Predator Oil & Gas Holdings plc said its main priority in 2024 would be to re-set the valuation of its gas assets “through means other than the intra-day share price”.
PRUDENT
Executive chairman Paul Griffiths added that the company would focus on “entities that understood the true value of natural resources in [the] oil and gas commodity sector”.
“Like many listed companies of our size we are extremely disappointed with the over-regulated London public markets and their poor appreciation of the value of businesses and opportunities that several companies have created and further developed.
“We thank our shareholders for their continued support along our journey towards achieving our ultimate goal.
“It is not an easy path when wedded to a public market that is contracting in relation to its global peers through an inability to reform and refresh in a timely manner to become more attractive and competitive.
“2024 should be an interesting year.”
Mr Griffiths words were included in Predator’s 2023 financial statement which showed operational losses nearly doubled to £4,815,984 following drilling the MOU-2, MOU-3 and MOU-4 wells at Guercif, Morocco (2022: £2,558,844).
Corporate administrative expenses were £1,540,481 (£1,248,084) which included £217,241 related to progressing a secondary prospectus with the FCA.
Executive directors’ fees rose to £604,506 (£414,709) mainly as a result of technical services and consulting fees.
Predator held an increased cash balance of £6,484,034 (£3,323,161) with additional restricted cash of US$1.5 million ($1.5m) and no debt.
“The company is a prudent and experienced operator, as we have shown in 2023 and will continue to deliver in 2024,” added Mr Griffiths.
“We manage costs carefully, even during times when inflationary pressures and “shrinkflation” have become a normal modus operandi for some suppliers and services.”