Predator Oil & Gas Holdings PLC has released its audited financial statements for the year ended 31 December 2023, showcasing a loss from operations of GBP 4,815,984, primarily due to increased drilling activity in Morocco. Administrative expenses amounted to GBP 3,224,721, with corporate administrative expenses prudently managed despite inflationary pressures. The company's cash balance at the end of 2023 increased to GBP 6,484,034, with no debt and additional restricted cash of USD 1,500,000. Directors' loans of £507,999 were capitalized, and the company has no outstanding debt. The company also completed the acquisition of T-Rex, a wholly owned subsidiary of Challenger Energy Group Plc, which holds an 83.8% interest in the Cory Moruga Exploration and Production Licence containing the Snowcap-1 oil discovery.

The acquisition was for a gross consideration that included USD 1,000,000 payable to CEG in cash and allowed for the offset of the outstanding FRAM Loan balance against the agreed Gross Consideration. The company also placed 97,231,500 new ordinary shares of no par value to raise GBP 10,360,377, and exercised broker warrants resulting in the issue of 2,035,714 new ordinary shares of no par value to raise GBP 79,500. Additionally, the exercise of share options by directors and former directors resulted in the issue of 20,112,049 new ordinary shares of no par value to raise GBP 1,646,986. The company issued a significant number of share options and broker warrants, and new ordinary shares were issued to the executive directors for no consideration in accordance with the Executive Directors' Bonus arrangements established by the independent Remuneration Committee.

The financial information provided does not constitute the company's statutory accounts for the year ending 31 December 2023. The company's Annual Report is available for download from its website, and a copy will be uploaded to the National Storage Mechanism for viewing. The company's financial results and operational activities in 2023 reflect its strategic focus on near-term hydrocarbon operations in Morocco and Trinidad, with a strong emphasis on prudent financial management and growth potential.