REG - Predator O&G Hldgs - Board Re-organisation

Predator Oil & Gas HoldingsAnnouncement

16/09/2024 07:15

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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 (about%3Ablank)

 

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 (http://www.predatoroilandgas.com) :

 

Enquiries:

 Predator Oil & Gas Holdings Plc                                        Tel: +44 (0) 1534 834 600

 Paul Griffiths                Chief Executive Officer                  Info@predatoroilandgas.com (about%3Ablank)

 Novum Securities Limited                                               Tel: +44 (0)207 399 9425

 David Coffman / Jon Belliss

 Oak Securities                                                         Tel: +44 (0)203 973 3678

 Jerry Keen                                                             Jerry.keen@oak-securities.com (mailto:Jerry.keen@oak-securities.com)

 Camarco - Financial PR                                                 Tel: +44 (0)20 3757 4980

 Billy Clegg / Owen Roberts / Fergus Young                              P (mailto:PredatorOilGas@camarco.co.uk) redatorOilGas@camarco.co.uk

                                                                      (mailto:PredatorOilGas@camarco.co.uk)

 

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 (https://www.predatoroilandgas.com/)

 

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