Predator Oil & Gas Holdings PLC Board Re-organisation

RNS Number : 2995E

Predator Oil & Gas Holdings PLC

16 September 2024

 

FOR IMMEDIATE RELEASE

 

16 September 2024

 

Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

 

Predator Oil & Gas Holdings Plc

 

("Predator" or the "Company" and together with its subsidiaries "the Group")

 

Board Re-organisation

 

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad announces a re-organisation of the Board following an internal review of the Company's forward work programmes and objectives for 2024 and 2025.

 

Paul Griffiths, with relevant experience and a track record in project inception, project development, acquisitions and mergers and management of drilling and testing programmes will move from being Executive Chairman to Chief Executive Officer responsible for delivering the Board's programme.  Following publication of the Company's Interim results for the period ending 30 June 2024 later this month, an Independent Non-executive Chairman will be appointed to Chair the Board.

 

Due to a change in his personal circumstances, Lonny Baumgardner will be leaving the Company and the Board, with the position of Managing Director being removed from the management structure and the associated costs saved. The Board wishes to thank Mr. Baumgardner for his efforts in achieving the successful Guercif drilling programme and wish him every success in the future.

 

Testing and evaluation of the wells in Morocco continues and all the elements of the testing programme will continue during Q4 2024 as information is gathered and analysed to potentially support the next stage of the CNG Project.  The Company is fully funded for this activity and for all of its firm commitments over the next 12 months whilst also having a discretionary cash reserve to facilitate the planning and scheduling of the MOU-5 well on the giant Titanosaurus structure. This will now include provisions for assessing the potential for helium based on the helium present in a gas sample collected whilst drilling the MOU-3 well.

 

Paul Griffiths, Chief Executive Officer of Predator, commented:

"I am pleased to be taking on the role of CEO and look forward to welcoming an Independent Non-executive Chairman to the Board in the near time. I would like to thank Lonny for his years of service as Managing Director and we wish him well for the future.  At the same time, work continues apace on the portfolio, with our activities fully funded."

 

 

For further information visit www.predatoroilandgas.com

 

Follow the Company on X @PredatorOilGas.

 

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse.

 

 

For more information please visit the Company's website at www.predatoroilandgas.com: 

 

Enquiries:

Predator Oil & Gas Holdings Plc Paul Griffiths                Chief Executive Officer	Tel: [phone] [e-mail]
Novum Securities Limited David Coffman / Jon Belliss   Oak Securities Jerry Keen	Tel: [phone]     Tel: [phone] [e-mail]
Camarco - Financial PR Billy Clegg / Owen Roberts / Fergus Young	Tel: [phone] [e-mail]

 

Notes to Editors:   

 

Predator is an oil & gas company with a diversified portfolio of scaled assets including unique and highly prospective onshore Moroccan gas exposure, with multiple fully financed upcoming catalysts.

 

Predator has two high quality, scalable gas projects in Morocco with fast pace of commercialisation and blue sky potential. Guercif is a shallow CNG biogenic gas development with multiple traps and at least 4 separate reservoirs with recently drilled wells due to be flow tested. The Giant Jurassic Titanosaurus is a shallow thermogenic gas prospect evaluating 249m of potential gross reservoir thickness in a trap of 187 km2 for pipeline gas to power, with pipeline 2.5km from wellhead.   Moroccan gas prices are high, and the fiscal terms are some of the best in the world.  Predator also has a diversified portfolio of assets across Ireland and Trinidad, which is a near-term revenue-generating project.

 

Predator has an experienced management team and consultants with particular knowledge in Moroccan sub surface and operations.  The team specialises in incorporating modern, proven technologies and processes from Canada and the US to provinces where the conventional technologies did not allow their hydrocarbon potential to be revealed.

 

Predator Oil & Gas Holdings plc is listed on London Stock Exchange's Main Market with a Standard Listing (symbol: PRD). For further information, visit www.predatoroilandgas.com  

 

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