Predator Oil & Gas Holdings Plc (LSE:PRD) issues letter of intent to acquire 100% stake in T-Rex Resources (Trinidad) Limited from Challenger Energy Group PLC (AIM:CEG) for $9 million on December 20, 2022. Post this transaction Predator Oil & Gas Holdings Plc will hold 83.8% interest in Cory Moruga licence. As a part of agreement in total consideration $3.0 million is payable to Challenger Energy by through cash, in this $1 million upon completion of this transaction, further $1 million 6 months after completion of the transaction and further $1 million payable once Cory Moruga field production first reaches 100 barrels of oil per day. While remaining to $6.0 million will be offset against the Gross Consideration to reflect the aggregate agreed value s with T-Rex's liabilities (including all contingent and potential liabilities, whether crystallised or not). The option value embedded in Challenger Energy's back-in right ("Back-in Right"). The repayment of all loans and debts owed or claimed to be owed by either party to the other in respect of the Inniss-Trinity CO2 EOR pilot project (recognising that absent a settlement between the parties, such amounts would be recoverable only from incremental production from the Inniss-Trinity CO2 EOR pilot project area). The mutual final settlement agreed between the parties in respect of all disputes and claims in relation to the Inniss-Trinity CO2 EOR pilot project. This deal will close when get the all necessary approvals on or before May 30, 2022. Both the parties have the right to terminate or extend the agreement. and The deal expected to close by August 31, 2023. As of June 1, 2023, conditions for completion of the transaction have not been satisfied as at 30 May 2023, so expected closing date is extended to August 31, 2023. As of March 8, 2023. The Company announced that it had entered into an agreement.
("Agreement") with Challenger Energy Group Plc pertaining to the sale of the Cory Moruga asset in Trinidad. However, completion of the transaction will not be possible by August 31, 2023. Accordingly, the parties have mutually agreed to extend the last date for completion of the intended transaction by 3 months, to November 30, 2023. Transaction is subject to regulatory consents. Jon Fitzpatrick, Paul Weidman and Doug Rycroft of Gneiss Energy Limited acted as financial advisor to Challenger Energy Group PLC (AIM:CEG)

Predator Oil & Gas Holdings Plc (LSE:PRD) completed the acquisition of 100% stake in T-Rex Resources (Trinidad) Limited from Challenger Energy Group PLC (AIM:CEG) on November 6, 2023.