Predator Oil & Gas Holdings (LSE:PRD) told investors it had sold 52,130 barrels of oil in the first half from its Icacos, Bonasse, Goudron and Inniss-Trinity fields in Trinidad, generating net petroleum revenue of £1.52m before operating costs.
The Jersey-based company, which produces oil in Trinidad and is developing gas assets in Morocco, said a workover of the GY 664 well in the Goudron field has lifted production to between 30 and 32 barrels of oil per day during August.
Civil engineering work on the Snowcap-3 well pad and production facilities in Trinidad is progressing on schedule.
In Morocco, civil works for the MOU-6 well pad are complete, and explosives for the perforating guns needed for well testing have arrived at the port of entry, a step the company called the most critical long-lead item determining rig mobilisation timing.
Chief executive Paul Griffiths said drilling preparations for Snowcap-3 are proceeding smoothly, with a date for MOU-6 operations expected within two weeks.
"Successful well testing with flow of hydrocarbons is the catalyst for finalising commercial deals and financing arrangements for development based on potentially attractive revenue forecasts," he said.
Griffiths highlighted that the company's approach of maintaining an adequate balance sheet has allowed it to retain original equity and operatorship across its projects, strengthening its position "when it comes to the most critical part of the oil and gas cycle: monetisation."
News Intelligence what this means for the company
Predator Oil & Gas reported £1.52m net petroleum revenue from 52,130 barrels sold in H1, with production from its Trinidad fields now running at 30–32 barrels per day after a workover. The company says both key drilling projects—Snowcap-3 in Trinidad and MOU-6 in Morocco—remain on schedule, with explosives for perforating guns having arrived at Morocco's port, the most critical long-lead item for rig mobilisation, and MOU-6 operations expected within two weeks. The CEO tied any financing or commercial deal to successful well testing, signalling that monetisation hinges on drilling outcomes rather than imminent capital raises.
The company is now in the critical execution phase: H1 revenue of £1.52m is pre-operating-cost and reflects only legacy production; the investment thesis rests entirely on whether Snowcap-3 and MOU-6 drilling succeed and unlock the commercial and financing arrangements the CEO flagged. No balance-sheet or funding constraints are evident from this update, but no material revenue inflection is visible until wells are tested.
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