Predator Oil & Gas Holdings Plc announced that it has signed an extension to the Company's 2022 rig contract for the use of the Star Valley Rig 101, which is currently available in Morocco. The extension will facilitate, subject to regulatory approvals and consent, the drilling of the MOU-5 well to evaluate the 177km2 Jurassic structural closure in a crestal location, the limit of which was penetrated in MOU-4 in 2023. MOU-5 is expected to be drilled between 1 April to 31 May 2024 in order to avail of in-country well services that will remain following the completion of the Company's rigless testing programme, which is currently underway, thereby reducing mobilisation costs for well equipment and services.

The majority of the critical long lead items required for drilling are available from the Company's surplus well inventory stored in its Guercif warehouse, thereby potentially further reducing drilling costs. MOU-5 is not expected to be drilled over-balanced with heavier drilling mud as the problematic mobile clay formations present in MOU-1, MOU-2 and MOU-3 are not expected to be developed at the MOU-5 well location. The primary objective is a potentially thick development of porous and permeable, early Jurassic carbonate reservoirs sealed by overlying claystones.

The Company is fully-funded to drill MOU-5 using currently uncommitted, discretionary, cash on the Company's balance sheet. A successful MOU-5 drilling, testing, appraisal and development programme would potentially open up opportunities to exploit onshore proximity to the Maghreb Gas Pipeline, which is located less than 10 kilometres from the MOU-5 drill site. This is a significant advantage for any future potential developer of a gas find as it will reduce capital infrastructure costs and the lead time to "First Gas".

also completed a very successful planning trip to Trinidad last month as a result of which made significant progress towards establishing an operating and administrative presence. The company also identified additional workover opportunities on the Cory Moruga licence area and evaluated opportunities for re-perforating wells by deploying the Sandjet testing technology to pinpoint missed oil pays in some of the legacy wells. The Board remains committed to generating activity and newsflow in the weeks and months ahead and are seeking potentially to take the Company to another level through continued drilling success.

T-Rex holds the Cory Moruga Production Licence. Cory Moruga is a largely undeveloped near-v virgin oil field of similar potential size to the nearby Moruga West and Inniss-Trinity mature oil fields. The Cory Moruga Production Licence is a potentially significant asset for the Company with the capability of generating positive operating profits in the near-term.

Capital required for staged field development can be implemented potentially utilising operating profits generated from an increasing level of gross production revenues. Predator owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which successor authorisations have been applied for, adjoining Vermilion's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the decommissioned Kinsale gas field in the Celtic Sea. The applications for successor authorisations remain "under consideration" by the DECC.

Predator has developed a Floating Storage and Regasification Project ("FSRUP") for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand. Further progress for the Mag Mell FSRUP will be dependent on government policy in relation to security of energy supply. A generalised FSRUP concept has now been recognised by the government as an option for security of energy supply.

The Company has a small but highly experienced management team with a proven track record in successfully executing drilling operations.