6 - "Exploration for and Evaluation of Mineral Resources". Under this
standard, the Group’s exploration and appraisal activities are capitalised as intangible assets.
The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination
of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based
on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and
appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is
complete or commercial reserves have been discovered.
If no commercial reserves exist, then that particular exploration/appraisal effort was “unsuccessful” and the
costs are written off to the income statement in the period in which the evaluation is made. The success or
failure of each exploration/appraisal effort is judged on a field by field basis.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
96

Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised
costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration
assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is
recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate
portion of the net capitalised costs of the asset.
Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is
calculated to write off the expected cost of each asset over its life in line with the depletion of proved and
probable reserves.
For more information, please refer to note 12.

Business combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the
acquisition date.
Identifiable assets acquired and liabilities assumed are measured and recognized at their fair value at the date
of the acquisition, with the exception of income taxes, and lease liabilities. Any deferred tax asset or liability
arising from a business combination is recognized at the acquisition date. Transaction costs associated with a
business combination are expensed as incurred. Results of acquisitions are included in the financial statements
from the closing date of the acquisition. If the consideration of the acquisition is less than the fair value of the
net assets received, the difference is recognized immediately in the statements of comprehensive income. If the
consideration of the acquisition is greater than the fair value of the net assets received, the difference is
recognised as goodwill on the consolidated balance sheet.
The directors have included provisional fair values within the business combination note as presented above,
which represent their best estimates using information available at the year end. Under IFRS 3, there is a
measurement period which shall not exceed one year from the acquisition date, during which the company
can, if necessary, retrospectively adjust the provisional amounts recognised at the acquisition date to reflect
new information obtained about facts and circumstances that existed as of the acquisition date.
Basis of consolidation
Where the Group has control over an investee, it is classified as a subsidiary. The Group controls an investee if
all three of the following elements are present: power over the investee, exposure to variable returns from the
investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed
whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as
if they formed a single entity. Inter-company transactions and balances between Group companies are therefore
eliminated in full. Uniform accounting policies are applied across the Group.
The consolidated financial statements incorporate the results of business combinations using the acquisition
method. In the statement of financial position, the acquirer’s identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations
are included in the consolidated statement of comprehensive income from the date on which control is
obtained. They are deconsolidated from the date on which control ceases.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
97

Intangible assets
Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of
potential mineral resources and includes exploration and mineral licences, researching and analysing historical
exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies.
Exploration and evaluation expenditure for each area of interest, other than that acquired from another entity,
is charged to the consolidated statement of income as incurred except when the expenditure is expected to be
recouped from future exploitation or sale of the area of interest and it is planned to continue with active and
significant operations in relation to the area, or at the reporting period end, the activity has not reached a stage
which permits a reasonable assessment of the existence of commercially recoverable reserves, in which case
the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at their fair value at
acquisition. As the capitalised exploration and evaluation expenditure asset is not available for use, it is not
depreciated.
Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or
when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.
The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are
based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation
expenditure to be reversed should the conditions which led to the impairment improve. The Group continually
monitors the position of the projects capitalised and impaired.
Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the
discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such
activities of that unit, the associated expenditures are written off to the Statement of comprehensive income.
Financial assets
The Financial assets currently held by the Group and Company are classified as loans and receivables and cash
and cash equivalents. These assets are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are initially recognised at fair value plus transaction costs that are
directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the
effective interest rate method less provision for impairment.
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties
on the part of the counterparty or default or significant delay in payment) that the Group will be unable to collect
all of the amounts due under the terms receivable, the amount of such a provision being the difference between
the net carrying amount and the present value of the future expected cash flows associated with the impaired
receivable. For receivables, which are reported net, such provisions are recorded in a separate allowance
account with the loss being recognised within administrative expenses in the statement of comprehensive
income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is
written off against the associated provision.
Cash and cash equivalents
These amounts comprise cash on hand and balances with banks. Cash equivalents are short term, highly liquid
accounts that are readily converted to known amounts of cash. They include short-term bank deposits and short-
term investments.
Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the
conclusion of conditions precedent to completion of a contract, are disclosed separately as “Restricted cash”.
The security deposit is recognised within trade and other receivables in note 16.
There is no significant difference between the carrying value and fair value of receivables.
Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flow from the asset expire, or
it transfers the asset and substantially all the risk and rewards of ownership of the asset to another entity.
Financial liabilities

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
98

The Group’s financial liabilities consist of trade and other payables (including short terms loans) and long term
secured borrowings. These are initially recognised at fair value and subsequently carried at amortised cost, using
the effective interest method. All interest and other borrowing costs incurred in connection with the above are
expensed as incurred and reported as part of financing costs in profit or loss. Where any liability carries a right
to convertibility into shares in the Group, the fair value of the equity and liability portions of the liability is
determined at the date that the convertible instrument is issued, by use of appropriate discount factors.
Derecognition
The Group derecognises a financial liability when the obligations are discharged, cancelled or they expire.
Foreign currency
The functional currency of the Group and all of its subsidiaries except for TRex, is the British Pound Sterling.
Th functional currency of TRex is the Trinidad Dollar.
Transactions entered into by the Group entities in a currency other than the currency of the primary economic
environment in which it operates (the “functional currency”) are recorded at the rates ruling when the
transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the date
of the statement of financial position. Exchange differences arising on the retranslation of unsettled monetary
assets and liabilities are similarly recognised immediately in profit or loss, except for foreign currency borrowings
qualifying as a hedge of a net investment in a foreign operation.
The exchange rates applied at each reporting date were as follows:
31 December 2024 - £1: £1 : US$1.2548, £1 : Euro1.12059 , £1 : MAD12.6916 and £1: TT$ 8.53
31 December 2023 - £1: £1 : US$1.2731, £1 : Euro1.1505 , £1 : MAD12.5947 and £1: TT$ 8.34

Plant and equipment
Plant and equipment owned by the Group relates solely to computer equipment.

Depreciation is provided on equipment so as to write off the carrying value of items over their expected useful
economic lives. It is applied at the following rates:

Computer equipment – 20% per annum, straight line

Share options and Equity Instruments
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the
options, measured immediately before and after the modification, is also charged to profit or loss over the
remaining vesting period. Where equity instruments are granted to persons other than consultants, the fair
value of goods and services received is charged to profit or loss, except where it is in respect to costs associated
with the issue of shares, in which case, it is charged to the share capital or share premium account.

Equity instruments
Share capital represents the amount subscribed for shares at each of the placings.
The reconstruction reserve account represents premiums received on the share capital of subsidiaries and also
includes directly related share issue costs.
Warrants issuance cost reserve includes any costs relating to warrants issued for services rendered accounted
for in accordance with IFRS 2 – Equity-settled instruments.
The share-based payments reserve represents equity-settled shared-based employee remuneration for the fair
value of the options issued.
Retained earnings include all current and prior period results as disclosed in the Statement of comprehensive
income, less dividends paid to the owners of the Company.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
99

Taxation
With the exception of TRex which is registered in Trinidad and Tobago, the Company and all subsidiaries (‘the
Group’) are registered in Jersey, Channel Islands and are taxed at the Jersey company standard rate of 0%.
However, the Group’s projects are situated in jurisdictions where taxation may become applicable to local
operations.

The major components of income tax on the profit or loss include current and deferred tax.

Current tax
Current tax is based on the profit or loss adjusted for items that are non-assessable or disallowed and is
calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Tax is charged or credited to the statement of comprehensive income, except when the tax relates to items
credited or charged directly to equity, in which case the tax is also dealt with in equity.

Deferred tax
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the
statement of financial position differs to its tax base, except for differences arising on:

• The initial recognition of an asset or liability in a transaction which is not a business combination and at the
time of the transaction affects neither accounting or taxable profit; and

• Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the
reversal of the difference and it is probable that the differences will not reverse in the foreseeable future.

Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax rates that have been enacted or substantively
enacted by the reporting date and are expected to apply when deferred tax liabilities/ (assets) are settled/
(recovered). Deferred tax balances are not discounted.
Predator Gas Ventures Limited has a Withholding Tax Liability in Morocco for all services that are carried out in
in relation to wells. Withholding tax is charged at a rate of 10% on all services (excluding materials) and is
capitalised to the relevant well. The withholding tax liability at 31 December 2024 was £593,923. (see note 17)

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
100

Notes to the financial statements
For the year ended 31 December 2024

1. Segmental analysis
The Group operates in one business segment, the exploration, appraisal and development of oil and gas assets.
The Group has interests in three geographical segments being Africa (Morocco), Europe (Ireland) and the
Caribbean (Trinidad and Tobago).
The Group’s operations are reviewed by the Board (which is considered to be the Chief Operating Decision
Maker (‘CODM’)) and split between oil and gas exploration and development and administration and corporate
costs. Exploration and development are reported to the CODM only on the basis of those costs incurred directly
on projects. Administration and corporate costs are further reviewed on the basis of spend across the Group.
Decisions are made about where to allocate cash resources based on the status of each project and according
to the Group’s strategy to develop the projects. Each project, if taken into commercial development, has the
potential to be a separate operating segment. Operating segments are disclosed below on the basis of the split
between exploration and development and administration and corporate.

Europe
Caribbean
Africa
Corporate
Year ended 31 December 2024
£
£
£
£
Finance income
-
-
-
71,221
Gross loss
Administrative and overhead expenses
(44,355)
(297,042)
(228,704)
(1,082,761)
Share options and warrant expense
(480,748)
-
-
Finance expense
-
-
-
-
Loss for the year from continuing operations
(525,103)
(297,042)
(228,704)
(1,011,540)
Total reportable segment intangible assets
-
5,185,035
16,438,358
-
Total reportable segment Tangible fixed assets
-
657
-
487
Total reportable segment current assets
7,984
158,356
1,271,947
3,783,788
Total reportable segment assets
7,984
5,344,048
17,710,305
3,784,275
Total reportable segment liabilities
(11,164)
(2,925,424)
(886,951)
(687,837)

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
101

Restated
Europe
Caribbean
Africa
Corporate
Year ended 31 December 2023
£
£
£
£
Finance income
-
-
-
36,495
Gross Loss
Administrative and overhead expenses
(68,038)
6,204
670,362
(2,248,029)
Performance and Compensation Bonuses
-
-
-
(1,007,599)
Share options and warrant expense
-
-
-
(1,540,481)
Finance expense
-
-
-
(87,277)
Loss for the year from continuing operations
(68,038)
6,204
670,362
(4,846,891)
Total reportable segment intangible assets
-
4,476,714
13,029,095
-
Total reportable segment Tangible fixed assets
-
-
-
1,181
Total reportable segment current assets
-
603,272
1,322,325
6,430,397
Total reportable segment assets
-
5,079,986
14,351,420
6,431,578
Total reportable segment liabilities
-
(2,815,947)
(536,792)
(908,342)
2024
2023
Group
Group
2
Auditors remuneration
£
£
Audit of the accounts of the Group
110,897
66,000
Review of interim financial statements
3,000
3,000
113,897
69,000
2024
2023
Group
Group
3
Finance income
£
£
Bank interest received
71,221
36,495
71,221
36,495

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
102

Restated
2024
2023
Group
Group
4
Administration expenses
£
£
Administration fees
143,000
154,753
Audit fee - refer to note 2
113,897
69,000
Accountancy fees
22,249
-
Annual return fee
1,650
1,350
Insurance
14,664
20,543
Legal and professional fees
294,282
158,488
Listing costs
187,052
501,215
Website costs
5,277
3,776
Project costs
16,222
-
Non-executive director fees
91,732
92,864
Directors fees
341,976

301,714
Technical Consultancy fees
265,836
88,995
Travel expenses
78,589
79,307
Computer/system costs/IT support
7,890
8,766
Bank charges
36,618
32,143
Depreciation
694
2,267
Office Costs
30,774
-
Personnel Costs
20,890
-
Stamp duty
3,987
-
Sundry expenses
12,994
5,280
Foreign exchange
(37,411)
119,040
1,652,862
1,639,501
2024
2023
Group
Group
5
Performance and compensation bonuses
£
£
Deferred Performance Bonuses
-
500,000
Compensation Bonus
-
507,599
-
1,007,599
2024
2023
Group
Group
6
Share Options and Warrants
£
£
Share based payments - options
480,748
1,540,481
480,748
1,540,481
2024
2023
Group
Group
7
Finance expense
£
£
Interest on Stock Lending Agreement
-
46,735
Directors' loan
-
40,542
-
87,277

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
103

No charge to taxation arises due to the losses incurred.
Predator Gas Ventures Limited is subject to tax in its operating jurisdiction of Morocco; however, the Company
is loss making and has no taxable profits to date. There is a 10 year corporation tax holiday in Morocco
commencing on the date of award of an Exploitation Concession.
TRex is subject to tax in its operating jurisdiction of Trinidad and Tobago during the year the Company incurred
costs of £231,995 (TTD 1,978,325) which are available to be carried forward against future taxable profits.
No deferred tax asset has been recognised on accumulated tax losses because of uncertainty over the timing of
future taxable profits against which the losses may be offset.
No deferred tax asset or liability has been recognised as the Standard Jersey corporate tax rate is 0%.

Four Directors at the end of the period have share options receivable under long term incentive schemes. The
highest paid Director received an amount of £177,315.00 (2023: £321,622). The Group does not have
employees. All personnel are engaged as service providers.

restated
2024
2023
Group
Group
8
Taxation
£
£
Loss on ordinary activities before tax
(2,062,390)
(4,238,363)
Loss on ordinary activities at Jersey standard 0% tax (2023 : 0%)
-
-
Tax charge for the year
-
-
Restated
2024
2023
Group
Group
9
Personnel
£
£
Executive and non-executive directors
433,708
394,578
Share option scheme
480,748
1,540,481
914,456
1,935,059
The average number of personnel (including directors) during the year was:
Management - (Executive directors)
1
2
Non-management - (Non-executive directors)
3
2
4
4
restated
2024
2023
Group
Group
10 Earnings per share
£
£
Weighted average number of shares
574,649,617
403,768,275
Loss for the year
(2,062,390)
(4,238,363)
Earnings per share basic and diluted (pence)
(0.359)
(1.050)

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
104

Dilutive loss per Ordinary Share equals basic loss per Ordinary Share as, due to the losses incurred in 2024 and
2023, there is no dilutive effect from the subsisting share options.

11
Loss for the financial year
The Group has adopted the exemption in terms of Companies (Jersey) law 1991 and has not presented its own
income statement in these financial statements.

Project Guercif
The total carrying amount of Project Guercif at 31 December 2024 of £16,438,358 (2023: £13,029,095 (restated))
relates to costs incurred with wells MOU-1, MOU-2, MOU-3, MOU-4 and MOU-5. The prior year adjustments
are explained in note 27.
A rigless testing programme in MOU-1 and MOU-3 in 2023 using conventional perforating guns was unsuccessful
in perforating reservoirs due to the small size of the perforating guns. A follow-up programme later in 2023,
focussed on MOU-3 using a high-pressure water/sand slurry mixture to perforate the reservoir formations did
not produce pressure at the interpreted reservoir pressure.
An independent study of the results confirmed formation damage generated by over-balanced drilling and
reactive drilling muds.
A programme for 2025 has been developed to facilitate increasing the drawdown pressure in MOU-3, using
nitrogen lift, to a safe level in MOU-3 to overcome the impact of the over-balanced drilling to promote reservoir
clean-up and stimulate gas flow to surface. Additional remedial stimulation measures can be considered
following execution of this programme of work in Q2 2025.
restated
restated
restated
12 Other intangible assets
Project Guercif
Cory Moruga
Total
Gross carrying amount
Balance as at 1 January 2023
5,275,720
-
5,275,720
Additions
7,060,272
-
7,060,272
Balance as at 31 December 2023 previously stated
12,335,992
-
12,335,992
Acquired through business combinations
-
5,251,937
5,251,937
Prior year adjustment to reflect the fair value of
assets acquired on acquisition of T-Rex
Resources (Trinidad) Limited
-
(775,223)
(775,223)
Prior year adjustment to reflect the historic well
insurance to be capitalised
203,474
-
203,474
Prior year adjustment to reflect the Moroccan
WHT to be capitalised
489,629
-
489,629
Balance at 1 January 2024 as restated
13,029,095
4,476,714
17,505,809
Additions
3,409,264
708,321
4,117,585
At 31 December 2024
16,438,359
5,185,035
21,623,394
Depreciation and impairment
Balance as at 1 January 2023
-
-
-
Depreciation
-
-
-
Balance as at 1 January 2024
-
-
-
Depreciation
-
-
-
Balance at 31 December 2024
-
-
-
Carrying amount at 31 December 2023
13,029,095
4,476,714
17,505,809
Carrying amount at 31 December 2024
16,438,359
5,185,035
21,623,394

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
105

Positive results will allow the same procedures to be deployed in MOU-1, MOU-2 (shallow zone only where gas
samples were collected whilst drilling) and MOU-4.
The Board is of the view that once the above programme of work is concluded a CNG project will be a viable
option and that it is too early to make an impairment provision for any of the wells drilled to date whilst there
are still options to be pursued to overcome the formation damage caused by over-balanced drilling.
MOU-1
The MOU-1 well drilled in 2021 was completed for rigless well testing on the basis of the presence of formation
gas and petrophysical wireline log interpretation by NuTech indicating gas in the primary pre-drill reservoir
target.
The well is therefore a potential gas producer once the 2025 rigless testing reservoir stimulation program is
complete for MOU-3 in 2025 and the lessons applied to the rigless testing of MOU-1.
MOU-2
The MOU-2 well was drilled in January 2023. The Company announced on 25 January 2023 that the MOU-2 well
had been suspended at 1,260 metres measured depth above the primary pre-drill reservoir target. 3 gas samples
collected whilst drilling MOU-2 above 700 metres in the shallow section determine that MOU-2 is potentially a
gas producer subject to the comments made for MOU-1 above.
These intervals are correlated with an extension to the shallow formation gas shows seen in MOU-3.
A re-entry of MOU-2 will be fully evaluated at this time once a solution to optimising the perforating and
reservoir stimulation strategy has been defined by the MOU-3 work programme in 2025. Re-evaluation of the
penetrated MOU-2 interval now concludes that the primary target was penetrated but was unable to be logged.
This has been based on incorporating the MOU-4 drilling results to provide a new seismic tie to MOU-2.
MOU-3
The MOU-3 well was drilled in June 2023 to a depth of 1,509 metres (TVD MD) and encountered gas shows in
multiple zones including the primary target, the Moulouya Fan sands. Helium was subsequently detected in the
Mouloya Fan gas sample following laboratory analysis. Two phases of rigless testing were undertaken, the
second phase using Sandjet perforating technology. Rigless testing will continue in 2025, after the drilling of the
MOU-5 well, but with a focus on stimulating the reservoirs in MOU-3 to generate gas flow.
MOU-4
The MOU-4 well was drilled in July 2023 and confirmed the extension of the Moulouya Fan further to the
southeast than previously prognosed. Better reservoir quality was interpreted as a result of the NuTech
petrophysical analysis of the wireline logs, which also interpreted the presence of gas (and potentially helium).
The well also confirmed the presence of a separate Jurassic carbonate target at 1,135 metres. Site preparations
are currently underway for the well to be drilled in Q1 2025 to test this Jurassic target.
MOU-5
The MOU-5 Jurassic prospect is underpinned by the two Scorpion Geoscience independent Technical Reports of
January and September 2024. The reports have concluded that the extensive work programme that has been
delivered by the Company ‘with four wells delivered during the Initial Period, MOU-1, MOU-2, MOU-3 and MOU-
4, each of which has resulted in substantial advancement of the understanding of the Guercif basin and resource
potential’.
The Board determines that there is a 50% chance of success of finding gas in MOU-5 based on the fact that MOU-
5 is immediately updip from MOU-4, where NuTech petrophysics interpreted the presence of gas at the base of
the primary target in MOU-5. The chances of finding 4.4 Tcf net resources to the Group have been independently
risked at 12%.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
106

All costs relating to Project Guercif have been capitalised and will only be depreciated once gas discovery is
declared commercial and a Plan of Development has been approved.
In accordance with IFRS 6, the Directors undertook an assessment of the following areas and circumstances
which could indicate the existence of impairment:
• The Group’s right to explore in an area has expired, or will expire in the near future without renewal
• No further exploration or evaluation is planned or budgeted for
• A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence
of a commercial level of reserves
• Sufficient data exists to indicate that the book value may not be fully recovered from future development and
Production

Trinidad – Cory Moruga Licence
The current capitalised value of the Cory Moruga licence is £5,185,035

The results of an independent Technical Report (“ITR”) by Scorpion Geosciences Ltd, dated January 2024, for the
Cory Moruga licence with project economics supporting a valuation of NPV @10% of US$85m. A work-over
program for two to three wells scheduled for as early as possible in 2025. An appraisal well, Snowcap-3, will be
scheduled for 2026.
The Company has considered the possible indicators of potential impairment under IFRS 6, and none of these
applies to the Company’s interest in the recently acquired Cory Moruga licence as at 31 December 2024, or
currently. Specifically –
•
The licence is current and not due to expire - The Initial Work Program has been agreed with the MEEI
for a period of three years to November 2026.
•
Well work-over work will be underway in early 2025. Up to three well workovers in Trinidad in Q1 2025
are expected to deliver enhanced production volumes following application of the patented chemical wax
treatment technology. The Company has outlined a Field Development Plan to the MEEI which includes up to
20 development wells as well as a longer-term CO2 EOR scheme. This will not be considered for implementation
until after the Snowcap-3 appraisal well results in 2026.
•
The current carrying value is well supported by the Scorpion Geoscience Independent Technical Report
(“ITR”).
Accordingly, the Directors believe that there are no indicators of impairment of the Company’s Cory Moruga
assets at the current time, and no impairment adjustment is appropriate.

The Group has recognised £4,497,179 as an intangible asset on consolidation of TRex’s balance sheet with POGT
in respect of the valuation of Cory Moruga. This compares to an intangible asset of £5,251,939 recognised in the
Group’s consolidated balance sheet at 31 December 2023. The difference is accounted for by showing a
US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT its
parent company and not a cost of acquiring TRex. Accordingly, a prior adjustment of £775,224 has been
recognised.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
107

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are:

See note 27 on the prior year adjustments affecting the intangible assets arising on consolidation of TRex.

31.12.23
(audited)
31.12.23
(audited)
Consideration
US$
£
Transfer to CEG
1,000,000
810,066
Transfer to MEEI
1,000,000
810,066
FRAM loan unwind
762,216
643,905
Total
2,762,216
2,264,037
31.12.23
(audited)
31.12.23
(restated)
T-Rex Assets and Liabilities
£
£
Trade and other receivables
584,130
603,272
Intangible asset
5,251,939
4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)
(2,815,949)
Total
2,264,037
2,264,037
31.12.2024
31.12.2023
13 Property, plant and equipment
£
£
Cost
At 31 December
11,181
11,181
Additions
657
-
At 31 December
11,838

11,181
Amortisation
At 31 December
10,000
7,733
Charge for the year
694
2,267
At 31 December
10,694

10,000
Carrying amount
At 31 December
1,144

1,181

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
108

14. The principal subsidiaries of Predator Oil and Gas Holdings Plc, all of which are included in these
consolidated Annual Financial Statements, are as follows:

The registered address of all of the Group’s companies is at 3rd Floor, IFC5, Castle Street, St Helier, JE2 3BY,
Channel Islands.

(i) A security deposit of USD1,500,000 (2023: USD1,500,000) is held by Barclays Bank in respect of a guarantee
provided to Office National des Hydrocarbures et des Mines (ONHYM) as a condition of being granted the Guercif
exploration licence. These funds are refundable on the completion of the Minimum Work Programme set out in
the terms of the Guercif Petroleum Agreement and Association Contract. Subject to ratification by a Joint
Ministerial Order, the Bank Guarantee is being rolled over into the First Extension Period of the Guercif Licence.
There are no material differences between the fair value of trade and other receivables and their carrying value
at the year end.
Country of
registration
Class
Proportion
held by Group
Nature of
business
Predator Oil and Gas Ventures Limited
Jersey
Ordinary
100%
Licence
options in
offshore
Predator Oil & Gas Trinidad Limited
Jersey
Ordinary
100%
Cory Moruga
Exploration &
T-Rex Resources (Trinidad) Limited
Trinidad
Ordinary
100%
Exploration
licence
Predator Gas Ventures Limited
Jersey
Ordinary
100%
Exploration
licence
Mag Mell Energy Ireland Limited (formerly
Predator LNG Ireland Limited)
Jersey
Ordinary
100%
Mag Mell FSRU
Project
restated
15 Trade and other receivables
2024
2023
Group
Group
£
£
Non Current
Security deposit (US$1,500,000) (i)
1,195,377
-
Current
Prepayments and other debtors
213,327

693,771
Security deposit (US$1,500,000) (i)
-

1,178,189
1,408,704
1,871,960

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
109

i) Included in trade and other payables are amounts due to Paul Griffiths and Lonny Baumgardner in respect of
compensation for the capitalisation of the loans in the sum of £323,785 and £183,813 respectively. They will
receive cash payments from the company upon either a) a flow rate of 1 million cfg/day being achieved from
any well of Guercif petroleum or b) a flow rate of 100 bopd being achieved from any well in Trinidad.

Also included in trade and other payables is an amount of £593,923 in respect of Withholding Tax payable in
Morrocco.
(ii) The amount of GBP3,069,789 recognised in accruals include an amount of USD2.7 million payable to the
Trinidadian Ministry of Energy and Energy Industries in respect of past dues on the Cory Moruga licence.
(iii) The prior year provisions amount has been restated in accordance with note 12.
18. Financial instruments – risk management
Details of the significant accounting policies in respect of financial instruments are disclosed on pages 92 to 99.
The Group’s financial instruments comprise cash and items arising directly from its operations such as other
receivables, trade payables and loans.
Financial risk management
The Board seeks to minimise its exposure to financial risk by reviewing and agreeing policies for managing each
financial risk and monitoring them on a regular basis. No formal policies have been put in place in order to hedge
the Group’s activities to the exposure to currency risk or interest risk; however, the Board will consider this
periodically.
The Group is exposed through its operations to the following financial risks:

• Credit risk
• Market risk (includes cash flow interest rate risk and foreign currency risk)
• Liquidity risk
16 Cash and cash equivalents
2024
2023
Group
Group
£
£
Barclays Bank Plc
3,776,453
6,417,093
Scotia Bank
21,650
-
Republic Bank
6,360
-
Société Générale
8,908
66,940
3,813,371
6,484,034
restated
17 Trade and other payables
2024
2023
Group
Group
£
£
Current
Trade payables and other payables (i)
1,267,116
1,448,406
Accruals (ii)
3,070,163
2,655,795
Provisions (iii)
174,097
156,880
4,511,376
4,261,081

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
110

The policy for each of the above risks is described in more detail below.
The principal financial instruments used by the Group, from which financial instruments risk arises are as follows:
• Receivables
• Cash and cash equivalents
• Trade and other payables (excluding other taxes and social security)
• Loans: payable within one year and payable in more than one year
The table below sets out the carrying value of all financial instruments by category and where applicable shows
the valuation level used to determine the fair value at each reporting date. The fair value of all financial assets
and financial liabilities is not materially different to the book value.

Credit risk
Financial assets, which potentially subject the Group to concentrations of credit risk, consist principally of cash,
short-term deposits and other receivables. Cash balances are all held at recognised financial institutions. Other
receivables are presented net of allowances for doubtful receivables. Other receivables currently form an
insignificant part of the Group’s business and therefore the credit risks associated with them are also
insignificant to the Group as a whole.

The Group has a credit risk in respect of inter-company loans to subsidiaries. The Company is owed £21,961,717
by its subsidiaries. The recoverability of these balances is dependent on the commercial viability of the
exploration activities undertaken by the respective subsidiary companies. The credit risk of these loans is
managed as the directors constantly monitor and assess the viability and quality of the respective subsidiary's
investments in intangible oil & gas assets.

Maximum to credit risk
The Group’s maximum exposure to credit risk by category of financial instrument is shown in the table below:

The holding company’s maximum exposure to credit risk by class of financial instrument is shown in the table
below:
Restated
2024
2023
£
£
Cash and trade receivables
Cash and cash equivalents
3,813,371
6,484,034
Trade and other receivables
1,408,704
1,871,960
Other liabilities
Trade and other payables
1,367,832
1,605,286
restated
restated
2024
2024
2023
2023
carrying
maximum
carrying
maximum
value
exposure
value
exposure
£
£
£
£
Cash and cash equivalents
3,813,371
6,618,244
6,484,034
11,182,775
Receivables
1,408,704
1,408,704
1,871,960
1,871,960

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
111

Market risk
Cash flow interest rate risk
The Group has adopted a non-speculative policy on managing interest rate risk. Only approved financial
institutions with sound capital bases are used to borrow funds and for the investments of surplus funds.
The Group seeks to obtain a favourable interest rate on its cash balances through the use of bank deposits. The
Group's bank paid a total of £71,221 (2023: £32,143) interest on cash balances during the year. At 31 December
2024, the Group had a cash balance of £3.813 million (2023: £6.484 million) which was made up as follows:

Foreign currency risk
Foreign exchange risk is inherent in the Group’s activities and is accepted as such. The majority of the Group’s
expenses are denominated in Sterling and therefore foreign currency exchange risk arises where any balance is
held, or costs incurred, in currencies other than Sterling. At 31 December 2024 and 31 December 2023, the
currency exposure of the Group was as follows:

2024
2024
2023
2023
carrying
maximum
carrying
maximum
value
exposure
value
exposure
£
£
£
£
Cash and cash equivalents
3,768,172
6,553,763
6,413,027
9,585,897
Receivables
15,616
15,616
17,370
17,370
Loans to Group Companies
21,961,717
21,961,717
18,435,673
18,435,673
2024
2023
£
£
Sterling
2,725,194
2,454,151
United States Dollar
1,075,448
3,830,035
Euro
284
132,910
Moroccan Dirham
8,908
66,937
Trinidad & Tobago Dollar
3,538
-
3,813,371
6,484,033
Restated
Sterling
US Dollar
Other
Total
£
£
£
£
at 31 December 2024
Cash and cash equivalents
2,725,194
1,075,448
12,730
3,813,372
Trade and other receivables
67,293
-
146,033
213,326
Trade and other payables
1,297,847
141,104
2,995,669
4,434,620
at 31 December 2023
Cash and cash equivalents
2,454,151
3,830,035
199,848
6,484,034
Trade and other receivables
47,951
42,551
603,269
693,771
Trade and other payables
1,453,484
-
2,807,597
4,261,081

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
112

Liquidity risk
Any borrowing facilities are negotiated with approved financial institutions at acceptable interest rates. All
assets and liabilities are at fixed and floating interest rate. The Group seeks to manage its financial risk to ensure
that sufficient liquidity is available to meet the foreseeable needs both in the short and long term. See also
references to Going Concern disclosures in the Strategic Report.
Capital
The objective of the directors is to maximise shareholder returns and minimise risks by keeping a reasonable
balance between debt and equity. At 31 December 2024 all the Group's debt balances which related to Directors
was fully repaid.

(i)
On the share placing dated 26 June 2024 for a total of 5,221,203 shares of no par value, the total
shares of 5,221,203 were issued to Novum Securities Limited.

(ii)
On the 31 October 2024, the company has issued 1,491,889 new ordinary shares at a price of
0.0925 pence per share in lieu of advisor fees totalling £138,000.

(iii)
On the 11 November 2024 a total of 40,000,000 shares of no par value were issued to Novum
Securities Limited for a consideration of £2,000,000.

19 Share capital
Issued and fully paid
Opening Balance
565,161,662
33,067,028
26 June 2024
Share Issue (i)
5,221,203
304,474
31 October 2024
Share Issue (ii)
1,491,889
138,000
01 November 2024
Shares issued (iii)
40,000,000
2,000,000
611,874,754
35,509,502
Number of
shares
Nominal value

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
113

Share Options

The Group operates a share option plan for directors. Details of share options granted and exercised during the
year on a Director basis are noted below:

Paul Griffiths
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options held as at year end:
•
Share options agreement dated 9 November 2022 - 4,171,881 share options at an exercise price of
10.0p. The share options are exercisable by 9 November 2029.
20 Other reserves
2024
2023
Group
Group

Warrants issuance cost reserve
No of warrants
£
£
Balance brought forward
18,570,179
(1,711,756)
(583,825)
Issue of warrants
52,400,000
-
(1,219,130)
Exercised warrants at fair value
(5,221,203)
337,715
44,142
Cancelled and/or expired warrants
-
-
47,057
Balance carried forward
65,748,976
(1,374,041)
(1,711,756)
2024
2023
Group
Group
Share based payments reserve
No of share options
£
£
Balance brought forward
48,360,972
2,844,770
1,379,964
Issue of warrants
-
-
1,219,130
Fair value of share options
6,000,000
480,748
1,540,481
Share options exercised
-
-
(1,250,663)
Cancelled options
(20,005,486)
(513,893)
-
Warrants exercised
-
(337,715)
(44,142)
Balance carried forward
34,355,486
2,473,910
2,844,770
21 Share based payments
2024
2023
Warrant and share option expense
£
£
Warrant and share option expense:
- in respect of remuneration contracts
480,748
1,540,481
480,748
1,540,481

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
114

•
Share options agreement dated 12 May 2023 - 3,328,119 share options at an exercise price of 10.0p.
The share options are exercisable immediately.
•
Share options agreement dated 12 May 2023 - 7,855,486 share options at an exercise price of 8.0p. The
share options are exercisable by immediately.

Lonny Baumgardner
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options lapsed during the year:
On 02 October 2024, the following share options lapsed:
• Share options agreement dated 9 November 2022 - 7,427,042 share options at an exercise price of 10.0p.
• Share options agreement dated 12 May 2023 - 72,958 share options at an exercise price of 10.0p.
• Share options agreement dated 12 May 2023 - 7,855,486 share options at an exercise price of 8.0p.
Share options held at year end:
No share options were held at year end.

Alistair Jury
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options held at year end:
• Share options agreement dated 5 July 2022 - 2,000,000 share options at an exercise price of 8.125p.
The share options are exercisable by 4 July 2029.
• Share options agreement dated 13 October 2023 - 3,000,000 share options at an exercise price of 12.5p.
The share options are exercisable by 12 October 2030.
Carl Kindinger
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options held at year end:
• Share options agreement dated 9 November 2022 - 2,000,000 share options at an exercise price of
7.75p. The share options are exercisable by 8 November 2029.
• Share options agreement dated 13 October 2023 - 3,000,000 share options at an exercise price of
12.5p. The share options are exercisable by 12 October 2030.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
115

Tom Evans
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options lapsed during the year:
Share options agreement dated 5 July 2022 - 2,000,000 share options at an exercise price of 8.125p.
Share options held at year end.
No share options held at year end.

Dr Steve Staley
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options lapsed during the year:
Share options agreement dated 27 October 2020 - 1,650,000 share options at an exercise price of 5.0p.
Share options held at year end:
No share options held at year end.

Louis Castro
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options lapsed during the year:
Share options agreement dated 31 January 2022 - 1,000,000 share options at an exercise price of 5.6p.
Share options held at year end:
No share options held at year end.

Moyra Scott
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options held at year end:
Share options agreement dated 29 March 2023 -3,000,000 share options at an exercise price of 10.0p. The share
options are exercisable immediately.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
116

Geoffrey Leid
Share options issued during the year:
• Share options agreement dated 17 April 2024 - 3,000,000 share options at an exercise price of 12.5p.
Share options exercised during the year:
No share options were exercised in the year.
Share options held at year end:
• Share options agreement dated 17 April 2024 -3,000,000 share options at an exercise price of 12.5p.
The share options are exercisable by 18 April 2031.
Stephen Boldy
Share options issued during the year:
• Share options agreement dated 1 October 2024 - 3,000,000 share options at an exercise price of 10.5p.
Share options exercised during the year:
No share options were exercised in the year.
Share options held at year end:
• Share options agreement dated 1 October 2024 -3,000,000 share options at an exercise price of 10.5p.
The share options are exercisable by 30 September 2031.

The Black Scholes model has been used to fair value the options, the inputs into the model were as follows:

The total share option reserve expense in respect of 2024 is £480,748 (2023: 1,540,481).
Warrants
During the year, the Company has granted the below warrants to an institutional investor via Novum Securities
Limited ("Novum"):

• On 4 November 2024, 40,000,000 warrants were issued exercisable at 8.00p. The Warrants have an expiry
date of 4 November 2027.

During the year, the Company has granted the below warrants to Novum Securities Limited ("Novum"):

• On 4 November 2024, 2,400,000 warrants were issued exercisable at 5.0p.

Grant date
17 April 24
1 October 24
Share price
£0.0975
£0.1000
Exercise price
£0.1250
£0.1050
Term
7 years
7 years
Expected volatility
123.45%
89.19%
Expected dividend yield
0%
0%
Risk free rate
4.34%
3.74%
Fair value per option
£0.0878
£0.0786
Total fair value of the options
£175,600
£157,200

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
117

• On 19 December 2024, 10,000,000 warrants were issued exercisable at 5.5p. These warrants are part of a
Convertible Loan Agreement "CLN" dated 20 December 2024 between Predator Oil and Gas Holdings Plc and
Sanderson Capital Partners Limited "SCP". The CLN only comes into force upon the award of the South Corrib
licence. The warrants will only be drawn down the earlier of a) the parties agree to terminate the CLN in
accordance with terms b) written confirmation from the Company that SCP can subscribe for the Notes under
the CLN.

The total warrant agreements for the aforesaid 52,400,000 warrants issued during the year ended 31 December
2024 do not contain vesting conditions and therefore the full share-based payment charge, being the fair value
of the warrants using the Black-Scholes model, has been recorded immediately.
As at the year ended 31 December 2024, the total number of warrants in issue are:

The warrants issued during the year were issued solely to investors and have a fair value of Nil.
The weighted average exercise price of the warrants at the year end is £0.08 (2023: £0.09). The weighted average
life of the warrants at the year end is 3.1 years (2023: 2.2 years).
22. Reserves
Details of the nature and purpose of each reserve within owners’ equity are provided below:
• Share capital represents the nominal value each of the shares in issue.
• Share Based Payments Reserve are included in the Consolidated Statement of Changes in Equity and in the
Consolidated Statement of Financial Position and represent the accumulated balance of share benefit charges
recognised in respect of share options and warrants granted by the Company, less transfers to retained losses
in respect of options exercised or lapsed.
• Warrants Issuance Cost Reserve are included in the Consolidated Statement of Changes in Equity and in the
Consolidated Statement of Financial Position and represent the accumulated balance of charges recognised in
respect of warrants granted by the Company less transfers to retained losses in respect of options exercised or
lapsed.
• The Retained Deficit Reserve represents the cumulative net gains and losses recognised in the Group’s
statement of comprehensive income.
• The Reconstruction Reserve arose through the acquisition of Predator Oil & Gas Ventures Limited. This entity
was under common control and therefore merger accounting was adopted.

Party
Issue date
Expiry date
Number of
Exercise price
Novum Securities Limited
12/03/2021
12/03/2025
1,020,000
0.105
Novum Securities Limited
18/06/2021
12/03/2025
600,000
0.150
Novum Securities Limited
28/03/2022
01/04/2025
690,000
0.090
Novum Securities Limited
23/11/2022
23/11/2025
549,885
0.080
Novum Securities Limited
16/03/2023
16/03/2026
1,090,910
0.055
Novum Securities Limited
28/06/2023
28/06/2026
1,080,000
0.105
Novum Securities Limited
01/08/2023
01/08/2026
2,863,636
0.110
Fox-Davies Capital Limited
01/08/2023
01/08/2028
5,454,545
0.110
Institutional Investor
04/11/2024
04/11/2027
40,000,000
0.080
Novum Securities Limited
04/11/2024
04/11/2029
2,400,000
0.050
Novum Securities Limited
19/12/2024
19/12/2029
10,000,000
0.055

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
118

23. Related party transactions
Directors and key management emoluments are disclosed in note 9 and 21 and in the Directors’ remuneration
report on pages 77 to 82.
In addition to the Directors and key management emoluments, the Executive Directors had various transactions
that are disclosed in note 17.
During the year, the Company incurred costs of EUR42,000 (£35,832) (2023: EUR 63,000) relating to capitalised
operations and logistic costs in Morocco, of which nil (2023: EUR NIL) remains outstanding at the year end. These
costs are payable to Earthware Energy Inc a company owned by/related to Karima Absa, the wife of Lonny
Baumgardner. These services were terminated in 2024.

As at year end, the balance owed to Directors for their services are as follows:

•
Paul Griffiths - £27,938
•
Alistair Jury - £2,316
•
Carl Kindinger - £6,580
24. Contingent liabilities and capital commitments
The Group had at the reporting date no capital commitments or contingent liabilities.
25. Litigation
As at 31 December 2024, the Group is not currently involved in any litigation.
26. Events after the reporting date
20 January 2025
The Company announced that civil engineering work, to improve access roads and prepare the MOU-5 well pad,
had commenced on its Guercif licence onshore Morocco at the MOU-5 drill site.

21 January 2025
The Company announced the completion by T-Rex Resources (Trinidad) Limited, the acquisition of 51% of the
issued share capital of Caribbean Rex Limited ("CRL"). CRL'S sole asset is a 100% interest in and operatorship of
the Bonasse Field in the SW Peninsular, Trinidad. The Bonasse field has a production licence expiring in 2039.
There are no remaining work commitments. The consideration for the investment in CRL was US$170,000.

5 February 2025
The Company announced that it had placed 50 million new ordinary shares of no par value in the Company at a
placing price of 4 pence each to raise £2 million (before expenses) with Eva Pacific Pty Ltd. The funds are to be
applied to an accelerated drilling programme for the upcoming MOU-5 well in Morocco on the Titanosaurus
prospect and to prepare for the development and appraisal drilling programme on Snowcap-3 in Cory Moruga,
Trinidad. Pursuant to this placing 10mil warrants exercisable at 6p a share was granted to Eva Pacific Pty Ltd and
Cynosure Capital Pty Ltd.

18 February 2025
The Company announced that T-Rex Resources (Trinidad) Limited’s 51% owned subsidiary, Caribbean Rex
Limited(‘CRL’), had entered into a transaction with Challenger Energy ("CEG") for the potential acquisition of its
St Lucia domiciled subsidiary company, Columbus Energy (St. Lucia) Limited, which in turn holds various
subsidiary entities collectively representing all of the CEG's business, producing assets and operations in Trinidad
and Tobago. The three producing fields that are being acquired are Goudron, Inniss Trinity and Icacos and are
currently averaging 272 bopd of production.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
119

in cash and US$500,000 via the issuance of Predator shares and deferred unconditional consideration payments
of US$750,000, payable in cash, in three instalments of US$250,000, at the end of 2025, 2026, and 2027. CRL
will assume a total of US$4.25 million of legacy liabilities, provisions and potential exposures of the business,
and the assets and operations in Trinidad and Tobago. The Company are in the process of assessing the fair
values of the assets and liabilities acquired and will make use of the 12 months assessment period as presented
within IFRS 3.

20 February 2025
The Company awarded 45,000,000 unallocated share options, exercisable at 5.5p per share, under the option
scheme as follows:

The vesting conditions and phased vesting dates are as follows:

17 March 2025
The Company announced that the results of the MOU-5 drilling programme have unlocked a new Jurassic play,
opening a trend never before tested in the Guercif Basin. A helium show has provided the impetus to further
assess the helium potential of the MOU-5 structure. There was confirmation of the pre-drill play concept and
seismic inversion modelling work based on limited 2D seismic data. This allows for the acquisition of more
focussed additional seismic data to clarify the updip potential. The way forward from this point on is to evaluate
the data from the well and then to seek a farminee to join the Jurassic Project. The MOU-5 well has confirmed
that the large MOU-5 structure has to be further investigated based on new 3D seismic data.

24 March 2025
The Company announced an operational update and commencement of oil sales:
· CEG Trinidad acquisition progressing on schedule through regulatory process. This acquisition will add 272
bopd on completion
· Bonasse oil off-take agreement executed and oil sales to commence
· Bonasse Production and Field Services Management Agreement executed
· Bonasse workover programme underway and building to 35 bopd initial target
· SGN thermo-chemical wax treatment received regulatory approval for use in Trinidad
· Jacobin-1 workover will be the first test of the SGN patented technology in Trinidad
· In 2025 the MOU-3 shallow higher pressure gas onshore Morocco will be perforated.
· A farmout package for both 3D seismic and an updip well on the Titanosaurus structure based on new insights
will be prepared following assessment of MOU-5 drilling results
· The Company is fully-funded for all 2025 firm commitments.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
120

27. Prior year adjustments
1. £4,497,179 has been recognised as an intangible asset on consolidation of TRex’s balance sheet with POGT
in respect of the valuation of Cory Moruga. This compares to an intangible asset of £5,251,939 recognised in
the Group’s consolidated balance sheet at 31December 2023. The difference is accounted for by showing a
US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT, it’s
parent company, and not a cost of acquiring TRex. Accordingly a prior adjustment of £775,224 has been
recognised reducing the intangible asset to £4,497,179.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are:

31.12.23
(audited)
31.12.23
(audited)
01.01.2024
(restated)
01.01.2024
(restated)
Consideration
US$
£
US$
£
Transfer to CEG
1,000,000
810,066
1,000,000
810,066
Transfer to MEEI
1,000,000
810,066
-
-
FRAM loan unwind
762,216
643,905
762,216
643,906
Unrealised Foreign exchange difference
-
(2,943)
Costs of acquisition
-
-
-
-
Total
2,762,216
2,264,037
1,762,216
1,451,029
T-Rex Assets and Liabilities
£

£
Trade and other receivables
584,130

601,343
Intangible asset
5,251,939

4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)

(3,627,028)
Total
2,264,037

1,451,029

2. Historically £203,474 in well insurance for drilling operations in Morocco has been expensed to the income
statement, but in the current year deemed to be accruing to the Guercif intangible asset.
Historically £489, 629 in Withholding taxes payable on operations in Morocco has been expensed to the
income statement, but in the current year deemed to be accruing to the Guercif intangible asset.
This has resulted in an adjustment of £693,103 reducing the prior year operating loss and the prior year
retained deficit.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
121

Consolidated statement of comprehensive income
For the year ended 31 December 2023
Restated
Previously stated
Notes
£
£
Administrative expenses
4
(1,639,501)
(3,224,721)
Performance and Compensation Bonuses
5
(1,007,599)
-
Share based payments
6
(1,540,481)
(1,540,481)
Total operating expenses
(4,187,581)
(4,765,202)
Operating loss
(4,187,581)
(4,765,202)
Finance Income
3
36,495
36,495
Finance expense
7
(87,277)
(87,277)
Loss for the year before taxation
(4,238,363)
(4,815,984)
Taxation
8
-
-
Loss for the year after taxation
(4,238,363)
(4,815,984)
Total comprehensive loss for the year attributable to the owner of the parent
(4,238,363)
(4,815,984)
Earnings per share basic and diluted (pence)
10
(1.050)
(1.193)
01.01.2023 to
31.12.2023
01.01.2023 to
31.12.2023
Consolidated statement of financial position
As at 31 December 2023
Previously
Restated
Stated
31.12.2023
31.12.2023
Notes
£
-
Non-current assets
Tangible fixed assets
13
1,181
1,181
Intangible assets
12
17,505,809
17,587,929
17,506,990
17,589,110
Current assets
Trade and other receivables
15
1,871,960
1,852,821
Cash and cash equivalents
16
6,484,034
6,484,034
8,355,994
8,336,855
Total assets
25,862,984
25,925,965
Equity attributable to the owner of the parent
Share capital
19
33,067,028
33,067,028
Reconstruction reserve
531,233
531,233

Warrants issuance cost
20
(1,711,756)
(1,711,756)
Share based payments reserve
20
2,844,770
2,844,770
Retained deficit
(13,129,372)
(13,822,475)
Total equity
21,601,903
20,908,800
Current liabilities
Trade and other payables
17
4,261,081
5,017,165
Total liabilities
4,261,081
5,017,165
Total liabilities and equity
25,862,984
25,925,965

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
122

28. Ultimate controlling party
In the opinion of the Directors there is no ultimate controlling party as no one individual is deemed to satisfy
this definition.

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
123

Corporate information
Directors
Paul Stanard Griffiths (Chief Executive Officer –
Chairman)

Lony Baumgardner (resigned 11 September 2024)
Stephen Boldy (Non Executive Chairman)
(appointed 16 September 2024)
Alistair Jury (Non-Executive Director)
Carl Kindinger (Non-Executive Director)

Company Secretary Oak Secretaries (Jersey) Limited

3rd Floor, IFC5

Castle Street

St. Helier
Jersey JE2 3BY

Registered Office
3rd Floor, IFC5

Castle Street

St. Helier
Jersey JE2 3BY

Telephone+44 (0) 1534 834 600

Joint Broker and Placing Agent
Novum Securities Limited
2nd Floor

7-1 Chandos Street

London W1G 9DQ

Strategic and Investor Communications
Flagstaff Communications

1 Cornhill

London

EC3V 3ND

Joint Broker and Placing Agent
Oak Securities

90 Jermyn Street

London SW1Y 6JD

Corporate Advisor

Novum Securities Limited

2nd Floor

7-10 Chandos Street

London W1G 9DQ

Auditors
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London E14 4HD

Predator Oil & Gas Holdings Plc
For the year ended 31 December 2024
124

Legal advisers to the Group as to English law
Charles Russell Speechlys LLP
5 Fleet Place
London EC4M 7R

Legal advisers to the Group as to Jersey law
Pinel Advocates

One Liberty
Place St. Helier
Jersey JE2 3NY

Competent Person
SLR Consulting (Ireland) Ltd

7 Dundrum Business Park

Windy Arbour

Dublin 14, D14 N2Y7

Republic of Ireland

Scorpion Geoscience Limited

Oakmoore Court

Kingswood Road

Hampton Lovett

Droitwich, Worcestershire

WR9 0QH

Registrar
Computershare Investor Services (Jersey) Limited

Queensway House

13 Castle Street

St. Helier

Jersey JE1 1ES

Financial PR
Flagstaff Strategic and Investor Communications

1 King Street

London EC2V 8AU

Principal Bankers
Barclays Bank Plc
13 Library Place

St. Helier
Jersey JE4 8NE