REG - Predator O&G Hldgs - Ireland National Energy Summit

Predator Oil & Gas HoldingsAnnouncement

01/04/2022 10:15

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RNS Number : 9496G  Predator Oil & Gas Holdings PLC  01 April 2022

FOR IMMEDIATE RELEASE

1 April 2022

 

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")

 

 
                            Ireland National
Energy Summit

        "Mag Mell on a Mission to Transition"

Highlights

·    Focus on security of energy supply during the Energy Transition

 

·    Mag Mell can satisfy 43.4% of Severe Winter Peak Day gas demand in
Ireland

 

·    Ram Head offers cost-effective secure gas storage

 

·    Collaboration in the energy sector can support the transition to
renewables

Predator Oil & Gas Holdings Plc, the Jersey-based Oil and Gas Company
leading safe and secure energy supply during the transition period from
fossil fuels to green energy, announces that, through its wholly-owned
subsidiary Mag Mell Energy Ireland Ltd. ("Mag Mell"), it is a Gold Sponsor of
Ireland's National Energy Summit at Croke Park, Dublin on 26(th) April 2022
(the "Event"). Links to the Event are as follows:

Website: https://energysummit.ie/
(https://scanner.topsec.com/?d=3062&u=https%3A%2F%2Fenergysummit.ie%2F&t=3bb8095df696adef9e1357a18b07d0aac64abb3a&r=show)
 

Twitter:   https://twitter.com/EnergySummit22
(https://scanner.topsec.com/?d=3062&u=https%3A%2F%2Ftwitter.com%2FEnergySummit22&t=0518bd91b42419bbf2bec8b223315f111ce8cfe8&r=show)
 

LinkedIn: https://www.linkedin.com/showcase/energy-summit-2022/
(https://scanner.topsec.com/?d=3062&u=https%3A%2F%2Fwww.linkedin.com%2Fshowcase%2Fenergy-summit-2022%2F&t=1ba80d5317bdf37937f3c56f66294fcadfd85831&r=show)
 

Hashtag: #NationalEnergySummit22

Following Mag Mell's first move on sponsorship Gas Networks Ireland have now
also been added as a Gold Sponsor of the Event.

CEO Paul Griffiths is presenting and discussing in a panel session with
Eirgrid and the Economic and Social Research Institute "Coming together to
plan, build, operate and support the development of the country's chief
renewable energy resources".

The theme of the Mag Mell contribution to the Event was developed prior to the
current European energy crisis created by recent upsetting events. However the
potential for the current gas supply crisis and its specific implications for
Ireland was highlighted as long ago as July 2016 in the following published
article:

https://www.irishexaminer.com/business/arid-20409594.html
(https://www.irishexaminer.com/business/arid-20409594.html)

The Mag Mell offshore Floating Storage and Regasification Project ("Mag Mell
FSRUP"), designed to utilise the existing 24" Kinsale gas pipeline to shore,
has been independently confirmed as being capable of satisfying 43.4% of the
Severe Winter Peak Day gas requirement for Ireland for 2027/2028 and 100% of
the Minimum Summer Day gas requirement for 2027/2028. Accordingly the Mag Mell
FSRUP can make a significant contribution to Ireland's near-term enhancement
of security of energy supply. It can be operational by H1 2025 providing
regulatory support is aligned with project timelines. Ireland needs LNG
infrastructure to ensure energy security, says regulator
(https://www.irishtimes.com/business/energy-and-resources/ireland-needs-lng-infrastructure-to-ensure-energy-security-says-regulator-1.4839610)

Security of energy supply for Ireland is also potentially reinforced by the
Group's Ram Head Celtic Sea gas storage proposals, which are subject to the
timely award of a successor authorisation in the national interest. An
existing discovered gas field in Ram Head lies just 40 kilometres from the end
of the Kinsale pipeline and the proposed Mag Mell FSRUP. Conversion to a gas
storage facility would allow it to be periodically supplied with surplus FSRUP
summer gas for storage to provide security of gas supply at times of Severe
Winter Peak Day demand should alternative sources of imported gas be
temporarily suspended or volumes reduced. Significantly no requirement for
cushion gas to create and maintain reservoir pressure in the gas storage
facility is required as the field is undeveloped. Purchasing cushion gas to
create storage options for any of Ireland's depleted gas fields at current
forward gas prices would not be commercially viable, even if there were
alternative means to import the cushion gas required. The gas storage facility
can be operational by H1 2025 providing regulatory support is aligned with Mag
Mell FSRUP project timelines

The early planning stage Mag Mell FSRUP details (July 2020) have been uploaded
to the Company's website at:

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

Since that time further refinement of the project has eliminated ship-to-ship
LNG transfers with a bespoke solution specific to the Celtic Sea. The "Mag
Mell" project name reflects that the technical solutions created for the
Celtic Sea FSRUP are unique for Ireland.

The Mag Mell project can also be followed on our dedicated Mag Mell social
media platforms at:

https://www.linkedin.com/company/mag-mell-ireland/posts/?feedView=all
(https://www.linkedin.com/company/mag-mell-ireland/posts/?feedView=all)

TWITTER @magmell353

 

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

"Careful nurturing of the Company's Irish gas assets and projects over several
very difficult years has allowed us and our shareholders to be in a position
to potentially make a materially significant contribution to Ireland's
security of energy supply during the Energy Transition and Europe's current
energy crisis. Foresight is an important attribute of any business development
strategy. It is no exaggeration to state that the Company is in our view the
only natural resources company currently present in Ireland that is in a
position to address Ireland's security of gas supply in the near-term. We have
always had an integrated plan for the development and storage of gas in
Ireland, where we see significant value for shareholders at current inflated
commodity prices. Mag Mell is not a new opportunistic concept but one
established over many years. The Company and its shareholders are leading safe
and secure energy supply during the transition period from fossil fuels to
green energy."

 

 

 

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 (mailto:Info@predatoroilandgas.com)

 Lonny Baumgardner  Chief Operating Officer

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

 Jon Belliss

 Optiva Securities Limited                                            Tel: +44 (0) 203 137 1902

 Christian Dennis

 Peterhouse Capital Limited                                           Tel: +44 (0) 207 220 9791

 Charles Goodfellow

 Flagstaff Strategic and Investor Communications                      Tel: +44 (0) 207 129 1474

 Tim Thompson                                                         predator@flagstaffcomms.com (mailto:predator@flagstaffcomms.com)

 Mark Edwards

 Fergus Mellon

 

Notes to Editors:

 

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which
is prospective for Tertiary and Lower Jurassic gas in prospects less than 10
kilometres from the Maghreb gas pipeline.  The MOU-1 well has been completed
and a follow-up testing programme is being developed and a further drilling
programme is under review.

 

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 to produce
"greener" oil.

 

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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