Predator Oil & Gas Holdings PLC Issuance and Lapse of Share Options

RNS Number : 0400L

Predator Oil & Gas Holdings PLC

18 April 2024

 

FOR IMMEDIATE RELEASE

18 April 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")

 

    Issuance of Share Options and Lapse of Share Options 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad, advises of the issuance of the following options over new Ordinary Shares:

 

Issuance of Options to Geoffrey Leid - Director T-Rex Resources (Trinidad) Limited

The Board's Remuneration Committee has resolved to make the following award of unallocated share options under the Company's existing option scheme following his appointment as a director of the Group's subsidiary company T-Rex Holdings (Trinidad) Limited ("T-Rex"):

 

To  Geoffrey Leid (Director):

-     Award of 3,000,000 Options

 

Options issued on 18 April 2024 to Geoffrey Leid are exercisable at 12.5 pence per share.

1,000,000 share options will vest immediately and the remaining 2,000,000 share options will vest after 6 months or upon production from the Cory Moruga Exploration and Production Licence reaching 200 barrels of oil per day, whichever occurs first.

Background

Geoffrey Leid is the Company's in-country managing director of T-Rex.

 

He will focus on promoting and developing the Company's business activities in Trinidad with special emphasis on assisting to accelerate the processes required for the execution of the Cory Moruga field development project.

 

He is a corporate consultant/adviser with a particular focus on oil and gas development projects. His extensive experience in the acquisition and funding of resource projects in Trinidad spans ten years. An attorney by profession, Mr. Leid has specialised in real estate, corporate mergers and acquisitions and he sat on numerous boards in the real estate, telecommunications and energy sectors throughout the Caribbean. Mr. Leid holds undergraduate degrees in Economics and Administrative Studies from York University, Canada and obtained his LLB in the United Kingdom. As a member of Grays Inn, he was called to the Bar in England. Mr. Leid is also a member of the Chartered Professional Accountants in Canada.

Lapse of Share Options

 

In accordance with the terms and conditions of the Rules of the Predator Oil & Gas Holdings Plc Unapproved Share Option Scheme dated 7 October 2020, share options granted to former directors as eligible persons have lapsed as follows:

Louis Castro                              1,000,000 share options at an exercise price of 5 pence

Dr. Stephen Staley                    1,650,000 share options at an exercise price of 5.66 pence

Thomas Evans                          2,000,000 share options at an exercise price of 8.125 pence

 

Total Options and Warrants on issue

Following the issuance and lapsing of the options announced herein, the total options and warrants outstanding in the Company are as follows:

 

	WARRANTS	OPTIONS   5 July 2022	OPTIONS   9 November 2022	OPTIONS   27 March 2023
Directors	Nil	2,000,000	11,598,923           2,000,000	Nil
Advisers and directors of Group subsidiary companies	17,880,180			3,000,000

 

	OPTIONS         12 May 2023	OPTIONS 12 October 2023	OPTIONS    18 April 2024
Directors	3,401,077     15,710,972	6,000,000	Nil
Advisers and directors of Group subsidiary companies			3,000,000

 

(1)    Warrants  include outstanding warrants issued to Company advisers at  

 1,020,000 at an exercise price of 10.5 pence per share

    600,000 at an exercise price of 15    pence per share

    690,000 at an exercise price of   9    pence per share

 1,800,000 at an exercise price of   5.5 pence per share

 1,099,765 at an exercise price of   8    pence per share

 2,181,810 at an exercise price of   6    pence per share

 1,780,412 at an exercise price of   5.7 pence per share

 1,080,000 at an exercise price of 10.5 pence per share

 2,863,636 at an exercise price of 11    pence per share

 5,454,546 at an exercise price of 11    pence per share

 

(2)   05/07/22 share options are exercisable at     8.125 pence per share.

(3)   09/11/22 2,000,000 share options are exercisable at       7.75   pence per share.

(4)   09/11/22 11,598,923 share options are exercisable at   10.0     pence per share

(5)   27/03/23  share options are exercisable at                       8.125 pence per share

(6)   12/05/23  15,710,972 share options are exercisable at    8.0     pence per share

                         3,401,077 share options are exercisable at   10.0    pence per share

(7)   12/10/23  share options exercisable at                            12.5    pence per share 

 

(8)   18/04/24  share options exercisable at                            12.5    pence per share                  

 

If all options and warrants were to become exercisable and then exercised in accordance with their terms, gross proceeds received by the Company would be £6,150,101.

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]
Flagstaff Strategic and Investor Communications Tim Thompson  Mark Edwards Fergus Mellon	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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