Predator Oil & Gas Holdings (PRD) has placed about 128 million shares at 3.5 pence each to raise £4.5 million.
In Trinidad, proceeds are expected to fund drilling and testing of the Snowcap-3 appraisal and development well, which is intended to evaluate a gross 600-foot Herrera reservoir interval. Snowcap-1, drilled in 2010/11, tested the topmost sand and flowed at initial rates of 1,100 to 1,450 barrels of oil per day before stabilising at 500 barrels of oil per day, while the primary basal Herrera sands were missed due to faulting.
Snowcap-3 is scheduled for the second quarter of 2026 and is expected to take up to 20 days to drill and log to around 5,300 feet, with production targeted for the third quarter of 2026. Predator said Snowcap-3 could potentially unlock 3P resources of 56.9 million barrels of oil across the Herrera sands and have a potentially transformational impact on 2026 production.
Meanwhile, the company said output from existing fields has increased by around 26% over two months to 387 barrels of oil per day, and NABI is due to begin drilling the deeper TPD-CD1 well to 1,800 feet at Bonasse.
Predator also plans to progress joint venture partnering for the Guercif gas asset in Morocco, aiming to agree funding for drilling and testing the MOU-6 well and a Phase 1 gas development, contingent on a 2026 exploitation concession application. Separately, it plans an independent technical and resources report for the 81 square kilometres TGB-6 fan penetrated by MOU-3, ahead of a potential farmout.
Predator Oil’s Chief Executive Officer Paul Griffiths said: "Trinidad is a re-emerging oil and gas province for the oil majors again fuelled by successes offshore Guyana and the new strategic importance of nearby Venezuela. We intend to increase further our visibility in Trinidad through advancing the drilling of SC-3.
We have taken this opportunity to raise funds in order to undertake additional discretionary activity, strengthening the balance sheet, and enhancing production growth. Furthermore, demonstrating our operational experience and know-how gives us greater leverage to attract oil majors into our assets at some point. The offshore Guyana petroleum system extends into our licences. The TGB-6 fan in Morocco is geologically similar to the large biogenic gas fields of the East Mediterranean. Demonstrating materiality will be an important consideration for any potential farminee but recent geo-political developments have enhanced the potential for M & A consolidation."
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This £4.5 million placing strengthens Predator’s balance sheet and, as a result, looks set to keep the company on the front foot across both Trinidad and Morocco. In Trinidad, Snowcap-3 is now the clear near-term catalyst, with management pointing to the potential to unlock 3P resources across the Herrera sands and support higher production through 2026, while recent field output growth adds some useful momentum.
Meanwhile, progressing joint venture funding for Guercif in Morocco and commissioning independent work on the TGB-6 fan could help sharpen the investment case ahead of any farmout.