Financial highlights:
· Loss from operations of £0.784 million (2019: full year Loss of £1.279 million).
· Cash balance, at period end of £2.098 million (2019 year end: £0.109 million).
· A further £1.221 million (US$1.5 million) held as restricted cash and £0.396 million by way of a loan to FRAM Exploration Trinidad Ltd. for the investment in the Pilot CO2 EOR Project.
· Fully-funded for Morocco drilling programme and Pilot CO2 EOR Trinidad
· £4.008 million (before expenses) raised through two over-subscribed Placings
· 4,450,000 warrants issued exercisable at £0.04 before 27 February 2023.
· Redemption in full of outstanding principal balance of £746,000 Arato Convertible Loan
Operational highlights
· Phases 1 and 2 of Pilot CO2 EOR Project successfully executed
· Exercised rig option with Star Valley drilling without entering into any financial liabilities
· Bids received for MOU-1 well services and logistical support
· Additional high-impact MOU-4 Prospect identified with over 1 TCF of additional potential
prospective gas resources (management estimates)
· Predator LNG Ireland formed, and LNG Business Plan initiated
Post reporting date:
· 99% increase in pre-injection primary production rate for CO2 EOR monitoring well
· Company calculates 1,047 barrels of enhanced oil production has accumulated for its account under the terms of the Well Participation Agreement with FRAM Exploration Trinidad
· Competent Persons Report on the MOU-4 Prospect commissioned
· T imeline for commissioning of offshore LNG import facility projects H1 2024 start-up
· Louis Castro appointed as non-executive director
