Predator Oil & Gas : Interim Financial Statements for the 6 months to 30 June 2023

FOR IMMEDIATE RELEASE

19 September 2023

Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries "the Group")

Report and Interim Financial Statements for the 6 months to 30 June 2023

Financial highlights:

• Loss from operations for the 6 months period is £2,361,721 ((£599,789 for the 6 months period ended 30 June 2022).
• Cash balance, at period end of £1,000,006 (2022 year end: £3,323,161).
• A further £1,188,863 (US$1,500,000) held as restricted cash and £630,575 (2022 year end: 659,504) by way of a loan to FRAM Exploration Trinidad Ltd. for the investment in the Pilot CO2 EOR Project.
• £1,139,950 (before expenses) raised through two placings. Issuing 14,174,056 new ordinary shares at a placing price of £0.055 and 6,322,410 new ordinary shares at a placing price of £0.057.
• 1,000,000, 15,710,972 and 3,401,077 share options exercised at £0.05, £0.08 and £0.10 respectively to raise £1,646,986 with the issue of 20,112,049 new ordinary shares
• 1,875,000 and 160,714 warrants exercised at £0.04 and £0.028 respectively to raise £79,500 with the issue of 2,035,714 new ordinary shares.
• 6,401,077 and 15,710,972 share options issued exercisable at £0.10 and £0.08 respectively.
• Directors' loans advanced through sale of 22,189,580 existing shares at £0.055 to raise £1,220,427; 18,000,000 existing shares at £0.105 to raise £1,890,000; and 15,710,972 and 3,401,077 exercised share options at £0.08 and £0.10 respectively and sold at £0.057, compensated for by a loan of £507,999.
• No debt.
• Issued share capital 426,403,418 (31 December 2022: 383,759,189)
  Operational highlights:
• MOU-2drilled to 1260 metres and suspended for operational reasons with an option to re-enter.
• MOU-3drilled to 1509 metres and completed for rigless testing.
• MOU-3encountered formation gas shows and shallow higher pressure gas.
• Gas charge from deeper source rocks confirmed via major fault conduits
• MOU-4drilling at the end of the period under review.
• Rigless testing programme being planned using ECS Sandjet perforating tool.
• Compressed Natural Gas "Proof of Concept" development model established.
• Potential Jurassic upside within 126 km2 structure being evaluated by MOU-4
• Entry into a binding term sheet with Challenger Energy Group Plc for the acquisition of the under- developed Cory Moruga field subject to regulatory consent for an agreed new work programme.
• Company approached by a potential partner for Corrib South offshore Ireland in the event of the award of a successor authorisation.

Post reporting date:

• On the 11 July 2023 the Company announced that the MOU-4 had been drilled to 1199 metres. The edge of the Jurassic structure had been penetrated and the well had been completed for rigless testing.
• On the 13 July 2023 the Company announced that the NuTech petrophysical interpretation of the MOU- 4 well had highlighted a number of intervals for rigless testing.

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• On the 1 August 2023 the Company announced that the placing announced on 31 July 2023 had been over-subscribed and had raised gross proceeds of £10 million through the issue of 90,909,090 new ordinary shares at £0.11.
  In connection with the placing 8,318,181 broker warrants were issued at an exercise price of £0.11.
• On 10 August 2023 the Company published a Secondary Prospectus (project "Allosaurus") including a
  Competent Persons Report by Tracs International Limited.
• On the 30 August 2023 the Company announced an operations update including the extension of the Cory Moruga long-stop date from 31 August 2023 to 30 November 2023 to facilitate completion of the Cory Moruga transaction.

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company ("Predator" or "the Company") focussed on near-term,high impact drilling for gas in Morocco is pleased to announce its unaudited interim results for the six-month period ended 30 June 2023.

Executive Chairman's 's Report

Dear Shareholder,

The first six months of 2023 has seen the Company successfully plan and implement a three-well drilling programme onshore Morocco in line with its strategy of focussing on high impact drilling for gas in Morocco.

Results from the MOU-3 well completed for rigless testing in June were particularly encouraging and helped to de-risk the Compressed Natural Gas ("CNG") development case. This is the Company's preferred scenario for supplying the industrial gas market in Morocco to help reduce reliance on carbon intensive Liquified Petroleum Gas imports. Importantly MOU-3 confirmed the interpretation of the results of the MOU-1 well completed in July 2021 and established a new gas basin covering up to 240 km² in the northwest corner of the Guercif Licence. This has created the opportunity to re-assess a previously unexplored part of the Guercif Licence from the perspective of developing new gas prospects at several different geological levels.

Higher gas prices are achievable in the private sector and CNG offers a simpler solution to deliver gas to dispersed industrial users compared to investing in pipeline infrastructure, which requires more fixed capital investment; takes longer to construct due to requirements for environmental approvals and land permitting; and necessitates initially deploying more risk capital for drilling to underpin a minimum medium term gas production profile to fix the required amount of pipeline capacity. By contrast CNG is a flexible and scalable development where additional capital expenditure can be funded organically and proportionally out of productions revenues given Morocco's very favourable fiscal regime.

Gas-to-power developments are longer term and will likely attract a lower gas sales price as the State is the only permitted buyer of the gas for electricity generation.

The Company's drilling programme is being targeted at defining the minimal, relatively modest, flow rates required for a scalable CNG development to create a revenue-generating business, whilst maintaining the impetus to discover larger volumes of gas for which future markets might include gas-to-power and export to Europe via the Maghreb gas pipeline, which runs through the area drilled to date by the Company.

2023 thus far continues to be dominated by the ramifications of the Ukraine-Russia crisis which has led to an Energy Crisis. Inflation has increased to levels that are beginning to impact the global economy. The Company is pleased to report that despite sharply rising costs it has re-structured its Moroccan operations, by availing of management's extensive historical and present relationships with suppliers of well services in many different jurisdictions, to maintain drilling costs in line with actual 2021 costs.

Identification and development of CO2 EOR projects in Trinidad remains a key objective of the Company. CO2 EOR is compatible with promoting a stable period of Energy Transition for those countries where the economies are heavily reliant on revenues and taxes from the oil and gas sector. It's a practical short-term measure that

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contributes positively to assisting to achieve the longer term solution of greener energy supply, storage for anthropogenic CO2 and promoting economic stability.

As with all projects that involve an element of seeking to stabilise and ultimately reduce CO2 emissions the project economics have to demonstrate a commercial return to investors within a relatively short timescale. Larger projects would require State funding to underpin the investment model in order to generate acceptable returns for investors. This is how market dynamics work in practice to contribute towards maintaining healthy economies.

In Ireland the Company's shorter-term emphasis has shifted so far in 2023 to attempting to secure a successor authorisation for Corrib South. Energy security, gas storage and preserving EU gas infrastructure to maintain diversification of entry points into the European gas grid independent of Russian gas supplies is becoming of increasing strategic significance. Maintaining the longevity of the Corrib gas field infrastructure during the Energy Transition for blended gas and hydrogen storage and possible LNG imports contributes to this strategic objective.

The Company is working with a potential strategic partner in the event a successor authorisation for Corrib South is awarded.

The Mag Mell FSRU project and the application for a successor authorisation for Ram Head focussed on the development of a gas storage facility remain on the table for consideration by the Irish regulatory authorities but are not expected to advance further during 2023.

The Energy Transition and "Security of Energy Supply" have become critical issues in 2023 for the well-being of the global economy. The informed narrative in relation to the "Energy Crisis" and the dawning of the practical realisation that net zero CO2 emissions cannot be achieved without a period of transition has resulted in an increased willingness to invest in the gas and, to a lesser extent, oil sectors during the period under review.

The Company has always maintained focus on and operatorship of its three core areas of Morocco, Trinidad and Ireland. It has not diluted project equity in that time on the basis that any future monetisation of assets has a greater chance of attracting entities of substance if the opportunity is material to them.

The outlook for the remainder of 2023 will see the rigless testing programme in Morocco initiated and completed and, subject to results, the CNG development plan being progressed targeting "First Gas" in 2024.

Additional high impact drilling opportunities in Morocco will be evaluated and potentially progressed in 2023 and 2024.

Subject to completion of the acquisition of TRex Holdings Trinidad Limited and regulatory approvals, a high impact appraisal well in the under-developed Cory Moruga licence may be scheduled for 2024.

The Corrib South successor authorisation will be progressed as far as possible with the potential for a strategic partner to become involved in any future licence award.

Market dynamics are cyclical and currently the appetite is for near-term, value creating, drilling success. The Company's portfolio is aligned with investor sentiment for near-term activity with the prospects of material results in a success case.

Operational overview

Morocco

The extension of the Initial Period of the Guercif Petroleum Agreement by a further 9 months allowed the Company to advance a drilling programme scheduled for the First Extension Period thereby satisfying all drilling commitments for the First Extension Period. It also facilitated the rollover of the current bank guarantee in favour of ONHYM without the requirement to increase the amount.

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The first well in the programme, MOU-2, was drilled in January 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 to determine the changes that would be required to improve drilling performance and reduce the risk of getting logging tools stuck downhole in a particular unplanned-for geological formation. This was interpreted from the mud log and gamma log acquired whilst drilling as a large-scale slump feature.

The well could only be logged down to 1010.87 metres depth where the logging tools could not penetrate into the section interpreted as the slump feature.

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 primary target

The second well in the programme, MOU-3, was drilled and completed for rigless testing in June. It tested a shallow four-way dip closure and a deeper down-faulted closure potentially sealing against a fault at the level of the primary target.

Within the shallow closure over-pressured gas was unexpectedly encountered in an 11 metre-thick sand from 339 to 350 metres depth with a 3% formation gas show. The interval was estimated 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 depth (2.42%).

No provision for wireline logging had been made pre-drill for this shallow section.

Due to the unexpected presence of over-pressured shallow gas a different well design would need to be considered and the MOU-3 well twinned to approximately 800 metres depth to safely conduct a rigless test in this interval.

Structural closure is estimated to be up to 6 km² within this gross interval of 450 metres with several levels of gas-bearing sands.

Potentially material gas resources may be present within this structural closure.

Deeper within the shallow structural closure the "Ma and TGB-6" sands were encountered from 815 to 895 metres depth with formation gas show of 2.06% at 817 and 3.0% at 841 metres 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 of 10 metres.

Pre-drill P50 structural closure was determined to be 6km² for the area containing the Ma and TGB-6 sands.

Preliminary post-drill seismic interpretation indicates that the MOU-3 shallow 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 sands.

Several thin sands up to one metre thick were encountered between 1046 and 1140 metres depth. The upper sands are interpreted as being the TGB-4 sands. Borehole quality is poor in this section and further petrophysical analysis supported by rigless testing is required to fully evaluate the potential of this section.

The "Moulouya Fan" target was encountered between 1378 and 1437 metres with approximately 50.5 metres of sand versus a pre-drill P50 expectation of 19 metres.

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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. This section was drilled significantly over-balanced with a mud weight of 1.47 SG to reduced shale cavings from highly mobile claystones in an interval above the Moulouya Fan.

The Moulouya Fan interval penetrated by MOU-3 is defined by a sequence of strong seismic events covering an area of at least 30 km². The potential for a large stratigraphic trap exists within which there may be faulted compartments.

MOU-3 reached its planned total depth of 1,509 metres TVD MD 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 to be likely gas sands. The well was completed for rigless testing using the Sandjet water jet perforating technology widely used in the United States. 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.

MOU-3 successfully satisfied several key pre-drill objectives.

• It de-risked gas charge to identify migration pathways for deep thermogenic gas to ascend to shallower potential reservoir sands, thereby creating the framework for re-evaluating other prospective structures adjacent to these migration pathways with potential Jurassic and Tertiary sandstone and carbonate reservoirs;
• It verified the integrity of the MOU-3 hydrocarbon trap at multiple levels and enhanced the case for significant shallow gas potential;
• It de-risked, subject to the rigless testing results, the "Proof of Concept" for the minimum volume and likely gas flow rates required to initiate a CNG development;
• subject to rigless testing results, MOU-3 confirmed the scalability of an initial CNG development to meet the near-term demands of the Moroccan industrial market; and
• validated that the reservoir distribution over multiple levels is ideally suited to the scalable CNG development concept focussed on transporting gas by road and not relying on large-scale capital investment in fixed pipeline infrastructure.

At the end of the period under review MOU-4 had commenced drilling.

The primary objectives of the MOU-4 well are to evaluate a potential southwestern extension of the Moulouya Fan and to penetrate and confirm the presence of a Jurassic section to satisfy a specific drilling licence commitment whilst also evaluating the rationale for testing a Jurassic structure covering up to 126km² in an optimal crestal position.

The rigless testing programme is intended to begin with the testing of MOU-1 at multiple shallow and deep levels.

Trinidad

During the period under review the Company announced that it had completed all confirmatory due diligence on Cory Moruga and had subsequently entered into fully termed long-form legal documentation with Challenger Energy Group Plc to acquire TRex Holdings (Trinidad) Limited ("TRex") subject to regulatory approvals and consents.

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