Predator delays acquisition of Challenger operations in Trinidad

Oil and gas company, Predator Oil & Gas Holdings, says it has experienced some short-term delays in the acquisition of Challenger Energy Group’s operations in Trinidad & Tobago.

In February 2025, Predator, which is based in the United States and has hydrocarbon operations and production activities that are focused on Morocco and Trinidad, entered into an agreement for the acquisition of the entirety of the Challenger Energy Group’s operations.

The agreement provided for the regulatory approval necessary for closing of the sale to be finalised by April 30. But the date was extended to June 30, due to the parties’ uncertainty following the snap-general election that was called in Trinidad & Tobago and the resulting change in government.

In anticipation of completion of the deal in the near term, the companies have commenced working collaboratively so as to ensure a smooth and efficient transfer of ownership and operations once final regulatory approval is obtained.

Challenger’s operations in Trinidad include three onshore producing fields where there are a total 250 wells, of which approximately 60 are in production at any given time.

“Over the last two months we have been carrying out an internal technical and commercial re-assessment of the company’s diverse portfolio of assets in Morocco and Trinidad. This has taken into account prevailing uncertainty in terms of equity market volatility, crude oil price fluctuations and unstable foreign exchange markets. All of these factors combine to under-value early stage oil and gas exploration, appraisal and development,” said Predator Oil CEO Paul Griffiths.

He said following this review the company is focused going forward on preserving its cash; maintain its debt-free status; increasing its portfolio of producing assets in Trinidad; financing and monetising its near-term oil and gas development projects at minimal cost to the company; and maintaining third party-funded future ‘blue sky’ exploration potential for gas and helium.

He added that the acquisition of the Challenger Energy operations in Trinidad will facilitate production growth and revenue generation through integration with our existing production operations to deliver economies of scale.

“Preparations and planning are ongoing to drill the Snowcap-3 well in first quarter of 2026. A rig has been identified and subject to certification a rig contract will be entered into. The Snowcap-3 appraisal well is targeting the best producing sand in BP’s former Moruga West field 1.5 kilometres southeast of the Snowcap-3 proposed well location,” Griffiths said.

“In Moruga West individual wells have flowed initially at up to 303 bopd from this single interval with maximum well recovery for a single well of 455,000 barrels of oil over field-life has been achieved. Snowcap-3 is therefore a key well for boosting our producing portfolio and can potentially be tied in quickly and at low cost to enable early monetisation,” he said.

Griffiths said there are several options to organically finance the well later this year through an asset sale and/or partnering with a local company.

CMC