Caribbean Rex Limited agreed to acquire Columbus Energy (St Lucia) Ltd from Challenger Energy Group PLC (AIM:CEG) for $7.99 million on February 18, 2025. As the part of consideration an initial deposit of $0.25 million - this has been satisfied via the issuance to CEG of 4,411,641 unrestricted Predator shares ("the Deposit Shares") and $0.75 million payable on completion with $0.25 million in cash and $0.5 million via the issuance of unrestricted Predator shares (the number of Predator shares to be issued to be determined based on the prevailing exchange rate and market price of Predator shares at the time of completion); deferred unconditional consideration payments of $0.75 million payable in cash, in three instalments of $0.25 million on each of December 31, 2025, 2026, and 2027; the assumption by CRL of all liabilities, provisions and potential exposures of the business, assets and operations in Trinidad and Tobago (the "Legacy Liabilities"), which for the purposes of the sale agreement were agreed to be in the amount of $4.25 million. contingent payments of up to $2 million, at the rate of $2 per barrel of oil produced by the assets sold in the period to 31 December 2027, but only for production exceeding 750 bopd, and only after capital costs incurred by the Buyer in support of that increased production are first recovered by the Buyer from production.

Completion is dependent upon the approval of Heritage Petroleum for the indirect change of ownership interests in the EPSC's. CRL shall immediately begin to commence the process of securing approval from Heritage CEG will proceed to immediately convene an extraordinary general meeting ("EGM") of its shareholders given that the Trinidad operations represent 100% of the CEG's present revenue, in accordance with the AIM rules, requiring prior approval of the Company's shareholders for the disposal being required. Completion of the sale is conditional on both approvals being obtained prior to April 30, 2025. If the sale does not complete for failure of the Heritage approval condition, the deposit will be forfeited; if the transaction does not complete because CEG shareholders do not approve the transaction, the deposit must be refunded.

As of March 27, 2025, the shareholders of Challenger Energy Group PLC approved the sale, but remains subject to obtaining approval from Heritage Petroleum Limited, the state-owned national oil company of Trinidad and Tobago, as a condition precedent to complete the Trinidad Disposal. Anticipated completion is due to occur by April 30, 2025.

Jon Fitzpatrick, Paul Weidman, Doug Rycroft of Gneiss Energy Limited acted as financial advisor to Challenger Energy Group PLC. Antonio Bossi, Darshan Patel, George Duxberry of Zeus Capital Limited financial advisor to Challenger Energy Group PLC.