Predator Oil & Gas Holdings PLC Issuance of Share Options (5372U)

TIDMPRD

RNS Number : 5372U

Predator Oil & Gas Holdings PLC

29 March 2023

FOR IMMEDIATE RELEASE

29 March 2023

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

Predator, the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, advises of the issuance of the following options over new Ordinary Shares:

Issuance of Options to Moyra Scott - Drilling Manager Morocco

The Board's Remuneration Committee has resolved to make the following award of unallocated share options under the Company's existing option scheme following her appointment as a director of the Group's subsidiary company Predator Gas Ventures Ltd.:

To Moyra Scott (Non-executive Director):

   -     Award of 3,000,000 Options 

Options issued on 27 March 2023 to Moyra Scott are exercisable at 10.0 pence per share and will vest after 6 months or upon the release of a Company RNS with the MOU-3 wireline log results - whichever occurs first.

Background

Moyra Scott has an MSc in Petroleum Geology from Heriot Watt University Edinburgh with 32 years of experience in the oil industry. She is a highly experienced Senior Drilling Engineer and Well Delivery Project Manager in Europe and Africa. Previously she has worked with BP, Tullow Oil and Lundin Petroleum amongst others.

From 2021 Moyra has been responsible for executing two drilling programmes for the Company in the Guercif Licence onshore Morocco and is currently planning the next phases of drilling for 2023.

Moyra is expected to lead the Company's operational well planning for Trinidad too subject to the Company receiving regulatory consent for its acquisition of TRex Holdings Trinidad Ltd., who hold an 83.8% interest in and is operator of the undeveloped Cory Moruga Licence containing not only the Snowcap-1 oil discovery but also a historical legacy of three other wells that have encountered oil.

Total Options and Warrants on issue

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

 
                        OPTIONS(1)   WARRANTS(2)        OPTIONS(3)       OPTIONS 
                        27 October                       31 January       5 July 2022 
                         2020                            2022 
 Directors                                 Nil                          2,000,000 
                  ----------------  ------------  -----------------  ---------------- 
 Previous 
  director             2,650,000           Nil     1,000,000            2,000,000 
                  ----------------  ------------  -----------------  ---------------- 
 Advisers                    Nil      5,209,768    Nil                      Nil 
  and directors 
  of Group 
  subsidiary 
  companies 
                  ----------------  ------------  -----------------  ---------------- 
 
 
                     OPTIONS               OPTIONS           OPTIONS 
                      9 November 2022                         27 March 2023 
 Directors           17,000,000            15,710,972             Nil 
                  -------------------  --------------  -------------------- 
 Previous            Nil                                          Nil 
  director 
                  -------------------  --------------  -------------------- 
 Advisers 
  and directors 
  of Group 
  subsidiary 
  companies                   Nil                              3,000,000 
                  -------------------  --------------  -------------------- 
 
   (1)    27/10/20 options are exercisable at 5 pence per share 
   (2)    Warrants  include outstanding warrants issued to Company advisers at 

an exercise price of10.5 pence per share (1,020,000 on 12 March 2021), 15

pence per share (600,000 on 18 June 2021), 9 pence per share (690,000 on

28 March 2022), 5.5 pence per share (1,800,000 on 23 August 2022) and 8

pence per share (1,099,768 on 23 November 2023).

   (3)   1,000,000 options are exercisable at   5.66 pence per share. 
   (4)    4,000,000 options are exercisable at   8.125 pence per share. 

(5) 15,000,000 options are exercisable at 10 pence per share

          2,000,000 options are exercisable at   7.75 pence per share 
   (6) 15,710,972 options are exercisable at   8.0 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 GBP4,172,219.

Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented :

"Moyra is an invaluable member of the Company's small but extremely active and motivated operational team. Today's award of share options not only recognises her contributions to the Company to date but also sends a clear message that we will continue to do whatever it takes to deliver success through drilling in Morocco and sustain an active work programme to deliver and execute projects whatever the logistical challenges that exist in the current unsettled global environment.

We are also planning for activity in Trinidad being re-established in the medium term. Our shareholders should know us well enough by now to realise that our small management team only deploys its limited and carefully managed resources on projects where attractive risk versus reward metrics more than justify the investment outlay."

For further information visit www.predatoroilandgas.com

Follow the Company on twitter @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                   Tel: [phone] 
  Paul Griffiths Executive Chairman                 [e-mail] 
  Lonny Baumgardner Managing Director 
 
 Novum Securities Limited                          Tel: [phone] 
  David Coffman / Jon Belliss 
 
  Optiva Securities Limited                         Tel: [phone] 
  Christian Dennis, CEO 
  Ben Maitland, Corporate Finance                   Tel. [phone] 
 
 Flagstaff Strategic and Investor Communications   Tel: [phone] 
  Tim Thompson                                      [e-mail] 
  Mark Edwards 
  Fergus Mellon 
 

Notes to Editors:

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline and suitable for the development of Compressed Natural Gas for Morocco's industrial sector. The MOU-1 well has been completed and is subject to a follow-up testing programme. The MOU-2 well is currently suspended pending a potential re-entry.

Predator is seeking to further develop the remaining oil reserves of Trinidad's mature onshore oil fields through the application of CO2 EOR techniques and by sequestrating anthropogenic carbon dioxide in oil reservoirs.

In addition, Predator also 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.

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.

The Company has a highly experienced management team with a proven track record in operations in the oil and gas industry.

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March 29, 2023 02:01 ET (06:01 GMT)