Predator Oil & Gas Holdings PLC Exercise of Broker Warrants

RNS Number : 8537T

Predator Oil & Gas Holdings PLC

26 June 2024

 

FOR IMMEDIATE RELEASE

26 June 2024

 

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

LEI 213800L7QXFURBFLDS54

Predator Oil & Gas Holdings Plc

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

 

Exercise of Broker Warrants

 

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with the Jersey based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad announces that it has received an exercise notice from Novum Securities Limited ("Novum") in respect of 5,221,203 warrants issued to it pursuant to warrant agreements with the Company:

2,890,908 of the warrants are exercisable at 5.5 pence per share;

1,780,412 of the warrants are exercisable at 5.7 pence per share; and

549,883 of the warrants are exercisable at 8.0 pence per share.

The Company has therefore allotted and issued to Novum the total of 5,221,203 new ordinary shares (the "New Shares") following receipt of the aggregate £304,474.06.

Application is being made for the New Shares to be admitted listing on the Official List  and to trading on the Main Market of the London Stock Exchange's which is expected to be on or around 1 July 2024.

The New Shares rank pari passu with the existing ordinary shares of the Company. Following the issue of the New Shares, the Company's issued ordinary share capital shall consist of 570,382,865 ordinary shares of no par value. The figure of 570,382,865 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's ("FCA") Disclosure Guidance & Transparency Rules.

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                Executive Chairman Lonny Baumgardner    Managing Director	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 operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary and Jurassic gas.  The current focus of the exploration and appraisal drilling programme is located less than 10 kilometres from the Maghreb gas pipeline.  The MOU-1 well drilled in 2021 and the MOU-3 and MOU-4 wells drilled in 2023 have been completed for rigless testing in early 2024. Near-term focus is on supplying compressed natural gas ("CNG") to the Moroccan industrial market. A Collaboration Agreement for potential CNG gas sales of up to 50 mm cfgpd has been executed with Afriquia Gaz. Further drilling activity is anticipated in 2024 to further evaluate the MOU-4 Jurassic prospect.

 

Predator is seeking in the medium term to apply CO2 EOR techniques onshore Trinidad which have the advantage of sequestrating anthropogenic carbon dioxide. The acquisition of T-Rex Resources (Trinidad) Ltd. ("T-Rex") is a first step to realising this objective. T-Rex holds the Cory Moruga Production Licence. Cory Moruga is a largely undeveloped near-virgin oil field of similar potential size to the nearby Moruga West and Inniss-Trinity mature oil fields. The Cory Moruga Production Licence is a potentially significant asset for the Company with the capability of generating positive operating profits in the near-term. Capital required for staged field development can be implemented potentially utilising operating profits generated from an increasing level of gross production revenues.

 

Predator owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which successor authorisations have been applied for, adjoining Vermilion's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the decommissioned Kinsale gas field in the Celtic Sea. The applications for successor authorisations remain "under consideration" by the DECC.

 

Predator has developed a Floating Storage and Regasification Project ("FSRUP") for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand.

Further progress for the Mag Mell FSRUP will be dependent on government policy in relation to security of energy supply. A generalised FSRUP concept has now been recognised by the government as an option for security of energy supply.

 

The Company has a small but highly experienced management team with a proven track record in successfully executing drilling operations in the oil and gas sector and in acquiring assets where there is a potential to generate multiple returns for relatively low and manageable levels of investment.

 

 

 

 

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