Predator Oil & Gas posts annual loss as it develops Trinidad, Morocco plays


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Oil company Predator Oil & Gas posted a full-year loss as it developed projects in Trinidad, Morocco and Ireland.

Pre-tax losses for the year through December amounted to £1.28m, compared to losses of £0.80m on-year.

Chief executive Paul Griffiths said emphasis over the coming months would be placed on injecting CO2 into wells in Trinidad to increase potential oil flow rates.

'We are very confident that our CO2 enhanced oil recovery strategy is working and has the potential to generate positive cash flow at very low oil prices due to the favourable commercial terms we have negotiated and our attention to cost-cutting,' he said.

'We remain "drill-ready" onshore Morocco and await the lifting of Covid-19 restrictions to progress further the drilling programme.'

'In Ireland we are advancing our new business development strategy to focus on offshore LNG regasification by leveraging our relevant experience and expertise.'

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