{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "predatoroilandgasholdingsplc": "http://predatoroilandgasholdingsplc.com/xbrl/2024", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://predatoroilandgasholdingsplc.com/xbrl/2024/213800L7QXFURBFLDS54-2024-12-31.xsd" ] }, "facts": { "fact-1": { "value": "Predator Oil & Gas Holdings Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "The Group was formed for the purpose of acquiring assets consistent with the Company\u2019s business development strategy. These may comprise businesses, import licences for LNG, material ground floor equity positions in oil and gas licences and licences where the application of CO2 Enhanced Oil Recovery \u201cEOR\u201d can form a practical stepping stone to State-sponsored Carbon Capture and Storage, or the targeting of companies that have operations in the oil and gas exploration and production sector consistent with the Company\u2019s business development growth strategy. It will then look to develop and expand such assets where there is an opportunity for reducing CO2 emissions but always within the framework of commercially viable and value- enhancing operations for shareholders. The Group seeks to develop and provide sources of indigenous energy that are primarily gas and oil, which can contribute to potentially reducing CO2 emissions and to accelerating an energy transition to de-carbonise the energy sector by replacing imported oil and gas and more carbon- intensive local fuels such as coal.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Directors\u2019 remuneration The Directors who held office at 31 December 2024 and who had beneficial interests in the ordinary shares of the Company are summarised as follows: Name of Director Position Carl Kindinger Non-Executive Director Alistair Jury Non-Executive Director Paul Griffiths Chief Executive Officer Dr. Stephen Boldy Non-Executive Chairman (appointed 16 September 2024) The Directors\u2019 interests in the shares of the Company and Group companies of the Directors who served during the year were as follows:
31 December 2024
At the date of this report
Ordinary Shares
Share Options
Ordinary Shares
Share Options
Paul Griffiths
46,415,581
15,355,486
46,415,581
15,355,486
Lonny Baumgardner
1
-
-
-
-
Dr Stephen Boldy
2
-
3,000,000
-
3,000,000
Alistair Jury
-
5,000,000
-
5,000,000
Carl Kindinger
1,581,103
5,000,000
1,581,103
5,000,000
Moyra Scott
3
-
3,000,000
-
3,000,000
Geoffrey Leid
4
-
3,000,000
-
3,000,000
Total
47,996,684
34,355,486
47,996,684
34,355,486
1. Lonny Baumgardner resigned 11 Sept 2024 2. Dr Stephen Boldy was appointed 16 Sept 2024 3. Moyra Scott was a Director of Predator Gas Ventures Limited until her resignation on 24 Sept 2024 4. Geoffrey Leid is a Director and in-country Manager of T-Rex Holdings (Trinidad) Limited Share Option Scheme The following Directors have been granted rights under the Group\u2019s Share Option Scheme:
In issue at 2024
In issue at
Vesting
31 December Options Lapsed during
31 December
Periods See
2023 Awarded
year
2024
notes 21
Paul Griffiths
15,355,486
-
-
15,355,486
Lonny Baumgardner
15,355,486
-
(15,355,486)
-
Dr Stephen Boldy (1) -
3,000,000
-
3,000,000
Louis Castro 1,000,000
-
(1,000,000)
-
Steve Staley
1,650,000
-
(1,650,000)
-
Tom Evans
2,000,000
-
(2,000,000)
-
Alistair Jury
5,000,000
-
-
5,000,000
Carl Kindinger 5,000,000
-
-
5,000,000
Moyra Scott 3,000,000
-
-
3,000,000
Geoffrey Leid (2) -
3,000,000
-
3,000,000
1. In October 2024, The Board approved a grant of 3,000,000 options to Dr Stephen Boldy on his appointment as Non-Executive Chairman 2. In April 2024, The Board approved a grant of 3,000,000 options to Geoffrey Leid on his appointment as a director of the Group's subsidiary company T-Rex Holdings (Trinidad) Limited Details of the current Company Directors service agreements are set out below. Directors\u2019 service contracts Paul Griffiths provides his services as Chief Executive Officer (\u201cCEO\u201d) under a consultancy agreement with the Company. The consultancy agreement with Petro-Celtex Consultancy Limited (\u201cPetro-Celtex\u201d) provides for the services of Paul Griffiths as CEO of the Company, on a part-time basis. Up to November 2024, the consultancy agreement entitled Petro-Celtex to a fixed base fee of GBP152,040 per annum and a technical services consultancy fee of GBP188 per hour (subject to an annual cap of \u00a3140,000). The Remuneration committee met in November 2024 to consider whether these rates were still appropriate. It was decided to increase the fixed base fee by the annual Jersey RPI of 3% to GBP156,600 per annum. This consultancy agreement is subject to termination by either party on six months\u2019 written notice. In addition, the Company may forthwith terminate Paul Griffiths\u2019 appointment as a director of the Company for, inter alia, a material breach by Petro-Celtex of its obligations under the consultancy agreement referred to above and Paul Griffiths may terminate such appointment for a material breach by the Company of its obligations under the consultancy agreement referred to above. Paul Griffiths also has an Advisory Agreement dated 1 September 2020 with a subsidiary, Mag Mell Energy Ireland Limited (formerly named Predator LNG Ireland Ltd), a company set up to explore opportunities in Ireland, and in particular the feasibility of developing an offshore LNG import facility for Ireland. Under the terms of an Advisory Agreement dated 1 September 2020, Paul Griffiths is entitled to a fixed Advisory Fee of GBP40,000 per annum and a technical services consultancy fee of GBP188 per hour. Under an Exclusivity and Referral Agreement between Mag Mell and Hamilton Fox Holdings Ltd. (\u201cHFHL\u201d), a company incorporated jointly by Paul Griffiths and Ronald Pilbeam, a previous Director, to hold performance incentives under the aforementioned agreement dated 2 September 2020, HFHL has an entitlement to performance incentives comprising up to a maximum of 20% of the issued share capital of Mag Mell split into four separate tranches each of 5%. Performance Conditions for allotment of each tranche of 5% are defined as the signing of Collaboration Agreement in each case between Mag Mell and bona fide international entities in the downstream LNG and gas infrastructure and distribution business. Allotment of the final 5% tranche is conditional on a Financial Investment Decision (\u201cFID\u201d) being made in respect of developing an LNG import facility for Ireland. Lonny Baumgardner was appointed on 12 July 2021 and resigned on 11 September 2024. He provided his services as Managing Director under a consultancy agreement with the Company. The Company entered into a consultancy agreement with Earthware Energy Inc (\u201cEarthware\u201d), formally Touchpoint Energy S.L. under which Earthware provided the services of Lonny Baumgardner as Managing Director of the Company. Up until his resignation, the consultancy agreement entitled Earthware to a fixed base fee of GBP152,040 per annum and a technical services consultancy fee of GBP188 per hour (subject to an annual cap of \u00a3140,000). On 11th September 2024, due to a change in his personal circumstances, Lonny Baumgardner resigned his position as Managing Director. It was agreed that he would retain his rights to a potential future production bonus \u2013 payable in shares, but that he surrenders his rights under the Group Option Scheme to his existing share options. He is also entitled to a termination settlement equivalent to 6 months\u2019 fixed fees of \u00a376,020, by way of the issue of Ordinary Shares. In 2023, the Board had approved a bonus payment to the Executive Directors for the successful outcome of the MOU drilling program \u2013 to be paid 50% in shares and 50% cash. The share element was satisfied with the issue of shares in December 2023, while the cash element was deferred into 2024. In August 2024, the committee met to consider the current working capital requirements and future commitments and agreed that a cash payment of the remaining 50% was now acceptable, and the cash element of the drilling bonus of \u00a3125k was made to each of Paul Griffiths and Lonny Baumgardner Following the resignation of the Managing Director, the Board resolved to appoint a new Non-Executive Chairman, with Paul Griffiths moving to the position of CEO. Dr Steven Boldy was appointed as Non-Executive Chairman on 16 Sept 2024. Pursuant to this letter of appointment Dr Steven Boldy is entitled to an annual fee of \u00a348,000. Alistair Jury was appointed as Non-Executive Directors of the Company on 12 May 2022 and Carl Kindinger was appointed as a Non-Executive Director of the Company on 24 October 2022. Up until November 2024 Alistair Jury and Carl Kindinger were entitled to an annual fee of \u00a344,000 which includes consideration for being members of the Remuneration Committee and for being members of the Audit Committee. In November 2024 these fees were reviewed by the Board and an increase of 3% agreed in line with Jersey RPI. Carl Kindinger has a consultancy arrangement for providing additional financial reporting and corporate compliance assistance from time to time, chargeable at a rate of \u00a3100/hour. Remuneration components Up until 1 September 2023 consultancy fees and a share incentive scheme were the only two components of remuneration. The Company established a share option scheme that became effective on 24 May 2018 for a long-term incentive plan for the award of share options. During 2023 the Committee met a number of times to consider the award of a Bonus Payment to the Executive Directors \u2013 as outlined above. It was proposed that the Executive Directors service contracts be amended to include a provision for a discretionary Bonus Scheme effective from 1 September 2023 Directors\u2019 emoluments and compensation
2024 2023
Director
\u00a3
\u00a3
Dr Stephen Boldy (appointed 16 Sept 2024) 12,240 -
Moyra
Scott
(1)
(resigned 24 Sept 2024)
114,125
185,616
Geoffrey Leid
(2)
(appointed 18 April 2024)
88,465
-
Alistair Jury 45,494 40,039
Carl Kindinger 77,081 56,050
Non-Executive Total
337,405
281,705
Paul Griffiths
303,336
282,884
Lonny Baumgardner
274,956
321,622
Executive Total
578,292
604,506
Total 915,697 886,211
(1) Director of Predator Gas Ventures Limited (2) Director and in-country Manager of T-Rex Holdings (Trinidad) Limited On 1 December 2023 the Executive Directors were awarded a performance bonus in recognition of the work undertaken to bring forth the Group's drilling programme in Morocco and the successful drilling results in the sum of \u00a3250,000 each. In 2023 the bonus was part settled by the issue of 1,329,787 new Ordinary Shares to each Executive Director representing an award of \u00a3125,000 each. The remaining 50% of the performance award was paid in cash in August 2024. Pension entitlements The Company does not currently have any pension plans for any of the directors and does not pay pension amounts in relation to their remuneration. 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The Company\u2019s ordinary shares are on the Official List of the UK Listing Authority in the standard listing section of the London Stock Exchange. Predator Oil & Gas Holdings plc was incorporated in 2017 as a public limited company under Companies (Jersey) Law 1991 with registered number 125419. It is domiciled and registered at IFC5, 3rd Floor, Castle Street, St Helier, Jersey, JE2 3BY . Basis for preparation and going concern assessment The principal accounting policies adopted in the preparation of the financial information are set out below. The policies have been consistently applied throughout the current year and prior year, unless otherwise stated. These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) as adopted by the European Union and with those parts of the Companies (Jersey) Law, 1991 applicable to companies preparing their accounts under IFRS. The Company has adopted the exemption under Companies (Jersey) Law 1991 Article 105 (11) not to prepare separate accounts. The consolidated financial statements incorporate the results of Predator Oil & Gas Holdings Plc and its subsidiary undertakings as at 31 December 2024. The financial statements are prepared under the historical cost convention on a going concern basis. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions that are recognised in assets, are eliminated in full. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The preparation of financial statements requires an assessment on the validity of the going concern assumption. At 31 December 2024 the Group held \u00a33.8mil in unrestricted cash. In addition US$1.5 million was held as restricted cash. The unrestricted cash is sufficient to support a going concern. At the date of these financial statements the Directors do not expect that the Group will require further funding for the Group\u2019s corporate overheads, the Irish licence interest, the Trinidad licence and the Moroccan licence. The existing Trinidad licences are expected to become self-funding when production commences in the course of 2025. Pursuant to a placing in November 2024 total capital of \u00a32.0mil before expenses, was raised. In 2025 a quantum of these funds will be applied to testing of MOU-3 and to drilling MOU-5 in Morocco and to a minimum programme of three well workovers in Trinidad to bring two wells into production and to enhance production from a third well. Two production forecasts for 2025 are presented. A Base Case and a conservative Upside Case, where production is enhanced by applying a new to Trinidad patented chemical wax treatment for waxy oil that has been applied in Saudi Arabia by Aramco and shown to increase production by up to 3 fold. The cash flow forecasts for Trinidad production are robust and use available tax losses to increase the net-back per barrel of oil. Cash flows are sufficient to cover any Going Concern Working Capital Forecast requirements from April 2025 onwards following the drilling of MOU-5. The Group also has announced an intention to pursue various incremental activities in Trinidad and Morocco. Any such activities in Morocco are likely to be funded through a farm down of some project equity interest. The Group intends to expand its footprint in Trinidad with the acquisition of additional producing field(s) in 2025. Acquisition will be for shares and not for a cash consideration. Costs in maintaining the operations in the fields will be funded from existing cash flows for the fields targeted for acquisition. There may be significant cost savings for the Group by apportioning operating costs and administrative costs over a larger portfolio of producing assets. Further exploration activity may be required in Morocco pursuant to the outcome of the MOU-5 well, but this would not be implemented during the next 12 months unless a farm down of project equity occurred. In Ireland, if awarded, the Corrib South licence will not require funding in 2025 due to a provisional commitment reached with a farm-in partner. Progressing these discretionary activities will be dependent on a combination of potentially further equity and/or debt fund raises and in the case of Trinidad will be supported by the proceeds of oil production following the aforesaid workovers. Directors are confident that the Group will be able to meet requirements over the course of foreseeable future. Change in Accounting Policies At the date of approval of these financial statements, certain new standards, amendments and interpretations have been published by the International Accounting Standards Board but are not as yet effective and have not been adopted early by the Group. All relevant standards, amendments and interpretations will be adopted in the Group\u2019s accounting policies in the first period beginning on or after the effective date of the relevant pronouncement. At the date of authorisation of these financial statements, a number of Standards and Interpretations were in issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and interpretations, or any of the amendments made to existing standards as a result of the annual improvements cycle, will have a material effect on the financial statements in the year of initial application. Standards and amendments to existing standards effective 1 January 2024 - Amendment to IAS 1 - Classifications of Liabilities as Current or Non-current - Amendment to IFRS 16 - Lease Liability in a Sale and Leaseback - Amendment to IAS 1 - Non-current Liabilities with Covenants - Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - Amendments to IAS 12 - International Tax Reform - Pillar Two Module Rules New Standards, amendments and interpretations effective after 1 January 2024 and have not been early adopted The Group does not believe that the standards not yet effective, will have a material impact on the consolidated financial statements. Areas of estimates and judgement The preparation of the group financial statements in conformity with International Financial Reporting Standards as adopted by the European Union requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of current events and actions, actual results may ultimately differ from those estimates. a) Going concern The Group's cash flow projections indicate that the Group should have sufficient resources to continue as a going concern. As at 31 December 2024 the Group had cash of \u00a33.8 million, no debt and minimal licence commitments for the ensuing year. As a result, the Group\u2019s overheads will not require funding for a minimum of 12 months from the date of this review. In addition, the Group is fully funded for all firm operational commitments for 2025. Heretofore the Group has not generated revenues from operations. Going forward the Group will depend upon on raising equity, debt finance and licence and or joint venture partnerships to finance the Group\u2019s projects to maturity and revenue generation. The Board have reviewed a range of potential cash flow forecasts for the period to 30 April 2026, including reasonable possible downside scenarios. This has included the following assumptions: Trinidad \u2013 Cory Moruga licence For Predator Oil & Gas Trinidad Ltd., where production revenues from its wholly Trinidad owned subsidiary, T- Rex Resources (Trinidad) Limited (TRex\u2019) and 51%-owned subsidiary, Caribbean Rex Resources (Trinidad) Limited (\u201cCREX\u201d) are forecast to be generated in the Q2 2025 following a program of well workovers. The workovers will be funded partly out of existing cash resources but in some cases by a Production and Services Agreement with a local operator Nabi Construction. Leading into 2026, the Cory Moruga Production Licence provides the Group with the potential to generate strongly positive cashflows so as possibly to contribute organically towards further development of the Group\u2019s assets. Capital required for a staged field development in 2026 could be funded from operating profits generated from an increasing level of accrued gross production net profits following the well workovers. The Group may resort to the option of raising equity funding to accelerate this development if this proves to be advantageous. The Group also has the option to seek a partial or complete divestment of any producing asset to indigenous local companies, where the Group\u2019s ability to offer CO2 EOR services and expertise and the application of a patented chemical wax treatment new to Trinidad Enhances the value of the Group\u2019s assets. The Initial Work Programme agreed by TRex with the MEEI will be conducted over the next two years without any fixed commitments to be met in the first year. Morocco \u2013 Guercif licence In the case of Predator Gas Ventures Ltd., cash flow is dependent upon the Guercif drilling and rigless testing programmes successfully recovering commercial quantities of gas and potentially helium that can be developed and brought to market. Following significant gas discoveries in 2021 and 2023 a programme of rigless testing was undertaken in 2024. Rigless testing will continue in 2025 with focus on stimulating the reservoirs in MOU-3 to generate gas flow. Priority will be given to perforating and flowing the as yet untested shallow over-pressured gas in MOU-3. This contains potentially sufficient volumes to allow an application for an Exploitation Concession to be made and an initial CNG development to be progressed. The Company is seeking to drill in Q1 2025 a Jurassic target, the extreme edge of which was penetrated in the MOU-4 downdip. This will be a high impact well enabling a gas to power project in the success case. In a success case the Group would seek to monetise the project immediately through a divestment process to, most likely, an indigenous Moroccan entity. Any potential for helium in MOU-5 will take longer for an assessment of commerciality to be made. These programmes are fully funded. The Company may drill an appraisal well, to add, if successful, incremental gas resources to support and extend the production profiles of a CNG project. Funding for this discretionary drilling programme in 2025 will be either through an equity placing or the Group\u2019s internal cash resources, including the availability of production revenues generated by Cory Moruga and the opportunity for partial monetisation of gas assets in Guercif through a divestment to an indigenous entity. The Group has received a second unsolicited approach from a downstream company in Morocco to market and distribute gas from a successful MOU-3 rigless testing programme. Ireland In the case of Predator Oil and Gas Ventures Ltd., cash commitments are insignificant and no substantive expenditures are anticipated going forward in 2025. The Group is awaiting the outcome of an applications for a successor authorisation to Licensing Option 16/26 (Corrib South) which is under active consideration as confirmed by the Department of the Environment, Climate and Communications (\u201cDECC\u201d). There are not likely to be any significant funding implications emerging from this process in 2025 as the Group has been notified by a potential farminee of an intention to farm into Corrib South upon award of a successor authorisation.. In the future, the potential exists for the Company, as promoters of a LNG project to receive introduction and service providers\u2019 fees and a free minority equity position in a joint venture vehicle to move to the project development stage. Under these circumstances the inter-company loan would constitute past costs contributing to the level of free equity. Recovery of the relatively modest inter-company loan therefore has a variety of ways of being repaid. A potential award of the Corrib South successor licence and a closing of a farm down to one of the Corrib gas field owners would potentially grant the Group access rights to the Corrib infrastructure with which to re- purpose the Mag Mell FSRU project to deliver LNG to the Corrib pipeline and for potential gas storage at Corrib South. The change in the Irish Government coalition and the deteriorating situation with relation to gas supplies and gas storage in Europe provides an incentive for a new government policy in relation to security of energy and gas supply. This is reflected in the increased level of communication between the DECC and the Group over the Corrib South application for a successor authorisation. b) Share based payments The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity instruments. The Group operates an equity settled share option scheme for directors. The increase in equity is measured by reference to the fair value of equity instruments at the date of grant. The liabilities incurred under these arrangements are assumed to be converted into shares in the parent company, under an option arrangement. The fair value of the service received in exchange for the grant of options and warrants is recognised as an expense. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date of equity-settled share-based payment is expensed over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions. During the year, the Company issued warrants in lieu of fees to stockbrokers. The charge is recognised within the statement of changes in equity. The valuation of these warrants involves making a number of estimates relating to price volatility, future dividend yields and continuous growth rates (see Note 19). The fair value of the share options is estimated by using the Black Scholes model on the date of grant based on certain assumptions. Those assumptions are described in note 21 and include, among others, the expected volatility and expected life of the options. The expected life used in the model is, based on management\u2019s best estimate, for the effects of non-transferability exercise restrictions and behavioural considerations. The market price used in the model is the market price at the date of the issue of the options. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the warrants, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons or entities other than staff, the fair value of goods and services received is charged to profit or loss, except where it is in respect to costs associated with the issue of shares, in which case, it is charged to the share capital account. The fair values calculated are inherently subjective and uncertain due to the assumptions made and the limitation of the calculations used. Further details of the specific amounts concerned are given in note 21. c) Intangible assets - Project Guercif All expenditure relating to oil and gas activities is capitalised in accordance with the \u201csuccessful efforts\u201d method of accounting, as described in IFRS 6 - \"Exploration for and Evaluation of Mineral Resources\". Under this standard, the Group\u2019s exploration and appraisal activities are capitalised as intangible assets. The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is complete or commercial reserves have been discovered. If no commercial reserves exist, then that particular exploration/appraisal effort was \u201cunsuccessful\u201d and the costs are written off to the income statement in the period in which the evaluation is made. The success or failure of each exploration/appraisal effort is judged on a field by field basis. Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate portion of the net capitalised costs of the asset. Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is calculated to write off the expected cost of each asset over its life in line with the depletion of proved and probable reserves. For more information, please refer to note 12. Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the acquisition date. Identifiable assets acquired and liabilities assumed are measured and recognized at their fair value at the date of the acquisition, with the exception of income taxes, and lease liabilities. Any deferred tax asset or liability arising from a business combination is recognized at the acquisition date. Transaction costs associated with a business combination are expensed as incurred. Results of acquisitions are included in the financial statements from the closing date of the acquisition. If the consideration of the acquisition is less than the fair value of the net assets received, the difference is recognized immediately in the statements of comprehensive income. If the consideration of the acquisition is greater than the fair value of the net assets received, the difference is recognised as goodwill on the consolidated balance sheet. The directors have included provisional fair values within the business combination note as presented above, which represent their best estimates using information available at the year end. Under IFRS 3, there is a measurement period which shall not exceed one year from the acquisition date, during which the company can, if necessary, retrospectively adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Basis of consolidation Where the Group has control over an investee, it is classified as a subsidiary. The Group controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries (\"the Group\") as if they formed a single entity. Inter-company transactions and balances between Group companies are therefore eliminated in full. Uniform accounting policies are applied across the Group. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquirer\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. Intangible assets Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral resources and includes exploration and mineral licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest, other than that acquired from another entity, is charged to the consolidated statement of income as incurred except when the expenditure is expected to be recouped from future exploitation or sale of the area of interest and it is planned to continue with active and significant operations in relation to the area, or at the reporting period end, the activity has not reached a stage which permits a reasonable assessment of the existence of commercially recoverable reserves, in which case the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired. Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Statement of comprehensive income. Financial assets The Financial assets currently held by the Group and Company are classified as loans and receivables and cash and cash equivalents. These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method less provision for impairment. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Cash and cash equivalents These amounts comprise cash on hand and balances with banks. Cash equivalents are short term, highly liquid accounts that are readily converted to known amounts of cash. They include short-term bank deposits and short- term investments. Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the conclusion of conditions precedent to completion of a contract, are disclosed separately as \u201cRestricted cash\u201d. The security deposit is recognised within trade and other receivables in note 16. There is no significant difference between the carrying value and fair value of receivables. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flow from the asset expire, or it transfers the asset and substantially all the risk and rewards of ownership of the asset to another entity. Financial liabilities The Group\u2019s financial liabilities consist of trade and other payables (including short terms loans) and long term secured borrowings. These are initially recognised at fair value and subsequently carried at amortised cost, using the effective interest method. All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss. Where any liability carries a right to convertibility into shares in the Group, the fair value of the equity and liability portions of the liability is determined at the date that the convertible instrument is issued, by use of appropriate discount factors. Derecognition The Group derecognises a financial liability when the obligations are discharged, cancelled or they expire. Foreign currency The functional currency of the Group and all of its subsidiaries except for TRex, is the British Pound Sterling. Th functional currency of TRex is the Trinidad Dollar. Transactions entered into by the Group entities in a currency other than the currency of the primary economic environment in which it operates (the \u201cfunctional currency\u201d) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the date of the statement of financial position. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are similarly recognised immediately in profit or loss, except for foreign currency borrowings qualifying as a hedge of a net investment in a foreign operation. The exchange rates applied at each reporting date were as follows: 31 December 2024 - \u00a31: \u00a31 : US$1.2548, \u00a31 : Euro1.12059 , \u00a31 : MAD12.6916 and \u00a31: TT$ 8.53 31 December 2023 - \u00a31: \u00a31 : US$1.2731, \u00a31 : Euro1.1505 , \u00a31 : MAD12.5947 and \u00a31: TT$ 8.34 Plant and equipment Plant and equipment owned by the Group relates solely to computer equipment. Depreciation is provided on equipment so as to write off the carrying value of items over their expected useful economic lives. It is applied at the following rates: Computer equipment \u2013 20% per annum, straight line Share options and Equity Instruments Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than consultants, the fair value of goods and services received is charged to profit or loss, except where it is in respect to costs associated with the issue of shares, in which case, it is charged to the share capital or share premium account. Equity instruments Share capital represents the amount subscribed for shares at each of the placings. The reconstruction reserve account represents premiums received on the share capital of subsidiaries and also includes directly related share issue costs. Warrants issuance cost reserve includes any costs relating to warrants issued for services rendered accounted for in accordance with IFRS 2 \u2013 Equity-settled instruments. The share-based payments reserve represents equity-settled shared-based employee remuneration for the fair value of the options issued. Retained earnings include all current and prior period results as disclosed in the Statement of comprehensive income, less dividends paid to the owners of the Company. Taxation With the exception of TRex which is registered in Trinidad and Tobago, the Company and all subsidiaries (\u2018the Group\u2019) are registered in Jersey, Channel Islands and are taxed at the Jersey company standard rate of 0%. However, the Group\u2019s projects are situated in jurisdictions where taxation may become applicable to local operations. The major components of income tax on the profit or loss include current and deferred tax. Current tax Current tax is based on the profit or loss adjusted for items that are non-assessable or disallowed and is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Tax is charged or credited to the statement of comprehensive income, except when the tax relates to items credited or charged directly to equity, in which case the tax is also dealt with in equity. Deferred tax Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the statement of financial position differs to its tax base, except for differences arising on: \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and \u2022 Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference and it is probable that the differences will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when deferred tax liabilities/ (assets) are settled/ (recovered). Deferred tax balances are not discounted. Predator Gas Ventures Limited has a Withholding Tax Liability in Morocco for all services that are carried out in in relation to wells. Withholding tax is charged at a rate of 10% on all services (excluding materials) and is capitalised to the relevant well. The withholding tax liability at 31 December 2024 was \u00a3593,923. (see note 17)", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "General information Predator Oil & Gas Holdings Plc (\u201cthe Company\u201d) and its subsidiaries (together \u201cthe Group\u201d) are engaged principally in the operation of an oil and gas development business in the Republic of Trinidad and Tobago and an exploration and appraisal portfolio in Ireland and Morocco. The Company\u2019s ordinary shares are on the Official List of the UK Listing Authority in the standard listing section of the London Stock Exchange. Predator Oil & Gas Holdings plc was incorporated in 2017 as a public limited company under Companies (Jersey) Law 1991 with registered number 125419. It is domiciled and registered at IFC5, 3rd Floor, Castle Street, St Helier, Jersey, JE2 3BY .", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-277": { "value": "a public limited company under Companies (Jersey) Law 1991", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "value": "IFC5, 3rd Floor, Castle Street, St Helier, Jersey, JE2 3BY ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "value": "
Basis for preparation and going concern assessment
The principal accounting policies adopted in the preparation of the financial information are set out below. The
policies have been consistently applied throughout the current year and prior year, unless otherwise stated.
These financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRSs and IFRIC interpretations) as adopted by the European Union and with those parts of the Companies
(Jersey) Law, 1991 applicable to companies preparing their accounts under IFRS. The Company has adopted the
exemption under Companies (Jersey) Law 1991 Article 105 (11) not to prepare separate accounts.
The consolidated financial statements incorporate the results of Predator Oil & Gas Holdings Plc and its
subsidiary undertakings as at 31 December 2024.
The financial statements are prepared under the historical cost convention on a going concern basis. The
financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using
consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and
losses resulting from intra-group transactions that are recognised in assets, are eliminated in full. Subsidiaries
are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control ceases.
The preparation of financial statements requires an assessment on the validity of the going concern assumption.
At 31 December 2024 the Group held \u00a33.8mil in unrestricted cash. In addition US$1.5 million was held as
restricted cash. The unrestricted cash is sufficient to support a going concern. At the date of these financial
statements the Directors do not expect that the Group will require further funding for the Group\u2019s corporate
overheads, the Irish licence interest, the Trinidad licence and the Moroccan licence. The existing Trinidad
licences are expected to become self-funding when production commences in the course of 2025. Pursuant to
a placing in November 2024 total capital of \u00a32.0mil before expenses, was raised. In 2025 a quantum of these
funds will be applied to testing of MOU-3 and to drilling MOU-5 in Morocco and to a minimum programme of
three well workovers in Trinidad to bring two wells into production and to enhance production from a third well.
Two production forecasts for 2025 are presented. A Base Case and a conservative Upside Case, where
production is enhanced by applying a new to Trinidad patented chemical wax treatment for waxy oil that has
been applied in Saudi Arabia by Aramco and shown to increase production by up to 3 fold. The cash flow
forecasts for Trinidad production are robust and use available tax losses to increase the net-back per barrel of
oil. Cash flows are sufficient to cover any Going Concern Working Capital Forecast requirements from April 2025
onwards following the drilling of MOU-5. The Group also has announced an intention to pursue various
incremental activities in Trinidad and Morocco. Any such activities in Morocco are likely to be funded through a
farm down of some project equity interest. The Group intends to expand its footprint in Trinidad with the
acquisition of additional producing field(s) in 2025. Acquisition will be for shares and not for a cash consideration.
Costs in maintaining the operations in the fields will be funded from existing cash flows for the fields targeted
for acquisition. There may be significant cost savings for the Group by apportioning operating costs and
administrative costs over a larger portfolio of producing assets. Further exploration activity may be required in
Morocco pursuant to the outcome of the MOU-5 well, but this would not be implemented during the next 12
months unless a farm down of project equity occurred. In Ireland, if awarded, the Corrib South licence will not
require funding in 2025 due to a provisional
commitment reached with a farm-in partner. Progressing these discretionary activities will be dependent on a
combination of potentially further equity and/or debt fund raises and in the case of Trinidad will be supported
by the proceeds of oil production following the aforesaid workovers. Directors are confident that the Group
will be able to meet requirements over the course of foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) as adopted by the European Union and with those parts of the Companies (Jersey) Law, 1991 applicable to companies preparing their accounts under IFRS. The Company has adopted the exemption under Companies (Jersey) Law 1991 Article 105 (11) not to prepare separate accounts. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "The financial statements are prepared under the historical cost convention on a going concern basis. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions that are recognised in assets, are eliminated in full. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The preparation of financial statements requires an assessment on the validity of the going concern assumption. At 31 December 2024 the Group held \u00a33.8mil in unrestricted cash. In addition US$1.5 million was held as restricted cash. The unrestricted cash is sufficient to support a going concern. At the date of these financial statements the Directors do not expect that the Group will require further funding for the Group\u2019s corporate overheads, the Irish licence interest, the Trinidad licence and the Moroccan licence. The existing Trinidad licences are expected to become self-funding when production commences in the course of 2025. Pursuant to a placing in November 2024 total capital of \u00a32.0mil before expenses, was raised. In 2025 a quantum of these funds will be applied to testing of MOU-3 and to drilling MOU-5 in Morocco and to a minimum programme of three well workovers in Trinidad to bring two wells into production and to enhance production from a third well. Two production forecasts for 2025 are presented. A Base Case and a conservative Upside Case, where production is enhanced by applying a new to Trinidad patented chemical wax treatment for waxy oil that has been applied in Saudi Arabia by Aramco and shown to increase production by up to 3 fold. The cash flow forecasts for Trinidad production are robust and use available tax losses to increase the net-back per barrel of oil. Cash flows are sufficient to cover any Going Concern Working Capital Forecast requirements from April 2025 onwards following the drilling of MOU-5. The Group also has announced an intention to pursue various incremental activities in Trinidad and Morocco. Any such activities in Morocco are likely to be funded through a farm down of some project equity interest. The Group intends to expand its footprint in Trinidad with the acquisition of additional producing field(s) in 2025. Acquisition will be for shares and not for a cash consideration. Costs in maintaining the operations in the fields will be funded from existing cash flows for the fields targeted for acquisition. There may be significant cost savings for the Group by apportioning operating costs and administrative costs over a larger portfolio of producing assets. Further exploration activity may be required in Morocco pursuant to the outcome of the MOU-5 well, but this would not be implemented during the next 12 months unless a farm down of project equity occurred. In Ireland, if awarded, the Corrib South licence will not require funding in 2025 due to a provisional commitment reached with a farm-in partner. Progressing these discretionary activities will be dependent on a combination of potentially further equity and/or debt fund raises and in the case of Trinidad will be supported by the proceeds of oil production following the aforesaid workovers. Directors are confident that the Group will be able to meet requirements over the course of foreseeable future.
a) Going concern
The Group's cash flow projections indicate that the Group should have sufficient resources to continue as a going
concern. As at 31 December 2024 the Group had cash of \u00a33.8 million, no debt and minimal licence commitments
for the ensuing year. As a result, the Group\u2019s overheads will not require funding for a minimum of 12 months
from the date of this review. In addition, the Group is fully funded for all firm operational commitments for 2025.
Heretofore the Group has not generated revenues from operations. Going forward the Group will depend upon
on raising equity, debt finance and licence and or joint venture partnerships to finance the Group\u2019s projects to
maturity and revenue generation.
The Board have reviewed a range of potential cash flow forecasts for the period to 30 April 2026, including
reasonable possible downside scenarios. This has included the following assumptions:
Trinidad \u2013 Cory Moruga licence
For Predator Oil & Gas Trinidad Ltd., where production revenues from its wholly Trinidad owned subsidiary, T-
Rex Resources (Trinidad) Limited (TRex\u2019) and 51%-owned subsidiary, Caribbean Rex Resources (Trinidad) Limited
(\u201cCREX\u201d) are forecast to be generated in the Q2 2025 following a program of well workovers. The workovers will
be funded partly out of existing cash resources but in some cases by a Production and Services Agreement with
a local operator Nabi Construction. Leading into 2026, the Cory Moruga Production Licence provides the Group
with the potential to generate strongly positive cashflows so as possibly to contribute organically towards
further development of the Group\u2019s assets. Capital required for a staged field development in 2026 could be
funded from operating profits generated from an increasing level of accrued gross production net profits
following the well workovers. The Group may resort to the option of raising equity funding to accelerate this
development if this proves to be advantageous. The Group also has the option to seek a partial or complete
divestment of any producing asset to indigenous local companies, where the Group\u2019s ability to offer CO2 EOR
services and expertise and the application of a patented chemical wax treatment new to Trinidad Enhances the
value of the Group\u2019s assets.
The Initial Work Programme agreed by TRex with the MEEI will be conducted over the next two years without
any fixed commitments to be met in the first year.
Morocco \u2013 Guercif licence
In the case of Predator Gas Ventures Ltd., cash flow is dependent upon the Guercif drilling and rigless testing
programmes successfully recovering commercial quantities of gas and potentially helium that can be developed
and brought to market. Following significant gas discoveries in 2021 and 2023 a programme of rigless testing
was undertaken in 2024. Rigless testing will continue in 2025 with focus on stimulating the reservoirs in MOU-3
to generate gas flow. Priority will be given to perforating and flowing the as yet untested shallow over-pressured
gas in MOU-3. This contains potentially sufficient volumes to allow an application for an Exploitation Concession
to be made and an initial CNG development to be progressed. The Company is seeking to drill in Q1 2025 a
Jurassic target, the extreme edge of which was penetrated in the MOU-4 downdip. This will be a high impact
well enabling a gas to power project in the success case. In a success case the Group would seek to monetise
the project immediately through a divestment process to, most likely, an indigenous Moroccan entity. Any
potential for helium in MOU-5 will take longer for an assessment of commerciality to be made. These
programmes are fully funded. The Company may drill an appraisal well, to add, if successful, incremental gas
resources to support and extend the production profiles of a CNG project. Funding for this discretionary drilling
programme in 2025 will be either through an equity placing or the Group\u2019s internal cash resources, including the
availability of production revenues generated by Cory Moruga and the opportunity for partial monetisation of
gas assets in Guercif through a divestment to an indigenous entity. The Group has received a second unsolicited
approach from a downstream company in Morocco to market and distribute gas from a successful MOU-3 rigless
testing programme.
Ireland
In the case of Predator Oil and Gas Ventures Ltd., cash commitments are insignificant and no substantive
expenditures are anticipated going forward in 2025. The Group is awaiting the outcome of an applications for a
successor authorisation to Licensing Option 16/26 (Corrib South) which is under active consideration as
confirmed by the Department of the Environment, Climate and Communications (\u201cDECC\u201d). There are not likely
to be any significant funding implications emerging from this process in 2025 as the Group has been notified by
a potential farminee of an intention to farm into Corrib South upon award of a successor authorisation.. In the
future, the potential exists for the Company, as promoters of a LNG project to receive introduction and service
providers\u2019 fees and a free minority equity position in a joint venture vehicle to move to the project development
stage. Under these circumstances the inter-company loan would constitute past costs contributing to the level
of free equity. Recovery of the relatively modest inter-company loan therefore has a variety of ways of being repaid. A potential award of the Corrib South successor licence and a closing of a farm down to one of the Corrib gas field owners would potentially grant the Group access rights to the Corrib infrastructure with which to re- purpose the Mag Mell FSRU project to deliver LNG to the Corrib pipeline and for potential gas storage at Corrib South. The change in the Irish Government coalition and the deteriorating situation with relation to gas supplies and gas storage in Europe provides an incentive for a new government policy in relation to security of energy and gas supply. This is reflected in the increased level of communication between the DECC and the Group over the Corrib South application for a successor authorisation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "
Change in Accounting Policies
At the date of approval of these financial statements, certain new standards, amendments and interpretations
have been published by the International Accounting Standards Board but are not as yet effective and have not
been adopted early by the Group. All relevant standards, amendments and interpretations will be adopted in
the Group\u2019s accounting policies in the first period beginning on or after the effective date of the relevant
pronouncement.
At the date of authorisation of these financial statements, a number of Standards and Interpretations were in
issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and
interpretations, or any of the amendments made to existing standards as a result of the annual improvements
cycle, will have a material effect on the financial statements in the year of initial application.
Standards and amendments to existing standards effective 1 January 2024
- Amendment to IAS 1 - Classifications of Liabilities as Current or Non-current
- Amendment to IFRS 16 - Lease Liability in a Sale and Leaseback
- Amendment to IAS 1 - Non-current Liabilities with Covenants
- Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements
- Amendments to IAS 12 - International Tax Reform - Pillar Two Module Rules
New Standards, amendments and interpretations effective after 1 January 2024 and have not been early
adopted
The Group does not believe that the standards not yet effective, will have a material impact on the consolidated
financial statements.
27. Prior year adjustments
1. \u00a34,497,179 has been recognised as an intangible asset on consolidation of TRex\u2019s balance sheet with POGT
in respect of the valuation of Cory Moruga. This compares to an intangible asset of \u00a35,251,939 recognised in
the Group\u2019s consolidated balance sheet at 31December 2023. The difference is accounted for by showing a
US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT, it\u2019s
parent company, and not a cost of acquiring TRex. Accordingly a prior adjustment of \u00a3775,224 has been
recognised reducing the intangible asset to \u00a34,497,179.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are:
31.12.23 31.12.23 01.01.2024 01.01.2024
(restated) (restated)
(audited) (audited)
Consideration
US$
\u00a3
US$
\u00a3
Transfer to CEG
1,000,000
810,066
1,000,000
810,066
Transfer to MEEI
1,000,000
810,066
-
-
FRAM loan unwind
762,216
643,905
762,216
643,906
Unrealised Foreign exchange difference
-
(2,943)
Costs of acquisition
-
-
-
-
Total
2,762,216
2,264,037
1,762,216
1,451,029
T-Rex
Assets and Liabilities
\u00a3
\u00a3
Trade and other receivables
584,130
601,343
Intangible asset
5,251,939
4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)
(3,627,028)
Total
2,264,037
1,451,029
2. Historically \u00a3203,474 in well insurance for drilling operations in Morocco has been expensed to the income
statement, but in the current year deemed to be accruing to the Guercif intangible asset.
Historically \u00a3489, 629 in Withholding taxes payable on operations in Morocco has been expensed to the
income statement, but in the current year deemed to be accruing to the Guercif intangible asset.
This has resulted in an adjustment of \u00a3693,103 reducing the prior year operating loss and the prior year
retained deficit.
Consolidated statement of comprehensive income
For the year ended 31 December 2023
Restated
Previously state
d
Notes
\u00a3
\u00a3
Administrative expenses
4
(1,639,501)
(3,224,721)
Performance and Compensa ti on Bonuses
5
(1,007,599)
-
Share based payments
6
(1,540,481)
(1,540,481)
Total operating expenses
(4,187,581)
(4,765,202)
Operating loss
(4,187,581)
(4,765,202)
Finance Income
3
36,495
36,495
Finance expense
7
(87,277)
(87,277)
Loss for the year before taxation
(4,238,363)
(4,815,984)
Taxation
8
-
-
Loss for the year after taxation
(4,238,363)
(4,815,984)
Total comprehensive loss for the year attributable to the owner of the parent
(4,238,363)
(4,815,984)
Earnings per share basic and diluted (pence)
10
(1.050)
(1.193)
01.01.2023 to
31.12.2023
01.01.2023 to
31.12.2023
Consolidated statement of financial position
As at 31 December 2023
Previously
Restated
Stated
31.12.2023
31.12.2023
Notes
\u00a3
-
Non-current assets
Tangible fixed assets
13
1,181
1,181
Intangible assets
12
17,505,809
17,587,929
17,506,990
17,589,110
Current assets
Trade and other receivables
15
1,871,960
1,852,821
Cash and cash equivalents
16
6,484,034
6,484,034
8,355,994
8,336,855
Total assets
25,862,984
25,925,965
Equity attributable to the owner of the parent
Share capital
19
33,067,028
33,067,028
Reconstruction reserve
531,233
531,233
Warrants issuance cost
20
(1,711,756)
(1,711,756)
Share based payments reserve
20
2,844,770
2,844,770
Retained deficit
(13,129,372)
(13,822,475)
Total equity
21,601,903
20,908,800
Current liabilities
Trade and other payables
17
4,261,081
5,017,165
Total liabilities
4,261,081
5,017,165
Total liabilities and equity
25,862,984
25,925,965
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "Change in Accounting Policies At the date of approval of these financial statements, certain new standards, amendments and interpretations have been published by the International Accounting Standards Board but are not as yet effective and have not been adopted early by the Group. All relevant standards, amendments and interpretations will be adopted in the Group\u2019s accounting policies in the first period beginning on or after the effective date of the relevant pronouncement. At the date of authorisation of these financial statements, a number of Standards and Interpretations were in issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and interpretations, or any of the amendments made to existing standards as a result of the annual improvements cycle, will have a material effect on the financial statements in the year of initial application. Standards and amendments to existing standards effective 1 January 2024 - Amendment to IAS 1 - Classifications of Liabilities as Current or Non-current - Amendment to IFRS 16 - Lease Liability in a Sale and Leaseback - Amendment to IAS 1 - Non-current Liabilities with Covenants - Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - Amendments to IAS 12 - International Tax Reform - Pillar Two Module Rules ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "Change in Accounting Policies At the date of approval of these financial statements, certain new standards, amendments and interpretations have been published by the International Accounting Standards Board but are not as yet effective and have not been adopted early by the Group. All relevant standards, amendments and interpretations will be adopted in the Group\u2019s accounting policies in the first period beginning on or after the effective date of the relevant pronouncement. At the date of authorisation of these financial statements, a number of Standards and Interpretations were in issue but were not yet effective. The Directors do not anticipate that the adoption of these standards and interpretations, or any of the amendments made to existing standards as a result of the annual improvements cycle, will have a material effect on the financial statements in the year of initial application. Standards and amendments to existing standards effective 1 January 2024 - Amendment to IAS 1 - Classifications of Liabilities as Current or Non-current - Amendment to IFRS 16 - Lease Liability in a Sale and Leaseback - Amendment to IAS 1 - Non-current Liabilities with Covenants - Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - Amendments to IAS 12 - International Tax Reform - Pillar Two Module Rules New Standards, amendments and interpretations effective after 1 January 2024 and have not been early adopted The Group does not believe that the standards not yet effective, will have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "Areas of estimates and judgement The preparation of the group financial statements in conformity with International Financial Reporting Standards as adopted by the European Union requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of current events and actions, actual results may ultimately differ from those estimates. a) Going concern The Group's cash flow projections indicate that the Group should have sufficient resources to continue as a going concern. As at 31 December 2024 the Group had cash of \u00a33.8 million, no debt and minimal licence commitments for the ensuing year. As a result, the Group\u2019s overheads will not require funding for a minimum of 12 months from the date of this review. In addition, the Group is fully funded for all firm operational commitments for 2025. Heretofore the Group has not generated revenues from operations. Going forward the Group will depend upon on raising equity, debt finance and licence and or joint venture partnerships to finance the Group\u2019s projects to maturity and revenue generation. The Board have reviewed a range of potential cash flow forecasts for the period to 30 April 2026, including reasonable possible downside scenarios. This has included the following assumptions: Trinidad \u2013 Cory Moruga licence For Predator Oil & Gas Trinidad Ltd., where production revenues from its wholly Trinidad owned subsidiary, T- Rex Resources (Trinidad) Limited (TRex\u2019) and 51%-owned subsidiary, Caribbean Rex Resources (Trinidad) Limited (\u201cCREX\u201d) are forecast to be generated in the Q2 2025 following a program of well workovers. The workovers will be funded partly out of existing cash resources but in some cases by a Production and Services Agreement with a local operator Nabi Construction. Leading into 2026, the Cory Moruga Production Licence provides the Group with the potential to generate strongly positive cashflows so as possibly to contribute organically towards further development of the Group\u2019s assets. Capital required for a staged field development in 2026 could be funded from operating profits generated from an increasing level of accrued gross production net profits following the well workovers. The Group may resort to the option of raising equity funding to accelerate this development if this proves to be advantageous. The Group also has the option to seek a partial or complete divestment of any producing asset to indigenous local companies, where the Group\u2019s ability to offer CO2 EOR services and expertise and the application of a patented chemical wax treatment new to Trinidad Enhances the value of the Group\u2019s assets. The Initial Work Programme agreed by TRex with the MEEI will be conducted over the next two years without any fixed commitments to be met in the first year. Morocco \u2013 Guercif licence In the case of Predator Gas Ventures Ltd., cash flow is dependent upon the Guercif drilling and rigless testing programmes successfully recovering commercial quantities of gas and potentially helium that can be developed and brought to market. Following significant gas discoveries in 2021 and 2023 a programme of rigless testing was undertaken in 2024. Rigless testing will continue in 2025 with focus on stimulating the reservoirs in MOU-3 to generate gas flow. Priority will be given to perforating and flowing the as yet untested shallow over-pressured gas in MOU-3. This contains potentially sufficient volumes to allow an application for an Exploitation Concession to be made and an initial CNG development to be progressed. The Company is seeking to drill in Q1 2025 a Jurassic target, the extreme edge of which was penetrated in the MOU-4 downdip. This will be a high impact well enabling a gas to power project in the success case. In a success case the Group would seek to monetise the project immediately through a divestment process to, most likely, an indigenous Moroccan entity. Any potential for helium in MOU-5 will take longer for an assessment of commerciality to be made. These programmes are fully funded. The Company may drill an appraisal well, to add, if successful, incremental gas resources to support and extend the production profiles of a CNG project. Funding for this discretionary drilling programme in 2025 will be either through an equity placing or the Group\u2019s internal cash resources, including the availability of production revenues generated by Cory Moruga and the opportunity for partial monetisation of gas assets in Guercif through a divestment to an indigenous entity. The Group has received a second unsolicited approach from a downstream company in Morocco to market and distribute gas from a successful MOU-3 rigless testing programme. Ireland In the case of Predator Oil and Gas Ventures Ltd., cash commitments are insignificant and no substantive expenditures are anticipated going forward in 2025. The Group is awaiting the outcome of an applications for a successor authorisation to Licensing Option 16/26 (Corrib South) which is under active consideration as confirmed by the Department of the Environment, Climate and Communications (\u201cDECC\u201d). There are not likely to be any significant funding implications emerging from this process in 2025 as the Group has been notified by a potential farminee of an intention to farm into Corrib South upon award of a successor authorisation.. In the future, the potential exists for the Company, as promoters of a LNG project to receive introduction and service providers\u2019 fees and a free minority equity position in a joint venture vehicle to move to the project development stage. Under these circumstances the inter-company loan would constitute past costs contributing to the level of free equity. Recovery of the relatively modest inter-company loan therefore has a variety of ways of being repaid. A potential award of the Corrib South successor licence and a closing of a farm down to one of the Corrib gas field owners would potentially grant the Group access rights to the Corrib infrastructure with which to re- purpose the Mag Mell FSRU project to deliver LNG to the Corrib pipeline and for potential gas storage at Corrib South. The change in the Irish Government coalition and the deteriorating situation with relation to gas supplies and gas storage in Europe provides an incentive for a new government policy in relation to security of energy and gas supply. This is reflected in the increased level of communication between the DECC and the Group over the Corrib South application for a successor authorisation. b) Share based payments The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity instruments. The Group operates an equity settled share option scheme for directors. The increase in equity is measured by reference to the fair value of equity instruments at the date of grant. The liabilities incurred under these arrangements are assumed to be converted into shares in the parent company, under an option arrangement. The fair value of the service received in exchange for the grant of options and warrants is recognised as an expense. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date of equity-settled share-based payment is expensed over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions. During the year, the Company issued warrants in lieu of fees to stockbrokers. The charge is recognised within the statement of changes in equity. The valuation of these warrants involves making a number of estimates relating to price volatility, future dividend yields and continuous growth rates (see Note 19). The fair value of the share options is estimated by using the Black Scholes model on the date of grant based on certain assumptions. Those assumptions are described in note 21 and include, among others, the expected volatility and expected life of the options. The expected life used in the model is, based on management\u2019s best estimate, for the effects of non-transferability exercise restrictions and behavioural considerations. The market price used in the model is the market price at the date of the issue of the options. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the warrants, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons or entities other than staff, the fair value of goods and services received is charged to profit or loss, except where it is in respect to costs associated with the issue of shares, in which case, it is charged to the share capital account. The fair values calculated are inherently subjective and uncertain due to the assumptions made and the limitation of the calculations used. Further details of the specific amounts concerned are given in note 21. c) Intangible assets - Project Guercif All expenditure relating to oil and gas activities is capitalised in accordance with the \u201csuccessful efforts\u201d method of accounting, as described in IFRS 6 - \"Exploration for and Evaluation of Mineral Resources\". Under this standard, the Group\u2019s exploration and appraisal activities are capitalised as intangible assets. The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is complete or commercial reserves have been discovered. If no commercial reserves exist, then that particular exploration/appraisal effort was \u201cunsuccessful\u201d and the costs are written off to the income statement in the period in which the evaluation is made. The success or failure of each exploration/appraisal effort is judged on a field by field basis. Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate portion of the net capitalised costs of the asset. Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is calculated to write off the expected cost of each asset over its life in line with the depletion of proved and probable reserves. For more information, please refer to note 12. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "value": "b) Share based payments The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity instruments. The Group operates an equity settled share option scheme for directors. The increase in equity is measured by reference to the fair value of equity instruments at the date of grant. The liabilities incurred under these arrangements are assumed to be converted into shares in the parent company, under an option arrangement. The fair value of the service received in exchange for the grant of options and warrants is recognised as an expense. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date of equity-settled share-based payment is expensed over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions. During the year, the Company issued warrants in lieu of fees to stockbrokers. The charge is recognised within the statement of changes in equity. The valuation of these warrants involves making a number of estimates relating to price volatility, future dividend yields and continuous growth rates (see Note 19). The fair value of the share options is estimated by using the Black Scholes model on the date of grant based on certain assumptions. Those assumptions are described in note 21 and include, among others, the expected volatility and expected life of the options. The expected life used in the model is, based on management\u2019s best estimate, for the effects of non-transferability exercise restrictions and behavioural considerations. The market price used in the model is the market price at the date of the issue of the options. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the warrants, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons or entities other than staff, the fair value of goods and services received is charged to profit or loss, except where it is in respect to costs associated with the issue of shares, in which case, it is charged to the share capital account. The fair values calculated are inherently subjective and uncertain due to the assumptions made and the limitation of the calculations used. Further details of the specific amounts concerned are given in note 21.
Share options and Equity Instruments
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the
options, measured immediately before and after the modification, is also charged to profit or loss over the
remaining vesting period. Where equity instruments are granted to persons other than consultants, the fair
value of goods and services received is charged to profit or loss, except where it is in respect to costs associated
with the issue of shares, in which case, it is charged to the share capital or share premium account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "value": "
c) Intangible assets - Project Guercif
All expenditure relating to oil and gas activities is capitalised in accordance with the \u201csuccessful efforts\u201d method
of accounting, as described in IFRS 6 - \"Exploration for and Evaluation of Mineral Resources\". Under this
standard, the Group\u2019s exploration and appraisal activities are capitalised as intangible assets.
The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination
of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based
on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and
appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is
complete or commercial reserves have been discovered.
If no commercial reserves exist, then that particular exploration/appraisal effort was \u201cunsuccessful\u201d and the
costs are written off to the income statement in the period in which the evaluation is made. The success or
failure of each exploration/appraisal effort is judged on a field by field basis.
Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised
costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration
assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is
recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate
portion of the net capitalised costs of the asset.
Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is
calculated to write off the expected cost of each asset over its life in line with the depletion of proved and
probable reserves.
For more information, please refer to note 12.
Intangible assets
Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of
potential mineral resources and includes exploration and mineral licences, researching and analysing historical
exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies.
Exploration and evaluation expenditure for each area of interest, other than that acquired from another entity,
is charged to the consolidated statement of income as incurred except when the expenditure is expected to be
recouped from future exploitation or sale of the area of interest and it is planned to continue with active and
significant operations in relation to the area, or at the reporting period end, the activity has not reached a stage
which permits a reasonable assessment of the existence of commercially recoverable reserves, in which case
the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at their fair value at
acquisition. As the capitalised exploration and evaluation expenditure asset is not available for use, it is not
depreciated.
Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or
when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.
The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are
based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation
expenditure to be reversed should the conditions which led to the impairment improve. The Group continually
monitors the position of the projects capitalised and impaired.
Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the
discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such
activities of that unit, the associated expenditures are written off to the Statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "c) Intangible assets - Project Guercif All expenditure relating to oil and gas activities is capitalised in accordance with the \u201csuccessful efforts\u201d method of accounting, as described in IFRS 6 - \"Exploration for and Evaluation of Mineral Resources\". Under this standard, the Group\u2019s exploration and appraisal activities are capitalised as intangible assets. The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is complete or commercial reserves have been discovered. If no commercial reserves exist, then that particular exploration/appraisal effort was \u201cunsuccessful\u201d and the costs are written off to the income statement in the period in which the evaluation is made. The success or failure of each exploration/appraisal effort is judged on a field by field basis. Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate portion of the net capitalised costs of the asset. Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is calculated to write off the expected cost of each asset over its life in line with the depletion of proved and probable reserves. For more information, please refer to note 12. Intangible assets Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral resources and includes exploration and mineral licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest, other than that acquired from another entity, is charged to the consolidated statement of income as incurred except when the expenditure is expected to be recouped from future exploitation or sale of the area of interest and it is planned to continue with active and significant operations in relation to the area, or at the reporting period end, the activity has not reached a stage which permits a reasonable assessment of the existence of commercially recoverable reserves, in which case the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired. Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "c) Intangible assets - Project Guercif All expenditure relating to oil and gas activities is capitalised in accordance with the \u201csuccessful efforts\u201d method of accounting, as described in IFRS 6 - \"Exploration for and Evaluation of Mineral Resources\". Under this standard, the Group\u2019s exploration and appraisal activities are capitalised as intangible assets. The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is complete or commercial reserves have been discovered. If no commercial reserves exist, then that particular exploration/appraisal effort was \u201cunsuccessful\u201d and the costs are written off to the income statement in the period in which the evaluation is made. The success or failure of each exploration/appraisal effort is judged on a field by field basis. Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate portion of the net capitalised costs of the asset. Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is calculated to write off the expected cost of each asset over its life in line with the depletion of proved and probable reserves. For more information, please refer to note 12. Intangible assets Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral resources and includes exploration and mineral licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest, other than that acquired from another entity, is charged to the consolidated statement of income as incurred except when the expenditure is expected to be recouped from future exploitation or sale of the area of interest and it is planned to continue with active and significant operations in relation to the area, or at the reporting period end, the activity has not reached a stage which permits a reasonable assessment of the existence of commercially recoverable reserves, in which case the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired. Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "c) Intangible assets - Project Guercif All expenditure relating to oil and gas activities is capitalised in accordance with the \u201csuccessful efforts\u201d method of accounting, as described in IFRS 6 - \"Exploration for and Evaluation of Mineral Resources\". Under this standard, the Group\u2019s exploration and appraisal activities are capitalised as intangible assets. The direct costs of exploration and appraisal are initially capitalised as intangible assets, pending determination of the existence of commercial reserves in the licence area. Such costs are classified as intangible assets based on the nature of the underlying asset, which does not yet have any proven physical substance. Exploration and appraisal costs are held, un-depreciated, until such a time as the exploration phase on the licence area is complete or commercial reserves have been discovered. If no commercial reserves exist, then that particular exploration/appraisal effort was \u201cunsuccessful\u201d and the costs are written off to the income statement in the period in which the evaluation is made. The success or failure of each exploration/appraisal effort is judged on a field by field basis. Net proceeds from any disposal of an exploration asset are initially credited against the previously capitalised costs. Any surplus proceeds are credited to the income statement. Net proceeds from any disposal of exploration assets are credited against the previously capitalised cost. A gain or loss on disposal of an exploration asset is recognised in the income statement to the extent that the net proceeds exceed or are less than the appropriate portion of the net capitalised costs of the asset. Upon commencement of production, capitalised costs will be amortised on a unit of production basis which is calculated to write off the expected cost of each asset over its life in line with the depletion of proved and probable reserves. For more information, please refer to note 12. Intangible assets Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral resources and includes exploration and mineral licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest, other than that acquired from another entity, is charged to the consolidated statement of income as incurred except when the expenditure is expected to be recouped from future exploitation or sale of the area of interest and it is planned to continue with active and significant operations in relation to the area, or at the reporting period end, the activity has not reached a stage which permits a reasonable assessment of the existence of commercially recoverable reserves, in which case the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired. Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "value": "
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the
acquisition date.
Identifiable assets acquired and liabilities assumed are measured and recognized at their fair value at the date
of the acquisition, with the exception of income taxes, and lease liabilities. Any deferred tax asset or liability
arising from a business combination is recognized at the acquisition date. Transaction costs associated with a
business combination are expensed as incurred. Results of acquisitions are included in the financial statements
from the closing date of the acquisition. If the consideration of the acquisition is less than the fair value of the
net assets received, the difference is recognized immediately in the statements of comprehensive income. If the
consideration of the acquisition is greater than the fair value of the net assets received, the difference is
recognised as goodwill on the consolidated balance sheet.
The directors have included provisional fair values within the business combination note as presented above,
which represent their best estimates using information available at the year end. Under IFRS 3, there is a
measurement period which shall not exceed one year from the acquisition date, during which the company
can, if necessary, retrospectively adjust the provisional amounts recognised at the acquisition date to reflect
new information obtained about facts and circumstances that existed as of the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the acquisition date. Identifiable assets acquired and liabilities assumed are measured and recognized at their fair value at the date of the acquisition, with the exception of income taxes, and lease liabilities. Any deferred tax asset or liability arising from a business combination is recognized at the acquisition date. Transaction costs associated with a business combination are expensed as incurred. Results of acquisitions are included in the financial statements from the closing date of the acquisition. If the consideration of the acquisition is less than the fair value of the net assets received, the difference is recognized immediately in the statements of comprehensive income. If the consideration of the acquisition is greater than the fair value of the net assets received, the difference is recognised as goodwill on the consolidated balance sheet. The directors have included provisional fair values within the business combination note as presented above, which represent their best estimates using information available at the year end. Under IFRS 3, there is a measurement period which shall not exceed one year from the acquisition date, during which the company can, if necessary, retrospectively adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "value": "
Basis of consolidation
Where the Group has control over an investee, it is classified as a subsidiary. The Group controls an investee if
all three of the following elements are present: power over the investee, exposure to variable returns from the
investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed
whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries (\"the Group\") as
if they formed a single entity. Inter-company transactions and balances between Group companies are therefore
eliminated in full. Uniform accounting policies are applied across the Group.
The consolidated financial statements incorporate the results of business combinations using the acquisition
method. In the statement of financial position, the acquirer\u2019s identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations
are included in the consolidated statement of comprehensive income from the date on which control is
obtained. They are deconsolidated from the date on which control ceases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired. Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "Exploration and evaluation assets have an indefinite useful life and are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired. Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Statement of comprehensive income. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "value": "
Financial assets
The Financial assets currently held by the Group and Company are classified as loans and receivables and cash
and cash equivalents. These assets are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are initially recognised at fair value plus transaction costs that are
directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the
effective interest rate method less provision for impairment.
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties
on the part of the counterparty or default or significant delay in payment) that the Group will be unable to collect
all of the amounts due under the terms receivable, the amount of such a provision being the difference between
the net carrying amount and the present value of the future expected cash flows associated with the impaired
receivable. For receivables, which are reported net, such provisions are recorded in a separate allowance
account with the loss being recognised within administrative expenses in the statement of comprehensive
income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is
written off against the associated provision.
Cash and cash equivalents
These amounts comprise cash on hand and balances with banks. Cash equivalents are short term, highly liquid
accounts that are readily converted to known amounts of cash. They include short-term bank deposits and short-
term investments.
Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the
conclusion of conditions precedent to completion of a contract, are disclosed separately as \u201cRestricted cash\u201d.
The security deposit is recognised within trade and other receivables in note 16.
There is no significant difference between the carrying value and fair value of receivables.
Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flow from the asset expire, or
it transfers the asset and substantially all the risk and rewards of ownership of the asset to another entity.
Financial liabilities
The Group\u2019s financial liabilities consist of trade and other payables (including short terms loans) and long term
secured borrowings. These are initially recognised at fair value and subsequently carried at amortised cost, using
the effective interest method. All interest and other borrowing costs incurred in connection with the above are
expensed as incurred and reported as part of financing costs in profit or loss. Where any liability carries a right
to convertibility into shares in the Group, the fair value of the equity and liability portions of the liability is
determined at the date that the convertible instrument is issued, by use of appropriate discount factors.
Derecognition
The Group derecognises a financial liability when the obligations are discharged, cancelled or they expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "Financial assets The Financial assets currently held by the Group and Company are classified as loans and receivables and cash and cash equivalents. These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method less provision for impairment. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Cash and cash equivalents These amounts comprise cash on hand and balances with banks. Cash equivalents are short term, highly liquid accounts that are readily converted to known amounts of cash. They include short-term bank deposits and short- term investments. Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the conclusion of conditions precedent to completion of a contract, are disclosed separately as \u201cRestricted cash\u201d. The security deposit is recognised within trade and other receivables in note 16. There is no significant difference between the carrying value and fair value of receivables. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flow from the asset expire, or it transfers the asset and substantially all the risk and rewards of ownership of the asset to another entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "The Financial assets currently held by the Group and Company are classified as loans and receivables and cash and cash equivalents. These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "Cash and cash equivalents These amounts comprise cash on hand and balances with banks. Cash equivalents are short term, highly liquid accounts that are readily converted to known amounts of cash. They include short-term bank deposits and short- term investments. Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the conclusion of conditions precedent to completion of a contract, are disclosed separately as \u201cRestricted cash\u201d. The security deposit is recognised within trade and other receivables in note 16. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "Any cash or bank balances that are subject to any restrictive conditions, such as cash held in escrow pending the conclusion of conditions precedent to completion of a contract, are disclosed separately as \u201cRestricted cash\u201d. The security deposit is recognised within trade and other receivables in note 16. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "Derecognition The Group derecognises a financial asset when the contractual rights to the cash flow from the asset expire, or it transfers the asset and substantially all the risk and rewards of ownership of the asset to another entity. Derecognition The Group derecognises a financial liability when the obligations are discharged, cancelled or they expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "Financial liabilities The Group\u2019s financial liabilities consist of trade and other payables (including short terms loans) and long term secured borrowings. These are initially recognised at fair value and subsequently carried at amortised cost, using the effective interest method. All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss. Where any liability carries a right to convertibility into shares in the Group, the fair value of the equity and liability portions of the liability is determined at the date that the convertible instrument is issued, by use of appropriate discount factors. Derecognition The Group derecognises a financial liability when the obligations are discharged, cancelled or they expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "The Group\u2019s financial liabilities consist of trade and other payables (including short terms loans) and long term secured borrowings. These are initially recognised at fair value and subsequently carried at amortised cost, using the effective interest method. All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss. Where any liability carries a right to convertibility into shares in the Group, the fair value of the equity and liability portions of the liability is determined at the date that the convertible instrument is issued, by use of appropriate discount factors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "The Group\u2019s financial liabilities consist of trade and other payables (including short terms loans) and long term secured borrowings. These are initially recognised at fair value and subsequently carried at amortised cost, using the effective interest method. All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss. Where any liability carries a right to convertibility into shares in the Group, the fair value of the equity and liability portions of the liability is determined at the date that the convertible instrument is issued, by use of appropriate discount factors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "
Foreign currency
The functional currency of the Group and all of its subsidiaries except for TRex, is the British Pound Sterling.
Th functional currency of TRex is the Trinidad Dollar.
Transactions entered into by the Group entities in a currency other than the currency of the primary economic
environment in which it operates (the \u201cfunctional currency\u201d) are recorded at the rates ruling when the
transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the date
of the statement of financial position. Exchange differences arising on the retranslation of unsettled monetary
assets and liabilities are similarly recognised immediately in profit or loss, except for foreign currency borrowings
qualifying as a hedge of a net investment in a foreign operation.
The exchange rates applied at each reporting date were as follows:
31 December 2024 - \u00a31: \u00a31 : US$1.2548, \u00a31 : Euro1.12059 , \u00a31 : MAD12.6916 and \u00a31: TT$ 8.53
31 December 2023 - \u00a31: \u00a31 : US$1.2731, \u00a31 : Euro1.1505 , \u00a31 : MAD12.5947 and \u00a31: TT$ 8.34
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "The functional currency of the Group and all of its subsidiaries except for TRex, is the British Pound Sterling. Th functional currency of TRex is the Trinidad Dollar. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "
Plant and equipment
Plant and equipment owned by the Group relates solely to computer equipment.
Depreciation is provided on equipment so as to write off the carrying value of items over their expected useful
economic lives. It is applied at the following rates:
Computer equipment \u2013 20% per annum, straight line
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "Depreciation is provided on equipment so as to write off the carrying value of items over their expected useful economic lives. It is applied at the following rates: Computer equipment \u2013 20% per annum, straight line ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "
Equity instruments
Share capital represents the amount subscribed for shares at each of the placings.
The reconstruction reserve account represents premiums received on the share capital of subsidiaries and also
includes directly related share issue costs.
Warrants issuance cost reserve includes any costs relating to warrants issued for services rendered accounted
for in accordance with IFRS 2 \u2013 Equity-settled instruments.
The share-based payments reserve represents equity-settled shared-based employee remuneration for the fair
value of the options issued.
Retained earnings include all current and prior period results as disclosed in the Statement of comprehensive
income, less dividends paid to the owners of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "Warrants issuance cost reserve includes any costs relating to warrants issued for services rendered accounted for in accordance with IFRS 2 \u2013 Equity-settled instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-288": { "value": "
Taxation
With the exception of TRex which is registered in Trinidad and Tobago, the Company and all subsidiaries (\u2018the
Group\u2019) are registered in Jersey, Channel Islands and are taxed at the Jersey company standard rate of 0%.
However, the Group\u2019s projects are situated in jurisdictions where taxation may become applicable to local
operations.
The major components of income tax on the profit or loss include current and deferred tax.
Current tax
Current tax is based on the profit or loss adjusted for items that are non-assessable or disallowed and is
calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Tax is charged or credited to the statement of comprehensive income, except when the tax relates to items
credited or charged directly to equity, in which case the tax is also dealt with in equity.
Deferred tax
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the
statement of financial position differs to its tax base, except for differences arising on:
\u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the
time of the transaction affects neither accounting or taxable profit; and
\u2022 Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the
reversal of the difference and it is probable that the differences will not reverse in the foreseeable future.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax rates that have been enacted or substantively
enacted by the reporting date and are expected to apply when deferred tax liabilities/ (assets) are settled/
(recovered). Deferred tax balances are not discounted.
Predator Gas Ventures Limited has a Withholding Tax Liability in Morocco for all services that are carried out in
in relation to wells. Withholding tax is charged at a rate of 10% on all services (excluding materials) and is
capitalised to the relevant well. The withholding tax liability at 31 December 2024 was \u00a3593,923. (see note 17)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "Deferred tax Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the statement of financial position differs to its tax base, except for differences arising on: \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and \u2022 Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference and it is probable that the differences will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when deferred tax liabilities/ (assets) are settled/ (recovered). Deferred tax balances are not discounted. Predator Gas Ventures Limited has a Withholding Tax Liability in Morocco for all services that are carried out in in relation to wells. Withholding tax is charged at a rate of 10% on all services (excluding materials) and is capitalised to the relevant well. The withholding tax liability at 31 December 2024 was \u00a3593,923. (see note 17)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "1. Segmental analysis The Group operates in one business segment, the exploration, appraisal and development of oil and gas assets. The Group has interests in three geographical segments being Africa (Morocco), Europe (Ireland) and the Caribbean (Trinidad and Tobago). The Group\u2019s operations are reviewed by the Board (which is considered to be the Chief Operating Decision Maker (\u2018CODM\u2019)) and split between oil and gas exploration and development and administration and corporate costs. Exploration and development are reported to the CODM only on the basis of those costs incurred directly on projects. Administration and corporate costs are further reviewed on the basis of spend across the Group. Decisions are made about where to allocate cash resources based on the status of each project and according to the Group\u2019s strategy to develop the projects. Each project, if taken into commercial development, has the potential to be a separate operating segment. Operating segments are disclosed below on the basis of the split between exploration and development and administration and corporate.
Europe
Caribbean
Africa
Corporate
Year ended 31 December 2024
\u00a3
\u00a3
\u00a3
\u00a3
Finance income
-
-
-
71,221
Gross loss
Administrative and overhead expenses
(44,355)
(297,042)
(228,704)
(1,082,761)
Share options and warrant expense
(480,748)
-
-
Finance expense
-
-
-
-
Loss for the year from continuing operations
(525,103)
(297,042)
(228,704)
(1,011,540)
Total reportable segment intangible assets
-
5,185,035
16,438,358
-
Total reportable segment Tangible fixed assets
-
657
-
487
Total reportable segment current assets
7,984
158,356
1,271,947
3,783,788
Total reportable s egment as s ets
7,984
5,344,048
17,710,305
3,784,275
Total reportable segment liabilities
(11,164)
(2,925,424)
(886,951)
(687,837)
Restated
Europe
Caribbean
Africa
Corporate
Year ended 31 December 2023
\u00a3
\u00a3
\u00a3
\u00a3
Finance income
-
-
-
36,495
Gross Loss
Administrative and overhead expenses
(68,038)
6,204
670,362
(2,248,029)
Performance and Compens a ti on Bonus es
-
-
-
(1,007,599)
Share options and warrant expense
-
-
-
(1,540,481)
Finance expense
-
-
-
(87,277)
Loss for the year from continuing operations
(68,038)
6,204
670,362
(4,846,891)
Total reportable segment intangible assets
-
4,476,714
13,029,095
-
Total reportable segment Tangible fixed assets
-
-
-
1,181
Total reportable segment current assets
-
603,272
1,322,325
6,430,397
Total reportable segment assets
-
5,079,986
14,351,420
6,431,578
Total reportable segment liabilities
-
(2,815,947)
(536,792)
(908,342)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "
2024
2023
Group
Group
2
Auditors remuneration
\u00a3
\u00a3
Audit of the accounts of the Group
110,897
66,000
Review of interim financial statements
3,000
3,000
113,897
69,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "
2024
2023
Group
Group
3
F i n a n c e i n c o m e
\u00a3
\u00a3
Bank i nteres t recei ved
71,221
36,495
71,221
36,495
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "
2024
2023
Group
Group
3
F i n a n c e i n c o m e
\u00a3
\u00a3
Bank i nteres t recei ved
71,221
36,495
71,221
36,495
2024
2023
Group
Group
7
F i n a n c e e x p e n s e
\u00a3
\u00a3
Interes t on Stock Lendi ng Agreement
-
46,735
Directors' loan
-
40,542
-
87,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "value": "
2024
2023
Group
Group
3
F i n a n c e i n c o m e
\u00a3
\u00a3
Bank i nteres t recei ved
71,221
36,495
71,221
36,495
2024
2023
Group
Group
7
F i n a n c e e x p e n s e
\u00a3
\u00a3
Interes t on Stock Lendi ng Agreement
-
46,735
Directors' loan
-
40,542
-
87,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "value": "
2024
2023
Group
Group
3
F i n a n c e i n c o m e
\u00a3
\u00a3
Bank i nteres t recei ved
71,221
36,495
71,221
36,495
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "
Restated
2024
2023
Group
Group
4
Administration expenses
\u00a3
\u00a3
Admi ni stra tion fees
143,000
154,753
Audit fee - refer to note 2
113,897
69,000
Accountancy fees
22,249
-
Annual return fee
1,650
1,350
Insurance
14,664
20,543
Legal and professional fees
294,282
158,488
Listing costs
187,052
501,215
Website costs
5,277
3,776
Project costs
16,222
-
Non-executi ve di rector fees
91,732
92,864
Di rectors fees
341,976
301,714
Technical Consultancy fees
265,836
88,995
Travel expens es
78,589
79,307
Computer/system costs/IT support
7,890
8,766
Bank charges
36,618
32,143
Depreciation
694
2,267
Office Costs
30,774
-
Personnel Costs
20,890
-
Stamp duty
3,987
-
Sundry expenses
12,994
5,280
Foreign exchange
(37,411)
119,040
1,652,862
1,639,501
2024
2023
Group
Group
5
Performance and compensation bonuses
\u00a3
\u00a3
Deferred Performance Bonus es
-
500,000
Compensation Bonus
-
507,599
-
1,007,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "
Restated
2024
2023
Group
Group
4
Administration expenses
\u00a3
\u00a3
Admi ni stra tion fees
143,000
154,753
Audit fee - refer to note 2
113,897
69,000
Accountancy fees
22,249
-
Annual return fee
1,650
1,350
Insurance
14,664
20,543
Legal and professional fees
294,282
158,488
Listing costs
187,052
501,215
Website costs
5,277
3,776
Project costs
16,222
-
Non-executi ve di rector fees
91,732
92,864
Di rectors fees
341,976
301,714
Technical Consultancy fees
265,836
88,995
Travel expens es
78,589
79,307
Computer/system costs/IT support
7,890
8,766
Bank charges
36,618
32,143
Depreciation
694
2,267
Office Costs
30,774
-
Personnel Costs
20,890
-
Stamp duty
3,987
-
Sundry expenses
12,994
5,280
Foreign exchange
(37,411)
119,040
1,652,862
1,639,501
2024
2023
Group
Group
5
Performance and compensation bonuses
\u00a3
\u00a3
Deferred Performance Bonus es
-
500,000
Compensation Bonus
-
507,599
-
1,007,599
2024
2023
Group
Group
6
Share Options and Warrants
\u00a3
\u00a3
Share based payments - options
480,748
1,540,481
480,748
1,540,481
2024
2023
Group
Group
7
F i n a n c e e x p e n s e
\u00a3
\u00a3
Interes t on Stock Lendi ng Agreement
-
46,735
Directors' loan
-
40,542
-
87,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "
2024
2023
Group
Group
5
Performance and compensation bonuses
\u00a3
\u00a3
Deferred Performance Bonus es
-
500,000
Compensation Bonus
-
507,599
-
1,007,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "
2024
2023
Group
Group
5
Performance and compensation bonuses
\u00a3
\u00a3
Deferred Performance Bonus es
-
500,000
Compensation Bonus
-
507,599
-
1,007,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "
2024
2023
Group
Group
6
Share Options and Warrants
\u00a3
\u00a3
Share based payments - options
480,748
1,540,481
480,748
1,540,481
Share Options The Group operates a share option plan for directors. Details of share options granted and exercised during the year on a Director basis are noted below: Paul Griffiths Share options issued and exercised during the year: No share options were issued or exercised in the year. Share options held as at year end: \u2022 Share options agreement dated 9 November 2022 - 4,171,881 share options at an exercise price of 10.0p. The share options are exercisable by 9 November 2029.
21 Share based payments 2024
2023
Warrant and share option expense
\u00a3
\u00a3
Warrant and sha re opti on expens e:
- in respect of remuneration contracts
480,748
1,540,481
480,748
1,540,481
\u2022 Share options agreement dated 12 May 2023 - 3,328,119 share options at an exercise price of 10.0p.
The share options are exercisable immediately.
\u2022 Share options agreement dated 12 May 2023 - 7,855,486 share options at an exercise price of 8.0p. The
share options are exercisable by immediately.
Lonny Baumgardner
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options lapsed during the year:
On 02 October 2024, the following share options lapsed:
\u2022 Share options agreement dated 9 November 2022 - 7,427,042 share options at an exercise price of 10.0p.
\u2022 Share options agreement dated 12 May 2023 - 72,958 share options at an exercise price of 10.0p.
\u2022 Share options agreement dated 12 May 2023 - 7,855,486 share options at an exercise price of 8.0p.
Share options held at year end:
No share options were held at year end.
Alistair Jury
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options held at year end:
\u2022 Share options agreement dated 5 July 2022 - 2,000,000 share options at an exercise price of 8.125p.
The share options are exercisable by 4 July 2029.
\u2022 Share options agreement dated 13 October 2023 - 3,000,000 share options at an exercise price of 12.5p.
The share options are exercisable by 12 October 2030.
Carl Kindinger
Share options issued and exercised during the year:
No share options were issued or exercised in the year.
Share options held at year end:
\u2022 Share options agreement dated 9 November 2022 - 2,000,000 share options at an exercise price of
7.75p. The share options are exercisable by 8 November 2029.
\u2022 Share options agreement dated 13 October 2023 - 3,000,000 share options at an exercise price of
12.5p. The share options are exercisable by 12 October 2030.
Tom Evans
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options lapsed during the year:
Share options agreement dated 5 July 2022 - 2,000,000 share options at an exercise price of 8.125p.
Share options held at year end.
No share options held at year end.
Dr Steve Staley
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options lapsed during the year:
Share options agreement dated 27 October 2020 - 1,650,000 share options at an exercise price of 5.0p.
Share options held at year end:
No share options held at year end.
Louis Castro
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options lapsed during the year:
Share options agreement dated 31 January 2022 - 1,000,000 share options at an exercise price of 5.6p.
Share options held at year end:
No share options held at year end.
Moyra Scott
Share options issued and exercised during the year:
No share options were issued of exercised in the year.
Share options held at year end:
Share options agreement dated 29 March 2023 -3,000,000 share options at an exercise price of 10.0p. The share
options are exercisable immediately.
Geoffrey Leid
Share options issued during the year:
\u2022 Share options agreement dated 17 April 2024 - 3,000,000 share options at an exercise price of 12.5p.
Share options exercised during the year:
No share options were exercised in the year.
Share options held at year end:
\u2022 Share options agreement dated 17 April 2024 -3,000,000 share options at an exercise price of 12.5p.
The share options are exercisable by 18 April 2031.
Stephen Boldy
Share options issued during the year:
\u2022 Share options agreement dated 1 October 2024 - 3,000,000 share options at an exercise price of 10.5p.
Share options exercised during the year:
No share options were exercised in the year.
Share options held at year end:
\u2022 Share options agreement dated 1 October 2024 -3,000,000 share options at an exercise price of 10.5p.
The share options are exercisable by 30 September 2031.
The Black Scholes model has been used to fair value the options, the inputs into the model were as follows:
The total share option reserve expense in respect of 2024 is \u00a3480,748 (2023: 1,540,481).
Warrants
During the year, the Company has granted the below warrants to an institutional investor via Novum Securities
Limited (\"Novum\"):
\u2022 On 4 November 2024, 40,000,000 warrants were issued exercisable at 8.00p. The Warrants have an expiry
date of 4 November 2027.
During the year, the Company has granted the below warrants to Novum Securities Limited (\"Novum\"):
\u2022 On 4 November 2024, 2,400,000 warrants were issued exercisable at 5.0p.
Grant date
17 April 24
1 October 24
Share price
\u00a30.0975
\u00a30.1000
Exerci se pri ce
\u00a30.1250
\u00a30.1050
Term
7 years
7 years
Expected volatility
123.45%
89.19%
Expected dividend yield
0%
0%
Risk free rate
4.34%
3.74%
Fair value per option
\u00a30.0878
\u00a30.0786
Total fair value of the options
\u00a3175,600
\u00a3157,200
\u2022 On 19 December 2024, 10,000,000 warrants were issued exercisable at 5.5p. These warrants are part of a
Convertible Loan Agreement \"CLN\" dated 20 December 2024 between Predator Oil and Gas Holdings Plc and
Sanderson Capital Partners Limited \"SCP\". The CLN only comes into force upon the award of the South Corrib
licence. The warrants will only be drawn down the earlier of a) the parties agree to terminate the CLN in
accordance with terms b) written confirmation from the Company that SCP can subscribe for the Notes under
the CLN.
The total warrant agreements for the aforesaid 52,400,000 warrants issued during the year ended 31 December
2024 do not contain vesting conditions and therefore the full share-based payment charge, being the fair value
of the warrants using the Black-Scholes model, has been recorded immediately.
As at the year ended 31 December 2024, the total number of warrants in issue are:
The warrants issued during the year were issued solely to investors and have a fair value of Nil.
The weighted average exercise price of the warrants at the year end is \u00a30.08 (2023: \u00a30.09). The weighted average
life of the warrants at the year end is 3.1 years (2023: 2.2 years).
Party
Issue date
Expiry date
Number of
Exercise price
Novum Securities Limited
12/03/2021
12/03/2025
1,020,000
0.105
Novum Securities Limited
18/06/2021
12/03/2025
600,000
0.150
Novum Securities Limited
28/03/2022
01/04/2025
690,000
0.090
Novum Securities Limited
23/11/2022
23/11/2025
549,885
0.080
Novum Securities Limited
16/03/2023
16/03/2026
1,090,910
0.055
Novum Securities Limited
28/06/2023
28/06/2026
1,080,000
0.105
Novum Securities Limited
01/08/2023
01/08/2026
2,863,636
0.110
Fox-Davies Capital Limited
01/08/2023
01/08/2028
5,454,545
0.110
Institutional Investor
04/11/2024
04/11/2027
40,000,000
0.080
Novum Securities Limited
04/11/2024
04/11/2029
2,400,000
0.050
Novum Securities Limited
19/12/2024
19/12/2029
10,000,000
0.055
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-290": { "value": "
2024
2023
Group
Group
7
F i n a n c e e x p e n s e
\u00a3
\u00a3
Interes t on Stock Lendi ng Agreement
-
46,735
Directors' loan
-
40,542
-
87,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "
2024
2023
Group
Group
7
F i n a n c e e x p e n s e
\u00a3
\u00a3
Interes t on Stock Lendi ng Agreement
-
46,735
Directors' loan
-
40,542
-
87,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "
No deferred tax asset has been recognised on accumulated tax losses because of uncertainty over the timing of
future taxable profits against which the losses may be offset.
No deferred tax asset or liability has been recognised as the Standard Jersey corporate tax rate is 0%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "
restated
2024
2023
Group
Group
8
Taxation
\u00a3
\u00a3
Loss on ordinary activities before tax
(2,062,390)
(4,238,363)
Loss on ordinary activiti es at Jersey standard 0% tax (2023 : 0%)
-
-
Tax charge for the year
-
-
No charge to taxation arises due to the losses incurred. Predator Gas Ventures Limited is subject to tax in its operating jurisdiction of Morocco; however, the Company is loss making and has no taxable profits to date. There is a 10 year corporation tax holiday in Morocco commencing on the date of award of an Exploitation Concession. TRex is subject to tax in its operating jurisdiction of Trinidad and Tobago during the year the Company incurred costs of \u00a3231,995 (TTD 1,978,325) which are available to be carried forward against future taxable profits. No deferred tax asset has been recognised on accumulated tax losses because of uncertainty over the timing of future taxable profits against which the losses may be offset. No deferred tax asset or liability has been recognised as the Standard Jersey corporate tax rate is 0%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "
Restated
2024
2023
Group
Group
9
P e r s o n n e l
\u00a3
\u00a3
Executive and non-executive directors
433,708
394,578
Share option scheme
480,748
1,540,481
914,456
1,935,059
The average number of personnel (including directors) during the year was :
Management - (Executive directors)
1
2
Non-management - (Non-executive directors)
3
2
4
4
Four Directors at the end of the period have share options receivable under long term incentive schemes. The
highest paid Director received an amount of \u00a3177,315.00 (2023: \u00a3321,622). The Group does not have
employees. All personnel are engaged as service providers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "
Restated
2024
2023
Group
Group
9
P e r s o n n e l
\u00a3
\u00a3
Executive and non-executive directors
433,708
394,578
Share option scheme
480,748
1,540,481
914,456
1,935,059
The average number of personnel (including directors) during the year was :
Management - (Executive directors)
1
2
Non-management - (Non-executive directors)
3
2
4
4
Four Directors at the end of the period have share options receivable under long term incentive schemes. The highest paid Director received an amount of \u00a3177,315.00 (2023: \u00a3321,622). The Group does not have employees. All personnel are engaged as service providers.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "
restated
2024
2023
Group
Group
10
Earnings per share
\u00a3
\u00a3
Weighted average number of shares
574,649,617
403,768,275
Loss for the year
(2,062,390)
(4,238,363)
Earnings per share basic and diluted (pence)
(0.359)
(1.050)
Dilutive loss per Ordinary Share equals basic loss per Ordinary Share as, due to the losses incurred in 2024 and 2023, there is no dilutive effect from the subsisting share options. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "11 Loss for the financial year The Group has adopted the exemption in terms of Companies (Jersey) law 1991 and has not presented its own income statement in these financial statements.", "dimensions": { "concept": "predatoroilandgasholdingsplc:DisclosureOfLossForTheFinancialYearExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "
res tated
res tated
res tated
Project Guercif
Cory Moruga
Total
12
Other intangible assets
Gross carrying amount
Balance as at 1 January 2023
5,275,720
-
5,275,720
Additions
7,060,272
-
7,060,272
Balance as at 31 December 2023 previously stated
12,335,992
-
12,335,992
Acquired through business combinations
-
5,251,937
5,251,937
Pri or year adjustment to reflect the fair value of
-
(775,223)
(775,223)
assets acquired on acquisition of T-Rex
Resources (Trinidad) Limited
Pri or year adjustment to reflect the historic well
203,474
-
203,474
insurance to be capitalised
Pri or year adjustment to reflect the Moroccan
489,629
-
489,629
WHT to be ca pi tali s ed
Balance at 1 January 2024 as restated
13,029,095
4,476,714
17,505,809
Additions
3,409,264
708,321
4,117,585
At 31 December 2024
16,438,359
5,185,035
21,623,394
Depreciation and impairment
Balance as at 1 January 2023
-
-
-
Depreciation
-
-
-
Balance as at 1 January 2024
-
-
-
Depreciation
-
-
-
Balance at 31 December 2024
-
-
-
Carrying amount at 31 December 2023
13,029,095
4,476,714
17,505,809
Carrying amount at 31 December 2024
16,438,359
5,185,035
21,623,394
Project Guercif
The total carrying amount of Project Guercif at 31 December 2024 of \u00a316,438,358 (2023: \u00a313,029,095 (restated))
relates to costs incurred with wells MOU-1, MOU-2, MOU-3, MOU-4 and MOU-5. The prior year adjustments
are explained in note 27.
A rigless testing programme in MOU-1 and MOU-3 in 2023 using conventional perforating guns was unsuccessful
in perforating reservoirs due to the small size of the perforating guns. A follow-up programme later in 2023,
focussed on MOU-3 using a high-pressure water/sand slurry mixture to perforate the reservoir formations did
not produce pressure at the interpreted reservoir pressure.
An independent study of the results confirmed formation damage generated by over-balanced drilling and
reactive drilling muds.
A programme for 2025 has been developed to facilitate increasing the drawdown pressure in MOU-3, using
nitrogen lift, to a safe level in MOU-3 to overcome the impact of the over-balanced drilling to promote reservoir
clean-up and stimulate gas flow to surface. Additional remedial stimulation measures can be considered
following execution of this programme of work in Q2 2025.
Positive results will allow the same procedures to be deployed in MOU-1, MOU-2 (shallow zone only where gas
samples were collected whilst drilling) and MOU-4.
The Board is of the view that once the above programme of work is concluded a CNG project will be a viable
option and that it is too early to make an impairment provision for any of the wells drilled to date whilst there
are still options to be pursued to overcome the formation damage caused by over-balanced drilling.
MOU-1
The MOU-1 well drilled in 2021 was completed for rigless well testing on the basis of the presence of formation
gas and petrophysical wireline log interpretation by NuTech indicating gas in the primary pre-drill reservoir
target.
The well is therefore a potential gas producer once the 2025 rigless testing reservoir stimulation program is
complete for MOU-3 in 2025 and the lessons applied to the rigless testing of MOU-1.
MOU-2
The MOU-2 well was drilled in January 2023. The Company announced on 25 January 2023 that the MOU-2 well
had been suspended at 1,260 metres measured depth above the primary pre-drill reservoir target. 3 gas samples
collected whilst drilling MOU-2 above 700 metres in the shallow section determine that MOU-2 is potentially a
gas producer subject to the comments made for MOU-1 above.
These intervals are correlated with an extension to the shallow formation gas shows seen in MOU-3.
A re-entry of MOU-2 will be fully evaluated at this time once a solution to optimising the perforating and
reservoir stimulation strategy has been defined by the MOU-3 work programme in 2025. Re-evaluation of the
penetrated MOU-2 interval now concludes that the primary target was penetrated but was unable to be logged.
This has been based on incorporating the MOU-4 drilling results to provide a new seismic tie to MOU-2.
MOU-3
The MOU-3 well was drilled in June 2023 to a depth of 1,509 metres (TVD MD) and encountered gas shows in
multiple zones including the primary target, the Moulouya Fan sands. Helium was subsequently detected in the
Mouloya Fan gas sample following laboratory analysis. Two phases of rigless testing were undertaken, the
second phase using Sandjet perforating technology. Rigless testing will continue in 2025, after the drilling of the
MOU-5 well, but with a focus on stimulating the reservoirs in MOU-3 to generate gas flow.
MOU-4
The MOU-4 well was drilled in July 2023 and confirmed the extension of the Moulouya Fan further to the
southeast than previously prognosed. Better reservoir quality was interpreted as a result of the NuTech
petrophysical analysis of the wireline logs, which also interpreted the presence of gas (and potentially helium).
The well also confirmed the presence of a separate Jurassic carbonate target at 1,135 metres. Site preparations
are currently underway for the well to be drilled in Q1 2025 to test this Jurassic target.
MOU-5
The MOU-5 Jurassic prospect is underpinned by the two Scorpion Geoscience independent Technical Reports of
January and September 2024. The reports have concluded that the extensive work programme that has been
delivered by the Company \u2018with four wells delivered during the Initial Period, MOU-1, MOU-2, MOU-3 and MOU-
4, each of which has resulted in substantial advancement of the understanding of the Guercif basin and resource
potential\u2019.
The Board determines that there is a 50% chance of success of finding gas in MOU-5 based on the fact that MOU-
5 is immediately updip from MOU-4, where NuTech petrophysics interpreted the presence of gas at the base of
the primary target in MOU-5. The chances of finding 4.4 Tcf net resources to the Group have been independently
risked at 12%.
All costs relating to Project Guercif have been capitalised and will only be depreciated once gas discovery is
declared commercial and a Plan of Development has been approved.
In accordance with IFRS 6, the Directors undertook an assessment of the following areas and circumstances
which could indicate the existence of impairment:
\u2022 The Group\u2019s right to explore in an area has expired, or will expire in the near future without renewal
\u2022 No further exploration or evaluation is planned or budgeted for
\u2022 A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence
of a commercial level of reserves
\u2022 Sufficient data exists to indicate that the book value may not be fully recovered from future development and
Production
Trinidad \u2013 Cory Moruga Licence
The current capitalised value of the Cory Moruga licence is \u00a35,185,035
The results of an independent Technical Report (\u201cITR\u201d) by Scorpion Geosciences Ltd, dated January 2024, for the
Cory Moruga licence with project economics supporting a valuation of NPV @10% of US$85m. A work-over
program for two to three wells scheduled for as early as possible in 2025. An appraisal well, Snowcap-3, will be
scheduled for 2026.
The Company has considered the possible indicators of potential impairment under IFRS 6, and none of these
applies to the Company\u2019s interest in the recently acquired Cory Moruga licence as at 31 December 2024, or
currently. Specifically \u2013
\u2022 The licence is current and not due to expire - The Initial Work Program has been agreed with the MEEI
for a period of three years to November 2026.
\u2022 Well work-over work will be underway in early 2025. Up to three well workovers in Trinidad in Q1 2025
are expected to deliver enhanced production volumes following application of the patented chemical wax
treatment technology. The Company has outlined a Field Development Plan to the MEEI which includes up to
20 development wells as well as a longer-term CO2 EOR scheme. This will not be considered for implementation
until after the Snowcap-3 appraisal well results in 2026.
\u2022 The current carrying value is well supported by the Scorpion Geoscience Independent Technical Report
(\u201cITR\u201d).
Accordingly, the Directors believe that there are no indicators of impairment of the Company\u2019s Cory Moruga
assets at the current time, and no impairment adjustment is appropriate.
The Group has recognised \u00a34,497,179 as an intangible asset on consolidation of TRex\u2019s balance sheet with POGT
in respect of the valuation of Cory Moruga. This compares to an intangible asset of \u00a35,251,939 recognised in the
Group\u2019s consolidated balance sheet at 31 December 2023. The difference is accounted for by showing a
US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT its
parent company and not a cost of acquiring TRex. Accordingly, a prior adjustment of \u00a3775,224 has been
recognised.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are:
See note 27 on the prior year adjustments affecting the intangible assets arising on consolidation of TRex.
31.12.23 31.12.23
(audited) (audited)
Consideration
US$
\u00a3
Trans fer to CEG
1,000,000
810,066
Trans fer to MEEI
1,000,000
810,066
FRAM loan unwind
762,216
643,905
Total
2,762,216
2,264,037
31.12.23 31.12.23
(audited) (restated)
T-Rex
Assets and Liabilities
\u00a3
\u00a3
Trade and other receivables
584,130
603,272
Intangible asset
5,251,939
4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)
(2,815,949)
Total
2,264,037
2,264,037
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "
res tated
res tated
res tated
Project Guercif
Cory Moruga
Total
12
Other intangible assets
Gross carrying amount
Balance as at 1 January 2023
5,275,720
-
5,275,720
Additions
7,060,272
-
7,060,272
Balance as at 31 December 2023 previously stated
12,335,992
-
12,335,992
Acquired through business combinations
-
5,251,937
5,251,937
Pri or year adjustment to reflect the fair value of
-
(775,223)
(775,223)
assets acquired on acquisition of T-Rex
Resources (Trinidad) Limited
Pri or year adjustment to reflect the historic well
203,474
-
203,474
insurance to be capitalised
Pri or year adjustment to reflect the Moroccan
489,629
-
489,629
WHT to be ca pi tali s ed
Balance at 1 January 2024 as restated
13,029,095
4,476,714
17,505,809
Additions
3,409,264
708,321
4,117,585
At 31 December 2024
16,438,359
5,185,035
21,623,394
Depreciation and impairment
Balance as at 1 January 2023
-
-
-
Depreciation
-
-
-
Balance as at 1 January 2024
-
-
-
Depreciation
-
-
-
Balance at 31 December 2024
-
-
-
Carrying amount at 31 December 2023
13,029,095
4,476,714
17,505,809
Carrying amount at 31 December 2024
16,438,359
5,185,035
21,623,394
Project Guercif The total carrying amount of Project Guercif at 31 December 2024 of \u00a316,438,358 (2023: \u00a313,029,095 (restated)) relates to costs incurred with wells MOU-1, MOU-2, MOU-3, MOU-4 and MOU-5. The prior year adjustments are explained in note 27. A rigless testing programme in MOU-1 and MOU-3 in 2023 using conventional perforating guns was unsuccessful in perforating reservoirs due to the small size of the perforating guns. A follow-up programme later in 2023, focussed on MOU-3 using a high-pressure water/sand slurry mixture to perforate the reservoir formations did not produce pressure at the interpreted reservoir pressure. An independent study of the results confirmed formation damage generated by over-balanced drilling and reactive drilling muds. A programme for 2025 has been developed to facilitate increasing the drawdown pressure in MOU-3, using nitrogen lift, to a safe level in MOU-3 to overcome the impact of the over-balanced drilling to promote reservoir clean-up and stimulate gas flow to surface. Additional remedial stimulation measures can be considered following execution of this programme of work in Q2 2025. Positive results will allow the same procedures to be deployed in MOU-1, MOU-2 (shallow zone only where gas samples were collected whilst drilling) and MOU-4. The Board is of the view that once the above programme of work is concluded a CNG project will be a viable option and that it is too early to make an impairment provision for any of the wells drilled to date whilst there are still options to be pursued to overcome the formation damage caused by over-balanced drilling. MOU-1 The MOU-1 well drilled in 2021 was completed for rigless well testing on the basis of the presence of formation gas and petrophysical wireline log interpretation by NuTech indicating gas in the primary pre-drill reservoir target. The well is therefore a potential gas producer once the 2025 rigless testing reservoir stimulation program is complete for MOU-3 in 2025 and the lessons applied to the rigless testing of MOU-1. MOU-2 The MOU-2 well was drilled in January 2023. The Company announced on 25 January 2023 that the MOU-2 well had been suspended at 1,260 metres measured depth above the primary pre-drill reservoir target. 3 gas samples collected whilst drilling MOU-2 above 700 metres in the shallow section determine that MOU-2 is potentially a gas producer subject to the comments made for MOU-1 above. These intervals are correlated with an extension to the shallow formation gas shows seen in MOU-3. A re-entry of MOU-2 will be fully evaluated at this time once a solution to optimising the perforating and reservoir stimulation strategy has been defined by the MOU-3 work programme in 2025. Re-evaluation of the penetrated MOU-2 interval now concludes that the primary target was penetrated but was unable to be logged. This has been based on incorporating the MOU-4 drilling results to provide a new seismic tie to MOU-2. MOU-3 The MOU-3 well was drilled in June 2023 to a depth of 1,509 metres (TVD MD) and encountered gas shows in multiple zones including the primary target, the Moulouya Fan sands. Helium was subsequently detected in the Mouloya Fan gas sample following laboratory analysis. Two phases of rigless testing were undertaken, the second phase using Sandjet perforating technology. Rigless testing will continue in 2025, after the drilling of the MOU-5 well, but with a focus on stimulating the reservoirs in MOU-3 to generate gas flow. MOU-4 The MOU-4 well was drilled in July 2023 and confirmed the extension of the Moulouya Fan further to the southeast than previously prognosed. Better reservoir quality was interpreted as a result of the NuTech petrophysical analysis of the wireline logs, which also interpreted the presence of gas (and potentially helium). The well also confirmed the presence of a separate Jurassic carbonate target at 1,135 metres. Site preparations are currently underway for the well to be drilled in Q1 2025 to test this Jurassic target. MOU-5 The MOU-5 Jurassic prospect is underpinned by the two Scorpion Geoscience independent Technical Reports of January and September 2024. The reports have concluded that the extensive work programme that has been delivered by the Company \u2018with four wells delivered during the Initial Period, MOU-1, MOU-2, MOU-3 and MOU- 4, each of which has resulted in substantial advancement of the understanding of the Guercif basin and resource potential\u2019. The Board determines that there is a 50% chance of success of finding gas in MOU-5 based on the fact that MOU- 5 is immediately updip from MOU-4, where NuTech petrophysics interpreted the presence of gas at the base of the primary target in MOU-5. The chances of finding 4.4 Tcf net resources to the Group have been independently risked at 12%. All costs relating to Project Guercif have been capitalised and will only be depreciated once gas discovery is declared commercial and a Plan of Development has been approved. In accordance with IFRS 6, the Directors undertook an assessment of the following areas and circumstances which could indicate the existence of impairment: \u2022 The Group\u2019s right to explore in an area has expired, or will expire in the near future without renewal \u2022 No further exploration or evaluation is planned or budgeted for \u2022 A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence of a commercial level of reserves \u2022 Sufficient data exists to indicate that the book value may not be fully recovered from future development and Production Trinidad \u2013 Cory Moruga Licence The current capitalised value of the Cory Moruga licence is \u00a35,185,035 The results of an independent Technical Report (\u201cITR\u201d) by Scorpion Geosciences Ltd, dated January 2024, for the Cory Moruga licence with project economics supporting a valuation of NPV @10% of US$85m. A work-over program for two to three wells scheduled for as early as possible in 2025. An appraisal well, Snowcap-3, will be scheduled for 2026. The Company has considered the possible indicators of potential impairment under IFRS 6, and none of these applies to the Company\u2019s interest in the recently acquired Cory Moruga licence as at 31 December 2024, or currently. Specifically \u2013 \u2022 The licence is current and not due to expire - The Initial Work Program has been agreed with the MEEI for a period of three years to November 2026. \u2022 Well work-over work will be underway in early 2025. Up to three well workovers in Trinidad in Q1 2025 are expected to deliver enhanced production volumes following application of the patented chemical wax treatment technology. The Company has outlined a Field Development Plan to the MEEI which includes up to 20 development wells as well as a longer-term CO2 EOR scheme. This will not be considered for implementation until after the Snowcap-3 appraisal well results in 2026. \u2022 The current carrying value is well supported by the Scorpion Geoscience Independent Technical Report (\u201cITR\u201d). Accordingly, the Directors believe that there are no indicators of impairment of the Company\u2019s Cory Moruga assets at the current time, and no impairment adjustment is appropriate. The Group has recognised \u00a34,497,179 as an intangible asset on consolidation of TRex\u2019s balance sheet with POGT in respect of the valuation of Cory Moruga. This compares to an intangible asset of \u00a35,251,939 recognised in the Group\u2019s consolidated balance sheet at 31 December 2023. The difference is accounted for by showing a US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT its parent company and not a cost of acquiring TRex. Accordingly, a prior adjustment of \u00a3775,224 has been recognised. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are: See note 27 on the prior year adjustments affecting the intangible assets arising on consolidation of TRex.
31.12.23 31.12.23
(audited) (audited)
Consideration
US$
\u00a3
Trans fer to CEG
1,000,000
810,066
Trans fer to MEEI
1,000,000
810,066
FRAM loan unwind
762,216
643,905
Total
2,762,216
2,264,037
31.12.23 31.12.23
(audited) (restated)
T-Rex
Assets and Liabilities
\u00a3
\u00a3
Trade and other receivables
584,130
603,272
Intangible asset
5,251,939
4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)
(2,815,949)
Total
2,264,037
2,264,037
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "
res tated
res tated
res tated
Project Guercif
Cory Moruga
Total
12
Other intangible assets
Gross carrying amount
Balance as at 1 January 2023
5,275,720
-
5,275,720
Additions
7,060,272
-
7,060,272
Balance as at 31 December 2023 previously stated
12,335,992
-
12,335,992
Acquired through business combinations
-
5,251,937
5,251,937
Pri or year adjustment to reflect the fair value of
-
(775,223)
(775,223)
assets acquired on acquisition of T-Rex
Resources (Trinidad) Limited
Pri or year adjustment to reflect the historic well
203,474
-
203,474
insurance to be capitalised
Pri or year adjustment to reflect the Moroccan
489,629
-
489,629
WHT to be ca pi tali s ed
Balance at 1 January 2024 as restated
13,029,095
4,476,714
17,505,809
Additions
3,409,264
708,321
4,117,585
At 31 December 2024
16,438,359
5,185,035
21,623,394
Depreciation and impairment
Balance as at 1 January 2023
-
-
-
Depreciation
-
-
-
Balance as at 1 January 2024
-
-
-
Depreciation
-
-
-
Balance at 31 December 2024
-
-
-
Carrying amount at 31 December 2023
13,029,095
4,476,714
17,505,809
Carrying amount at 31 December 2024
16,438,359
5,185,035
21,623,394
Project Guercif The total carrying amount of Project Guercif at 31 December 2024 of \u00a316,438,358 (2023: \u00a313,029,095 (restated)) relates to costs incurred with wells MOU-1, MOU-2, MOU-3, MOU-4 and MOU-5. The prior year adjustments are explained in note 27. A rigless testing programme in MOU-1 and MOU-3 in 2023 using conventional perforating guns was unsuccessful in perforating reservoirs due to the small size of the perforating guns. A follow-up programme later in 2023, focussed on MOU-3 using a high-pressure water/sand slurry mixture to perforate the reservoir formations did not produce pressure at the interpreted reservoir pressure. An independent study of the results confirmed formation damage generated by over-balanced drilling and reactive drilling muds. A programme for 2025 has been developed to facilitate increasing the drawdown pressure in MOU-3, using nitrogen lift, to a safe level in MOU-3 to overcome the impact of the over-balanced drilling to promote reservoir clean-up and stimulate gas flow to surface. Additional remedial stimulation measures can be considered following execution of this programme of work in Q2 2025. Positive results will allow the same procedures to be deployed in MOU-1, MOU-2 (shallow zone only where gas samples were collected whilst drilling) and MOU-4. The Board is of the view that once the above programme of work is concluded a CNG project will be a viable option and that it is too early to make an impairment provision for any of the wells drilled to date whilst there are still options to be pursued to overcome the formation damage caused by over-balanced drilling. MOU-1 The MOU-1 well drilled in 2021 was completed for rigless well testing on the basis of the presence of formation gas and petrophysical wireline log interpretation by NuTech indicating gas in the primary pre-drill reservoir target. The well is therefore a potential gas producer once the 2025 rigless testing reservoir stimulation program is complete for MOU-3 in 2025 and the lessons applied to the rigless testing of MOU-1. MOU-2 The MOU-2 well was drilled in January 2023. The Company announced on 25 January 2023 that the MOU-2 well had been suspended at 1,260 metres measured depth above the primary pre-drill reservoir target. 3 gas samples collected whilst drilling MOU-2 above 700 metres in the shallow section determine that MOU-2 is potentially a gas producer subject to the comments made for MOU-1 above. These intervals are correlated with an extension to the shallow formation gas shows seen in MOU-3. A re-entry of MOU-2 will be fully evaluated at this time once a solution to optimising the perforating and reservoir stimulation strategy has been defined by the MOU-3 work programme in 2025. Re-evaluation of the penetrated MOU-2 interval now concludes that the primary target was penetrated but was unable to be logged. This has been based on incorporating the MOU-4 drilling results to provide a new seismic tie to MOU-2. MOU-3 The MOU-3 well was drilled in June 2023 to a depth of 1,509 metres (TVD MD) and encountered gas shows in multiple zones including the primary target, the Moulouya Fan sands. Helium was subsequently detected in the Mouloya Fan gas sample following laboratory analysis. Two phases of rigless testing were undertaken, the second phase using Sandjet perforating technology. Rigless testing will continue in 2025, after the drilling of the MOU-5 well, but with a focus on stimulating the reservoirs in MOU-3 to generate gas flow. MOU-4 The MOU-4 well was drilled in July 2023 and confirmed the extension of the Moulouya Fan further to the southeast than previously prognosed. Better reservoir quality was interpreted as a result of the NuTech petrophysical analysis of the wireline logs, which also interpreted the presence of gas (and potentially helium). The well also confirmed the presence of a separate Jurassic carbonate target at 1,135 metres. Site preparations are currently underway for the well to be drilled in Q1 2025 to test this Jurassic target. MOU-5 The MOU-5 Jurassic prospect is underpinned by the two Scorpion Geoscience independent Technical Reports of January and September 2024. The reports have concluded that the extensive work programme that has been delivered by the Company \u2018with four wells delivered during the Initial Period, MOU-1, MOU-2, MOU-3 and MOU- 4, each of which has resulted in substantial advancement of the understanding of the Guercif basin and resource potential\u2019. The Board determines that there is a 50% chance of success of finding gas in MOU-5 based on the fact that MOU- 5 is immediately updip from MOU-4, where NuTech petrophysics interpreted the presence of gas at the base of the primary target in MOU-5. The chances of finding 4.4 Tcf net resources to the Group have been independently risked at 12%. All costs relating to Project Guercif have been capitalised and will only be depreciated once gas discovery is declared commercial and a Plan of Development has been approved. In accordance with IFRS 6, the Directors undertook an assessment of the following areas and circumstances which could indicate the existence of impairment: \u2022 The Group\u2019s right to explore in an area has expired, or will expire in the near future without renewal \u2022 No further exploration or evaluation is planned or budgeted for \u2022 A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence of a commercial level of reserves \u2022 Sufficient data exists to indicate that the book value may not be fully recovered from future development and Production Trinidad \u2013 Cory Moruga Licence The current capitalised value of the Cory Moruga licence is \u00a35,185,035 The results of an independent Technical Report (\u201cITR\u201d) by Scorpion Geosciences Ltd, dated January 2024, for the Cory Moruga licence with project economics supporting a valuation of NPV @10% of US$85m. A work-over program for two to three wells scheduled for as early as possible in 2025. An appraisal well, Snowcap-3, will be scheduled for 2026. The Company has considered the possible indicators of potential impairment under IFRS 6, and none of these applies to the Company\u2019s interest in the recently acquired Cory Moruga licence as at 31 December 2024, or currently. Specifically \u2013 \u2022 The licence is current and not due to expire - The Initial Work Program has been agreed with the MEEI for a period of three years to November 2026. \u2022 Well work-over work will be underway in early 2025. Up to three well workovers in Trinidad in Q1 2025 are expected to deliver enhanced production volumes following application of the patented chemical wax treatment technology. The Company has outlined a Field Development Plan to the MEEI which includes up to 20 development wells as well as a longer-term CO2 EOR scheme. This will not be considered for implementation until after the Snowcap-3 appraisal well results in 2026. \u2022 The current carrying value is well supported by the Scorpion Geoscience Independent Technical Report (\u201cITR\u201d). Accordingly, the Directors believe that there are no indicators of impairment of the Company\u2019s Cory Moruga assets at the current time, and no impairment adjustment is appropriate. The Group has recognised \u00a34,497,179 as an intangible asset on consolidation of TRex\u2019s balance sheet with POGT in respect of the valuation of Cory Moruga. This compares to an intangible asset of \u00a35,251,939 recognised in the Group\u2019s consolidated balance sheet at 31 December 2023. The difference is accounted for by showing a US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT its parent company and not a cost of acquiring TRex. Accordingly, a prior adjustment of \u00a3775,224 has been recognised. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are: See note 27 on the prior year adjustments affecting the intangible assets arising on consolidation of TRex.
31.12.23 31.12.23
(audited) (audited)
Consideration
US$
\u00a3
Trans fer to CEG
1,000,000
810,066
Trans fer to MEEI
1,000,000
810,066
FRAM loan unwind
762,216
643,905
Total
2,762,216
2,264,037
31.12.23 31.12.23
(audited) (restated)
T-Rex
Assets and Liabilities
\u00a3
\u00a3
Trade and other receivables
584,130
603,272
Intangible asset
5,251,939
4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)
(2,815,949)
Total
2,264,037
2,264,037
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "The Board is of the view that once the above programme of work is concluded a CNG project will be a viable option and that it is too early to make an impairment provision for any of the wells drilled to date whilst there are still options to be pursued to overcome the formation damage caused by over-balanced drilling. MOU-1 The MOU-1 well drilled in 2021 was completed for rigless well testing on the basis of the presence of formation gas and petrophysical wireline log interpretation by NuTech indicating gas in the primary pre-drill reservoir target. The well is therefore a potential gas producer once the 2025 rigless testing reservoir stimulation program is complete for MOU-3 in 2025 and the lessons applied to the rigless testing of MOU-1. MOU-2 The MOU-2 well was drilled in January 2023. The Company announced on 25 January 2023 that the MOU-2 well had been suspended at 1,260 metres measured depth above the primary pre-drill reservoir target. 3 gas samples collected whilst drilling MOU-2 above 700 metres in the shallow section determine that MOU-2 is potentially a gas producer subject to the comments made for MOU-1 above. These intervals are correlated with an extension to the shallow formation gas shows seen in MOU-3. A re-entry of MOU-2 will be fully evaluated at this time once a solution to optimising the perforating and reservoir stimulation strategy has been defined by the MOU-3 work programme in 2025. Re-evaluation of the penetrated MOU-2 interval now concludes that the primary target was penetrated but was unable to be logged. This has been based on incorporating the MOU-4 drilling results to provide a new seismic tie to MOU-2. MOU-3 The MOU-3 well was drilled in June 2023 to a depth of 1,509 metres (TVD MD) and encountered gas shows in multiple zones including the primary target, the Moulouya Fan sands. Helium was subsequently detected in the Mouloya Fan gas sample following laboratory analysis. Two phases of rigless testing were undertaken, the second phase using Sandjet perforating technology. Rigless testing will continue in 2025, after the drilling of the MOU-5 well, but with a focus on stimulating the reservoirs in MOU-3 to generate gas flow. MOU-4 The MOU-4 well was drilled in July 2023 and confirmed the extension of the Moulouya Fan further to the southeast than previously prognosed. Better reservoir quality was interpreted as a result of the NuTech petrophysical analysis of the wireline logs, which also interpreted the presence of gas (and potentially helium). The well also confirmed the presence of a separate Jurassic carbonate target at 1,135 metres. Site preparations are currently underway for the well to be drilled in Q1 2025 to test this Jurassic target. MOU-5 The MOU-5 Jurassic prospect is underpinned by the two Scorpion Geoscience independent Technical Reports of January and September 2024. The reports have concluded that the extensive work programme that has been delivered by the Company \u2018with four wells delivered during the Initial Period, MOU-1, MOU-2, MOU-3 and MOU- 4, each of which has resulted in substantial advancement of the understanding of the Guercif basin and resource potential\u2019. The Board determines that there is a 50% chance of success of finding gas in MOU-5 based on the fact that MOU- 5 is immediately updip from MOU-4, where NuTech petrophysics interpreted the presence of gas at the base of the primary target in MOU-5. The chances of finding 4.4 Tcf net resources to the Group have been independently risked at 12%. All costs relating to Project Guercif have been capitalised and will only be depreciated once gas discovery is declared commercial and a Plan of Development has been approved. In accordance with IFRS 6, the Directors undertook an assessment of the following areas and circumstances which could indicate the existence of impairment: \u2022 The Group\u2019s right to explore in an area has expired, or will expire in the near future without renewal \u2022 No further exploration or evaluation is planned or budgeted for \u2022 A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence of a commercial level of reserves \u2022 Sufficient data exists to indicate that the book value may not be fully recovered from future development and Production Trinidad \u2013 Cory Moruga Licence The current capitalised value of the Cory Moruga licence is \u00a35,185,035 The results of an independent Technical Report (\u201cITR\u201d) by Scorpion Geosciences Ltd, dated January 2024, for the Cory Moruga licence with project economics supporting a valuation of NPV @10% of US$85m. A work-over program for two to three wells scheduled for as early as possible in 2025. An appraisal well, Snowcap-3, will be scheduled for 2026. The Company has considered the possible indicators of potential impairment under IFRS 6, and none of these applies to the Company\u2019s interest in the recently acquired Cory Moruga licence as at 31 December 2024, or currently. Specifically \u2013 \u2022 The licence is current and not due to expire - The Initial Work Program has been agreed with the MEEI for a period of three years to November 2026. \u2022 Well work-over work will be underway in early 2025. Up to three well workovers in Trinidad in Q1 2025 are expected to deliver enhanced production volumes following application of the patented chemical wax treatment technology. The Company has outlined a Field Development Plan to the MEEI which includes up to 20 development wells as well as a longer-term CO2 EOR scheme. This will not be considered for implementation until after the Snowcap-3 appraisal well results in 2026. \u2022 The current carrying value is well supported by the Scorpion Geoscience Independent Technical Report (\u201cITR\u201d). Accordingly, the Directors believe that there are no indicators of impairment of the Company\u2019s Cory Moruga assets at the current time, and no impairment adjustment is appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "
31.12.2024
31.12.2023
13
Property, plant and equipment
\u00a3
\u00a3
Cost
At 31 December
11,181
11,181
Addi ti ons
657
-
At 31 December
11,838
11,181
Amortisation
At 31 December
10,000
7,733
Charge for the year
694
2,267
At 31 December
10,694
10,000
Carrying amount
At 31 December
1,144
1,181
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "14. The principal subsidiaries of Predator Oil and Gas Holdings Plc, all of which are included in these consolidated Annual Financial Statements, are as follows: The registered address of all of the Group\u2019s companies is at 3rd Floor, IFC5, Castle Street, St Helier, JE2 3BY, Channel Islands.
Country of Proportion Nature of
registration
Class
held by Group business
Predator Oil and Gas Ventures Limited
Jersey
Ordinary
100%
Licence
options in
offshore
Predator Oil & Gas Trinidad Limited
Jersey
Ordinary
100%
Cory Moruga
Exploration &
T-Rex Resources (Trinidad) Limited
Trinidad
Ordinary
100%
Exploration
licence
Predator Gas Ventures Limited
Jersey
Ordinary
100%
Exploration
licence
Mag Mell Energy Ireland Limited (formerly
Jersey
Ordinary
100%
Mag Mell FSRU
Predator LNG Ireland Limited) Project
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "
restated
15
Trade and other receivables
2024
2023
Group
Group
\u00a3
\u00a3
Non Current
Security deposit
(US$1,500,000)
(i)
1,195,377
-
Current
Prepayments and other debtors
213,327
693,771
Security deposit
(US$1,500,000)
(i)
-
1,178,189
1,408,704
1,871,960
(i) A security deposit of USD1,500,000 (2023: USD1,500,000) is held by Barclays Bank in respect of a guarantee
provided to Office National des Hydrocarbures et des Mines (ONHYM) as a condition of being granted the Guercif
exploration licence. These funds are refundable on the completion of the Minimum Work Programme set out in
the terms of the Guercif Petroleum Agreement and Association Contract. Subject to ratification by a Joint
Ministerial Order, the Bank Guarantee is being rolled over into the First Extension Period of the Guercif Licence.
There are no material differences between the fair value of trade and other receivables and their carrying value
at the year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "
restated
15
Trade and other receivables
2024
2023
Group
Group
\u00a3
\u00a3
Non Current
Security deposit
(US$1,500,000)
(i)
1,195,377
-
Current
Prepayments and other debtors
213,327
693,771
Security deposit
(US$1,500,000)
(i)
-
1,178,189
1,408,704
1,871,960
(i) A security deposit of USD1,500,000 (2023: USD1,500,000) is held by Barclays Bank in respect of a guarantee provided to Office National des Hydrocarbures et des Mines (ONHYM) as a condition of being granted the Guercif exploration licence. These funds are refundable on the completion of the Minimum Work Programme set out in the terms of the Guercif Petroleum Agreement and Association Contract. Subject to ratification by a Joint Ministerial Order, the Bank Guarantee is being rolled over into the First Extension Period of the Guercif Licence. There are no material differences between the fair value of trade and other receivables and their carrying value at the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "value": "
18. Financial instruments \u2013 risk management
Details of the significant accounting policies in respect of financial instruments are disclosed on pages 92 to 99.
The Group\u2019s financial instruments comprise cash and items arising directly from its operations such as other
receivables, trade payables and loans.
Financial risk management
The Board seeks to minimise its exposure to financial risk by reviewing and agreeing policies for managing each
financial risk and monitoring them on a regular basis. No formal policies have been put in place in order to hedge
the Group\u2019s activities to the exposure to currency risk or interest risk; however, the Board will consider this
periodically.
The Group is exposed through its operations to the following financial risks:
\u2022 Credit risk
\u2022 Market risk (includes cash flow interest rate risk and foreign currency risk)
\u2022 Liquidity risk
The policy for each of the above risks is described in more detail below.
The principal financial instruments used by the Group, from which financial instruments risk arises are as follows:
\u2022 Receivables
\u2022 Cash and cash equivalents
\u2022 Trade and other payables (excluding other taxes and social security)
\u2022 Loans: payable within one year and payable in more than one year
The table below sets out the carrying value of all financial instruments by category and where applicable shows
the valuation level used to determine the fair value at each reporting date. The fair value of all financial assets
and financial liabilities is not materially different to the book value.
Credit risk
Financial assets, which potentially subject the Group to concentrations of credit risk, consist principally of cash,
short-term deposits and other receivables. Cash balances are all held at recognised financial institutions. Other
receivables are presented net of allowances for doubtful receivables. Other receivables currently form an
insignificant part of the Group\u2019s business and therefore the credit risks associated with them are also
insignificant to the Group as a whole.
The Group has a credit risk in respect of inter-company loans to subsidiaries. The Company is owed \u00a321,961,717
by its subsidiaries. The recoverability of these balances is dependent on the commercial viability of the
exploration activities undertaken by the respective subsidiary companies. The credit risk of these loans is
managed as the directors constantly monitor and assess the viability and quality of the respective subsidiary's
investments in intangible oil & gas assets.
Maximum to credit risk
The Group\u2019s maximum exposure to credit risk by category of financial instrument is shown in the table below:
The holding company\u2019s maximum exposure to credit risk by class of financial instrument is shown in the table
below:
Restated
2024
2023
\u00a3
\u00a3
Cash and trade receivables
Cash and cash equivalents
3,813,371
6,484,034
Trade and other receivables
1,408,704
1,871,960
Other liabilities
Trade and other payables
1,367,832
1,605,286
res ta ted
restated
2024
2024
2023
2023
carrying
maximum
carryi ng
maximum
value
exposure
value
exposure
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
3,813,371
6,618,244
6,484,034
11,182,775
Receivables
1,408,704
1,408,704
1,871,960
1,871,960
Market risk
Cash flow interest rate risk
The Group has adopted a non-speculative policy on managing interest rate risk. Only approved financial
institutions with sound capital bases are used to borrow funds and for the investments of surplus funds.
The Group seeks to obtain a favourable interest rate on its cash balances through the use of bank deposits. The
Group's bank paid a total of \u00a371,221 (2023: \u00a332,143) interest on cash balances during the year. At 31 December
2024, the Group had a cash balance of \u00a33.813 million (2023: \u00a36.484 million) which was made up as follows:
Foreign currency risk
Foreign exchange risk is inherent in the Group\u2019s activities and is accepted as such. The majority of the Group\u2019s
expenses are denominated in Sterling and therefore foreign currency exchange risk arises where any balance is
held, or costs incurred, in currencies other than Sterling. At 31 December 2024 and 31 December 2023, the
currency exposure of the Group was as follows:
2024
2024
2023
2023
carrying
maximum
carryi ng
maximum
value
exposure
value
exposure
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
3,768,172
6,553,763
6,413,027
9,585,897
Receivables
15,616
15,616
17,370
17,370
Loans to Group Companies
21,961,717
21,961,717
18,435,673
18,435,673
2024
2023
\u00a3
\u00a3
Sterling
2,725,194
2,454,151
United States Dollar
1,075,448
3,830,035
Euro
284
132,910
Moroccan Dirham
8,908
66,937
Trinidad & Tobago Dollar
3,538
-
3,813,371
6,484,033
Restated
Sterling
US Dollar
Other
Total
\u00a3
\u00a3
\u00a3
\u00a3
at 31 December 2024
Cash and cash equivalents
2,725,194
1,075,448
12,730
3,813,372
Trade and other receivables
67,293
-
146,033
213,326
Trade and other payables
1,297,847
141,104
2,995,669
4,434,620
at 31 December 2023
Cash and cash equivalents
2,454,151
3,830,035
199,848
6,484,034
Trade and other receivables
47,951
42,551
603,269
693,771
Trade and other payables
1,453,484
-
2,807,597
4,261,081
Liquidity risk
Any borrowing facilities are negotiated with approved financial institutions at acceptable interest rates. All
assets and liabilities are at fixed and floating interest rate. The Group seeks to manage its financial risk to ensure
that sufficient liquidity is available to meet the foreseeable needs both in the short and long term. See also
references to Going Concern disclosures in the Strategic Report.
Capital
The objective of the directors is to maximise shareholder returns and minimise risks by keeping a reasonable
balance between debt and equity. At 31 December 2024 all the Group's debt balances which related to Directors
was fully repaid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "18. Financial instruments \u2013 risk management Details of the significant accounting policies in respect of financial instruments are disclosed on pages 92 to 99. The Group\u2019s financial instruments comprise cash and items arising directly from its operations such as other receivables, trade payables and loans. Financial risk management The Board seeks to minimise its exposure to financial risk by reviewing and agreeing policies for managing each financial risk and monitoring them on a regular basis. No formal policies have been put in place in order to hedge the Group\u2019s activities to the exposure to currency risk or interest risk; however, the Board will consider this periodically. The Group is exposed through its operations to the following financial risks: \u2022 Credit risk \u2022 Market risk (includes cash flow interest rate risk and foreign currency risk) \u2022 Liquidity risk The policy for each of the above risks is described in more detail below. The principal financial instruments used by the Group, from which financial instruments risk arises are as follows: \u2022 Receivables \u2022 Cash and cash equivalents \u2022 Trade and other payables (excluding other taxes and social security) \u2022 Loans: payable within one year and payable in more than one year The table below sets out the carrying value of all financial instruments by category and where applicable shows the valuation level used to determine the fair value at each reporting date. The fair value of all financial assets and financial liabilities is not materially different to the book value. Credit risk Financial assets, which potentially subject the Group to concentrations of credit risk, consist principally of cash, short-term deposits and other receivables. Cash balances are all held at recognised financial institutions. Other receivables are presented net of allowances for doubtful receivables. Other receivables currently form an insignificant part of the Group\u2019s business and therefore the credit risks associated with them are also insignificant to the Group as a whole. The Group has a credit risk in respect of inter-company loans to subsidiaries. The Company is owed \u00a321,961,717 by its subsidiaries. The recoverability of these balances is dependent on the commercial viability of the exploration activities undertaken by the respective subsidiary companies. The credit risk of these loans is managed as the directors constantly monitor and assess the viability and quality of the respective subsidiary's investments in intangible oil & gas assets. Maximum to credit risk The Group\u2019s maximum exposure to credit risk by category of financial instrument is shown in the table below: The holding company\u2019s maximum exposure to credit risk by class of financial instrument is shown in the table below:
Restated
2024
2023
\u00a3
\u00a3
Cash and trade receivables
Cash and cash equivalents
3,813,371
6,484,034
Trade and other receivables
1,408,704
1,871,960
Other liabilities
Trade and other payables
1,367,832
1,605,286
res ta ted
restated
2024
2024
2023
2023
carrying
maximum
carryi ng
maximum
value
exposure
value
exposure
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
3,813,371
6,618,244
6,484,034
11,182,775
Receivables
1,408,704
1,408,704
1,871,960
1,871,960
Market risk Cash flow interest rate risk The Group has adopted a non-speculative policy on managing interest rate risk. Only approved financial institutions with sound capital bases are used to borrow funds and for the investments of surplus funds. The Group seeks to obtain a favourable interest rate on its cash balances through the use of bank deposits. The Group's bank paid a total of \u00a371,221 (2023: \u00a332,143) interest on cash balances during the year. At 31 December 2024, the Group had a cash balance of \u00a33.813 million (2023: \u00a36.484 million) which was made up as follows: Foreign currency risk Foreign exchange risk is inherent in the Group\u2019s activities and is accepted as such. The majority of the Group\u2019s expenses are denominated in Sterling and therefore foreign currency exchange risk arises where any balance is held, or costs incurred, in currencies other than Sterling. At 31 December 2024 and 31 December 2023, the currency exposure of the Group was as follows:
2024
2024
2023
2023
carrying
maximum
carryi ng
maximum
value
exposure
value
exposure
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
3,768,172
6,553,763
6,413,027
9,585,897
Receivables
15,616
15,616
17,370
17,370
Loans to Group Companies
21,961,717
21,961,717
18,435,673
18,435,673
2024
2023
\u00a3
\u00a3
Sterling
2,725,194
2,454,151
United States Dollar
1,075,448
3,830,035
Euro
284
132,910
Moroccan Dirham
8,908
66,937
Trinidad & Tobago Dollar
3,538
-
3,813,371
6,484,033
Restated
Sterling
US Dollar
Other
Total
\u00a3
\u00a3
\u00a3
\u00a3
at 31 December 2024
Cash and cash equivalents
2,725,194
1,075,448
12,730
3,813,372
Trade and other receivables
67,293
-
146,033
213,326
Trade and other payables
1,297,847
141,104
2,995,669
4,434,620
at 31 December 2023
Cash and cash equivalents
2,454,151
3,830,035
199,848
6,484,034
Trade and other receivables
47,951
42,551
603,269
693,771
Trade and other payables
1,453,484
-
2,807,597
4,261,081
Liquidity risk Any borrowing facilities are negotiated with approved financial institutions at acceptable interest rates. All assets and liabilities are at fixed and floating interest rate. The Group seeks to manage its financial risk to ensure that sufficient liquidity is available to meet the foreseeable needs both in the short and long term. See also references to Going Concern disclosures in the Strategic Report. Capital The objective of the directors is to maximise shareholder returns and minimise risks by keeping a reasonable balance between debt and equity. At 31 December 2024 all the Group's debt balances which related to Directors was fully repaid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "
16
Cash and cash equivalents
2024
2023
Group
Group
\u00a3
\u00a3
Barclays Bank Plc
3,776,453
6,417,093
Scotia Bank
21,650
-
Republic Bank
6,360
-
Soci \u00e9t\u00e9 G\u00e9n\u00e9rale
8,908
66,940
3,813,371
6,484,034
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "
restated
17
Trade and other payables
2024
2023
Group
Group
\u00a3
\u00a3
Current
Trade payabl es and other payabl es (i )
1,267,116
1,448,406
Accruals (ii)
3,070,163
2,655,795
Provisions (iii)
174,097
156,880
4,511,376
4,261,081
i) Included in trade and other payables are amounts due to Paul Griffiths and Lonny Baumgardner in respect of
compensation for the capitalisation of the loans in the sum of \u00a3323,785 and \u00a3183,813 respectively. They will
receive cash payments from the company upon either a) a flow rate of 1 million cfg/day being achieved from
any well of Guercif petroleum or b) a flow rate of 100 bopd being achieved from any well in Trinidad.
Also included in trade and other payables is an amount of \u00a3593,923 in respect of Withholding Tax payable in
Morrocco.
(ii) The amount of GBP3,069,789 recognised in accruals include an amount of USD2.7 million payable to the
Trinidadian Ministry of Energy and Energy Industries in respect of past dues on the Cory Moruga licence.
(iii) The prior year provisions amount has been restated in accordance with note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "
restated
17
Trade and other payables
2024
2023
Group
Group
\u00a3
\u00a3
Current
Trade payabl es and other payabl es (i )
1,267,116
1,448,406
Accruals (ii)
3,070,163
2,655,795
Provisions (iii)
174,097
156,880
4,511,376
4,261,081
i) Included in trade and other payables are amounts due to Paul Griffiths and Lonny Baumgardner in respect of compensation for the capitalisation of the loans in the sum of \u00a3323,785 and \u00a3183,813 respectively. They will receive cash payments from the company upon either a) a flow rate of 1 million cfg/day being achieved from any well of Guercif petroleum or b) a flow rate of 100 bopd being achieved from any well in Trinidad. Also included in trade and other payables is an amount of \u00a3593,923 in respect of Withholding Tax payable in Morrocco. (ii) The amount of GBP3,069,789 recognised in accruals include an amount of USD2.7 million payable to the Trinidadian Ministry of Energy and Energy Industries in respect of past dues on the Cory Moruga licence. (iii) The prior year provisions amount has been restated in accordance with note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "Credit risk Financial assets, which potentially subject the Group to concentrations of credit risk, consist principally of cash, short-term deposits and other receivables. Cash balances are all held at recognised financial institutions. Other receivables are presented net of allowances for doubtful receivables. Other receivables currently form an insignificant part of the Group\u2019s business and therefore the credit risks associated with them are also insignificant to the Group as a whole. The Group has a credit risk in respect of inter-company loans to subsidiaries. The Company is owed \u00a321,961,717 by its subsidiaries. The recoverability of these balances is dependent on the commercial viability of the exploration activities undertaken by the respective subsidiary companies. The credit risk of these loans is managed as the directors constantly monitor and assess the viability and quality of the respective subsidiary's investments in intangible oil & gas assets. Maximum to credit risk The Group\u2019s maximum exposure to credit risk by category of financial instrument is shown in the table below: The holding company\u2019s maximum exposure to credit risk by class of financial instrument is shown in the table below:
res ta ted
restated
2024
2024
2023
2023
carrying
maximum
carryi ng
maximum
value
exposure
value
exposure
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
3,813,371
6,618,244
6,484,034
11,182,775
Receivables
1,408,704
1,408,704
1,871,960
1,871,960
2024
2024
2023
2023
carrying
maximum
carryi ng
maximum
value
exposure
value
exposure
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
3,768,172
6,553,763
6,413,027
9,585,897
Receivables
15,616
15,616
17,370
17,370
Loans to Group Companies
21,961,717
21,961,717
18,435,673
18,435,673
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "Market risk Cash flow interest rate risk The Group has adopted a non-speculative policy on managing interest rate risk. Only approved financial institutions with sound capital bases are used to borrow funds and for the investments of surplus funds. The Group seeks to obtain a favourable interest rate on its cash balances through the use of bank deposits. The Group's bank paid a total of \u00a371,221 (2023: \u00a332,143) interest on cash balances during the year. At 31 December 2024, the Group had a cash balance of \u00a33.813 million (2023: \u00a36.484 million) which was made up as follows: Foreign currency risk Foreign exchange risk is inherent in the Group\u2019s activities and is accepted as such. The majority of the Group\u2019s expenses are denominated in Sterling and therefore foreign currency exchange risk arises where any balance is held, or costs incurred, in currencies other than Sterling. At 31 December 2024 and 31 December 2023, the currency exposure of the Group was as follows:
2024
2023
\u00a3
\u00a3
Sterling
2,725,194
2,454,151
United States Dollar
1,075,448
3,830,035
Euro
284
132,910
Moroccan Dirham
8,908
66,937
Trinidad & Tobago Dollar
3,538
-
3,813,371
6,484,033
Restated
Sterling
US Dollar
Other
Total
\u00a3
\u00a3
\u00a3
\u00a3
at 31 December 2024
Cash and cash equivalents
2,725,194
1,075,448
12,730
3,813,372
Trade and other receivables
67,293
-
146,033
213,326
Trade and other payables
1,297,847
141,104
2,995,669
4,434,620
at 31 December 2023
Cash and cash equivalents
2,454,151
3,830,035
199,848
6,484,034
Trade and other receivables
47,951
42,551
603,269
693,771
Trade and other payables
1,453,484
-
2,807,597
4,261,081
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "Liquidity risk Any borrowing facilities are negotiated with approved financial institutions at acceptable interest rates. All assets and liabilities are at fixed and floating interest rate. The Group seeks to manage its financial risk to ensure that sufficient liquidity is available to meet the foreseeable needs both in the short and long term. See also references to Going Concern disclosures in the Strategic Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "value": "Capital The objective of the directors is to maximise shareholder returns and minimise risks by keeping a reasonable balance between debt and equity. At 31 December 2024 all the Group's debt balances which related to Directors was fully repaid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "
Number of
shares
Nominal value
(i) On the share placing dated 26 June 2024 for a total of 5,221,203 shares of no par value, the total
shares of 5,221,203 were issued to Novum Securities Limited.
(ii) On the 31 October 2024, the company has issued 1,491,889 new ordinary shares at a price of
0.0925 pence per share in lieu of advisor fees totalling \u00a3138,000.
(iii) On the 11 November 2024 a total of 40,000,000 shares of no par value were issued to Novum
Securities Limited for a consideration of \u00a32,000,000.
19
Share capital
Issued and fully paid
Opening Balance
565,161,662
33,067,028
26 June 2024
Share Iss ue (i)
5,221,203
304,474
31 October 2024
Share Iss ue (ii )
1,491,889
138,000
01 November 2024
Shares i ssued (ii i )
40,000,000
2,000,000
611,874,754
35,509,502
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "Number of shares Nominal value (i) On the share placing dated 26 June 2024 for a total of 5,221,203 shares of no par value, the total shares of 5,221,203 were issued to Novum Securities Limited. (ii) On the 31 October 2024, the company has issued 1,491,889 new ordinary shares at a price of 0.0925 pence per share in lieu of advisor fees totalling \u00a3138,000. (iii) On the 11 November 2024 a total of 40,000,000 shares of no par value were issued to Novum Securities Limited for a consideration of \u00a32,000,000.
19
Share capital
Issued and fully paid
Opening Balance
565,161,662
33,067,028
26 June 2024
Share Iss ue (i)
5,221,203
304,474
31 October 2024
Share Iss ue (ii )
1,491,889
138,000
01 November 2024
Shares i ssued (ii i )
40,000,000
2,000,000
611,874,754
35,509,502
20 Other reserves 2024
2023
Group
Group
Warrants issuance cost reserve
No of warrants
\u00a3
\u00a3
Balance brought forward
18,570,179
(1,711,756)
(583,825)
Issue of warrants
52,400,000
-
(1,219,130)
Exerci sed warrants at fair val ue
(5,221,203)
337,715
44,142
Cancelled and/or expired warrants
-
-
47,057
Balance carried forward
65,748,976
(1,374,041)
(1,711,756)
2024
2023
Group
Group
Share based payments reserve
No of share options
\u00a3
\u00a3
Balance brought forward
48,360,972
2,844,770
1,379,964
Issue of warrants
-
-
1,219,130
Fair value of share options
6,000,000
480,748
1,540,481
Share opti ons exercised
-
-
(1,250,663)
Cancelled options
(20,005,486)
(513,893)
-
Warrants exercised
-
(337,715)
(44,142)
Balance carried forward
34,355,486
2,473,910
2,844,770
22. Reserves Details of the nature and purpose of each reserve within owners\u2019 equity are provided below: \u2022 Share capital represents the nominal value each of the shares in issue. \u2022 Share Based Payments Reserve are included in the Consolidated Statement of Changes in Equity and in the Consolidated Statement of Financial Position and represent the accumulated balance of share benefit charges recognised in respect of share options and warrants granted by the Company, less transfers to retained losses in respect of options exercised or lapsed. \u2022 Warrants Issuance Cost Reserve are included in the Consolidated Statement of Changes in Equity and in the Consolidated Statement of Financial Position and represent the accumulated balance of charges recognised in respect of warrants granted by the Company less transfers to retained losses in respect of options exercised or lapsed. \u2022 The Retained Deficit Reserve represents the cumulative net gains and losses recognised in the Group\u2019s statement of comprehensive income. \u2022 The Reconstruction Reserve arose through the acquisition of Predator Oil & Gas Ventures Limited. This entity was under common control and therefore merger accounting was adopted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "
20 Other reserves 2024
2023
Group
Group
Warrants issuance cost reserve
No of warrants
\u00a3
\u00a3
Balance brought forward
18,570,179
(1,711,756)
(583,825)
Issue of warrants
52,400,000
-
(1,219,130)
Exerci sed warrants at fair val ue
(5,221,203)
337,715
44,142
Cancelled and/or expired warrants
-
-
47,057
Balance carried forward
65,748,976
(1,374,041)
(1,711,756)
2024
2023
Group
Group
Share based payments reserve
No of share options
\u00a3
\u00a3
Balance brought forward
48,360,972
2,844,770
1,379,964
Issue of warrants
-
-
1,219,130
Fair value of share options
6,000,000
480,748
1,540,481
Share opti ons exercised
-
-
(1,250,663)
Cancelled options
(20,005,486)
(513,893)
-
Warrants exercised
-
(337,715)
(44,142)
Balance carried forward
34,355,486
2,473,910
2,844,770
22. Reserves
Details of the nature and purpose of each reserve within owners\u2019 equity are provided below:
\u2022 Share capital represents the nominal value each of the shares in issue.
\u2022 Share Based Payments Reserve are included in the Consolidated Statement of Changes in Equity and in the
Consolidated Statement of Financial Position and represent the accumulated balance of share benefit charges
recognised in respect of share options and warrants granted by the Company, less transfers to retained losses
in respect of options exercised or lapsed.
\u2022 Warrants Issuance Cost Reserve are included in the Consolidated Statement of Changes in Equity and in the
Consolidated Statement of Financial Position and represent the accumulated balance of charges recognised in
respect of warrants granted by the Company less transfers to retained losses in respect of options exercised or
lapsed.
\u2022 The Retained Deficit Reserve represents the cumulative net gains and losses recognised in the Group\u2019s
statement of comprehensive income.
\u2022 The Reconstruction Reserve arose through the acquisition of Predator Oil & Gas Ventures Limited. This entity
was under common control and therefore merger accounting was adopted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "value": "
23. Related party transactions
Directors and key management emoluments are disclosed in note 9 and 21 and in the Directors\u2019 remuneration
report on pages 77 to 82.
In addition to the Directors and key management emoluments, the Executive Directors had various transactions
that are disclosed in note 17.
During the year, the Company incurred costs of EUR42,000 (\u00a335,832) (2023: EUR 63,000) relating to capitalised
operations and logistic costs in Morocco, of which nil (2023: EUR NIL) remains outstanding at the year end. These
costs are payable to Earthware Energy Inc a company owned by/related to Karima Absa, the wife of Lonny
Baumgardner. These services were terminated in 2024.
As at year end, the balance owed to Directors for their services are as follows:
\u2022 Paul Griffiths - \u00a327,938
\u2022 Alistair Jury - \u00a32,316
\u2022 Carl Kindinger - \u00a36,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "23. Related party transactions Directors and key management emoluments are disclosed in note 9 and 21 and in the Directors\u2019 remuneration report on pages 77 to 82. In addition to the Directors and key management emoluments, the Executive Directors had various transactions that are disclosed in note 17. During the year, the Company incurred costs of EUR42,000 (\u00a335,832) (2023: EUR 63,000) relating to capitalised operations and logistic costs in Morocco, of which nil (2023: EUR NIL) remains outstanding at the year end. These costs are payable to Earthware Energy Inc a company owned by/related to Karima Absa, the wife of Lonny Baumgardner. These services were terminated in 2024. As at year end, the balance owed to Directors for their services are as follows: \u2022 Paul Griffiths - \u00a327,938 \u2022 Alistair Jury - \u00a32,316 \u2022 Carl Kindinger - \u00a36,580 28. Ultimate controlling party In the opinion of the Directors there is no ultimate controlling party as no one individual is deemed to satisfy this definition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "
24. Contingent liabilities and capital commitments
The Group had at the reporting date no capital commitments or contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "value": "24. Contingent liabilities and capital commitments The Group had at the reporting date no capital commitments or contingent liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "24. Contingent liabilities and capital commitments The Group had at the reporting date no capital commitments or contingent liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "25. Litigation As at 31 December 2024, the Group is not currently involved in any litigation. ", "dimensions": { "concept": "predatoroilandgasholdingsplc:DisclosureOfLitigationExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "26. Events after the reporting date 20 January 2025 The Company announced that civil engineering work, to improve access roads and prepare the MOU-5 well pad, had commenced on its Guercif licence onshore Morocco at the MOU-5 drill site. 21 January 2025 The Company announced the completion by T-Rex Resources (Trinidad) Limited, the acquisition of 51% of the issued share capital of Caribbean Rex Limited (\"CRL\"). CRL'S sole asset is a 100% interest in and operatorship of the Bonasse Field in the SW Peninsular, Trinidad. The Bonasse field has a production licence expiring in 2039. There are no remaining work commitments. The consideration for the investment in CRL was US$170,000. 5 February 2025 The Company announced that it had placed 50 million new ordinary shares of no par value in the Company at a placing price of 4 pence each to raise \u00a32 million (before expenses) with Eva Pacific Pty Ltd. The funds are to be applied to an accelerated drilling programme for the upcoming MOU-5 well in Morocco on the Titanosaurus prospect and to prepare for the development and appraisal drilling programme on Snowcap-3 in Cory Moruga, Trinidad. Pursuant to this placing 10mil warrants exercisable at 6p a share was granted to Eva Pacific Pty Ltd and Cynosure Capital Pty Ltd. 18 February 2025 The Company announced that T-Rex Resources (Trinidad) Limited\u2019s 51% owned subsidiary, Caribbean Rex Limited(\u2018CRL\u2019), had entered into a transaction with Challenger Energy (\"CEG\") for the potential acquisition of its St Lucia domiciled subsidiary company, Columbus Energy (St. Lucia) Limited, which in turn holds various subsidiary entities collectively representing all of the CEG's business, producing assets and operations in Trinidad and Tobago. The three producing fields that are being acquired are Goudron, Inniss Trinity and Icacos and are currently averaging 272 bopd of production. The total consideration of US$1,750,000 comprises an initial deposit of US$250,000 which has been satisfied via the issuance to CEG of 4,411,641 Predator shares; US$750,000 payable on completion comprising US$250,000 in cash and US$500,000 via the issuance of Predator shares and deferred unconditional consideration payments of US$750,000, payable in cash, in three instalments of US$250,000, at the end of 2025, 2026, and 2027. CRL will assume a total of US$4.25 million of legacy liabilities, provisions and potential exposures of the business, and the assets and operations in Trinidad and Tobago. The Company are in the process of assessing the fair values of the assets and liabilities acquired and will make use of the 12 months assessment period as presented within IFRS 3. 20 February 2025 The Company awarded 45,000,000 unallocated share options, exercisable at 5.5p per share, under the option scheme as follows: a. Dr. Stephen Boldy: 7,500,000 options b. Mr Paul Griffiths Chief Executive:18,500,000 options c. Mr Alistair Jury:7,500,000 options d. Mr Carl Kindinger:7,500,000 options e. Mr Geoffrey Leid Director: 4,000,000 options The vesting conditions and phased vesting dates are as follows: \u2022 25% of the award on commencement of MOU-5 drilling. \u2022 25% of the award after 9 months or on announcement of the completion of the acquisition of Challenger Energy Group Plc's Trinidad & Tobago companies, whichever occurs first. \u2022 25% of award after 6 months or announcement of positive MOU-3 testing results, whichever occurs first. \u2022 25% of award on announcement of achieving 500boe/pd net to Predator in Trinidad. 4 March 2025 The Company announced that the MOU-5 well had commenced drilling operations onshore Morocco on 3 March 2025. 17 March 2025 The Company announced that the results of the MOU-5 drilling programme have unlocked a new Jurassic play, opening a trend never before tested in the Guercif Basin. A helium show has provided the impetus to further assess the helium potential of the MOU-5 structure. There was confirmation of the pre-drill play concept and seismic inversion modelling work based on limited 2D seismic data. This allows for the acquisition of more focussed additional seismic data to clarify the updip potential. The way forward from this point on is to evaluate the data from the well and then to seek a farminee to join the Jurassic Project. The MOU-5 well has confirmed that the large MOU-5 structure has to be further investigated based on new 3D seismic data. 24 March 2025 The Company announced an operational update and commencement of oil sales: \u00b7 CEG Trinidad acquisition progressing on schedule through regulatory process. This acquisition will add 272 bopd on completion \u00b7 Bonasse oil off-take agreement executed and oil sales to commence \u00b7 Bonasse Production and Field Services Management Agreement executed \u00b7 Bonasse workover programme underway and building to 35 bopd initial target \u00b7 SGN thermo-chemical wax treatment received regulatory approval for use in Trinidad \u00b7 Jacobin-1 workover will be the first test of the SGN patented technology in Trinidad \u00b7 In 2025 the MOU-3 shallow higher pressure gas onshore Morocco will be perforated. \u00b7 A farmout package for both 3D seismic and an updip well on the Titanosaurus structure based on new insights will be prepared following assessment of MOU-5 drilling results \u00b7 The Company is fully-funded for all 2025 firm commitments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "27. Prior year adjustments 1. \u00a34,497,179 has been recognised as an intangible asset on consolidation of TRex\u2019s balance sheet with POGT in respect of the valuation of Cory Moruga. This compares to an intangible asset of \u00a35,251,939 recognised in the Group\u2019s consolidated balance sheet at 31December 2023. The difference is accounted for by showing a US$1million part payment for the acquisition of the Cory Moruga licence as a loan due by TRex to POGT, it\u2019s parent company, and not a cost of acquiring TRex. Accordingly a prior adjustment of \u00a3775,224 has been recognised reducing the intangible asset to \u00a34,497,179. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are:
31.12.23 31.12.23 01.01.2024 01.01.2024
(restated) (restated)
(audited) (audited)
Consideration
US$
\u00a3
US$
\u00a3
Transfer to CEG
1,000,000
810,066
1,000,000
810,066
Transfer to MEEI
1,000,000
810,066
-
-
FRAM loan unwind
762,216
643,905
762,216
643,906
Unrealised Foreign exchange difference
-
(2,943)
Costs of acquisition
-
-
-
-
Total
2,762,216
2,264,037
1,762,216
1,451,029
T-Rex
Assets and Liabilities
\u00a3
\u00a3
Trade and other receivables
584,130
601,343
Intangible asset
5,251,939
4,476,714
Liabilities (TTD 24,950,313)
(3,572,032)
(3,627,028)
Total
2,264,037
1,451,029
2. Historically \u00a3203,474 in well insurance for drilling operations in Morocco has been expensed to the income statement, but in the current year deemed to be accruing to the Guercif intangible asset. Historically \u00a3489, 629 in Withholding taxes payable on operations in Morocco has been expensed to the income statement, but in the current year deemed to be accruing to the Guercif intangible asset. This has resulted in an adjustment of \u00a3693,103 reducing the prior year operating loss and the prior year retained deficit. Consolidated statement of comprehensive income For the year ended 31 December 2023
Restated
Previously state
d
Notes
\u00a3
\u00a3
Administrative expenses
4
(1,639,501)
(3,224,721)
Performance and Compensa ti on Bonuses
5
(1,007,599)
-
Share based payments
6
(1,540,481)
(1,540,481)
Total operating expenses
(4,187,581)
(4,765,202)
Operating loss
(4,187,581)
(4,765,202)
Finance Income
3
36,495
36,495
Finance expense
7
(87,277)
(87,277)
Loss for the year before taxation
(4,238,363)
(4,815,984)
Taxation
8
-
-
Loss for the year after taxation
(4,238,363)
(4,815,984)
Total comprehensive loss for the year attributable to the owner of the parent
(4,238,363)
(4,815,984)
Earnings per share basic and diluted (pence)
10
(1.050)
(1.193)
01.01.2023 to 31.12.2023 01.01.2023 to 31.12.2023 Consolidated statement of financial position As at 31 December 2023
Previously
Restated
Stated
31.12.2023
31.12.2023
Notes
\u00a3
-
Non-current assets
Tangible fixed assets
13
1,181
1,181
Intangible assets
12
17,505,809
17,587,929
17,506,990
17,589,110
Current assets
Trade and other receivables
15
1,871,960
1,852,821
Cash and cash equivalents
16
6,484,034
6,484,034
8,355,994
8,336,855
Total assets
25,862,984
25,925,965
Equity attributable to the owner of the parent
Share capital
19
33,067,028
33,067,028
Reconstruction reserve
531,233
531,233
Warrants issuance cost
20
(1,711,756)
(1,711,756)
Share based payments reserve
20
2,844,770
2,844,770
Retained deficit
(13,129,372)
(13,822,475)
Total equity
21,601,903
20,908,800
Current liabilities
Trade and other payables
17
4,261,081
5,017,165
Total liabilities
4,261,081
5,017,165
Total liabilities and equity
25,862,984
25,925,965
", "dimensions": { "concept": "predatoroilandgasholdingsplc:DisclosureOfPriorYearAdjustmentsExplanatory", "language": "en", "entity": "scheme:213800L7QXFURBFLDS54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }