PORT OF SPAIN, Trinidad, CMC – Predator Oil & Gas (Predator) has completed the acquisition of Challenger Energy (CEG) Group’s operations in Trinidad and Tobago.
CEG’s operations in this area include three onshore producing fields: Goudron, Inniss-Trinity, and Icacos, with a total of 250 wells, of which approximately 60 are in production at any given time.
On completion of the transaction, CEG’s chief executive officer, Eytan Uliel, said, “I am pleased to report that we have completed the sale of our business in Trinidad and Tobago. This allows full focus on our core assets in Uruguay, where we have a compelling opportunity to create near-term value for our shareholders”.
Predator said the timing of the acquisition’s completion is particularly noteworthy, given recent reports that ExxonMobil is entering the Trinidad offshore with a committed expenditure of US$42.5 million and a reported speculative spend of US$16.4 to US$21.7 billion on development, if initial seismic and other technical studies are successful.
“This will ensure that Trinidad will be a center of attention in the oil and gas sector over the next few years,” it said.
“We are pleased to have completed the acquisition of three new producing assets with an immediate generation of revenues for the company from the completion date. The agreement executed with NABI relieves the company of the burden of funding minimum work obligations and field operating costs,” said Predator’s chief executive officer, Paul Griffiths.
“The arrangement also ensures that an aggressive heavy workover and infield drilling program will be executed over the next 24 months to address overlooked opportunities with potential to enhance oil production.”
The acquisition includes a revenue-sharing agreement with NABI Construction, allowing Predator to benefit from increased production without bearing field operating costs. Predator has executed a Production and Field Services Management Agreement with NABI Construction Limited (NABI) to replicate the arrangements for the Bonasse Field to cover the Goudron, Inniss-Trinity, and Icacos Fields.
In accordance with the agreement, Predator will receive 30 percent of the gross sales receipts at the point of sale, after deducting royalties and taxes from the existing production, with no exposure to field operating costs and investment costs required to fulfill the minimum work obligations for the licenses.
NABI will initially execute up to 13 heavy well workovers (HWOs) over the next 12 to 24 months, to enhance the current consolidated field production of 285 bopd by up to 40 percent. NABI will also execute a drilling program to satisfy the minimum license obligations over the next two years.
For incremental production and new drilling on any new well or heavily worked-over well, Predator will receive 15 percent of the gross sales receipts of those respective wells at the sales point, after deduction of royalties and taxes, until recovery by NABI of HWO and drilling costs on a well-by-well basis.
In addition, Predator’s wholly owned subsidiary, T-Rex Resources (Trinidad) Ltd. (T-Rex), has entered into final negotiations with the rig contractor for the T38 Rig reactivation and commissioning to drill Snowcap 3 in early 2026, and any other prospects identified by T-Rex after the completion of the Snowcap-3 appraisal and development well.
T-Rex and the rig contractor expect to execute the final contract upon submission of regulatory documentation to the Ministry of Energy next month.
Predator will conduct a technical review of the SVG portfolio of assets to identify new drilling prospects and missed opportunities for healthy interventions.
According to the company, the acquisition of Challenger Trinidad’s existing business structures, contractual arrangements, facilities, and practical operations experience creates material substance and the in-country relationships necessary to support Predator’s logistical infrastructure required to strengthen its primary business objective: to operate its core asset in the Cory Moruga Exploration and Production Licence through appraisal and development and the transport and sale of oil into a pipeline entry point.
Predator said also that with 2P/2C unrisked Contingent and Prospective oil resources of 14.31 million barrels of oil, unchanged since the January 2024 Independent Technical Report, and a projected peak field production rate of 3,000 to 4,000 bopd based on the adjacent Moruga West Field production profile analogue, developing the Cory Moruga asset continues to represent a high reward opportunity now supported by the enlarged portfolio of Trinidad assets and infrastructure.
The company stated that it offers multiple newsflow opportunities and that the revenue-sharing agreement with NABI may be viewed as a form of royalty, guaranteeing positive cash flow for the company without exposure to operational risks.
According to the company, consolidating the Trinidad business structures within the overall company management structure minimizes administrative costs. By not entering into interest-bearing loan arrangements, exposure to potentially higher reward drilling opportunities is maintained.
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