REG - Predator O&G Hldgs - Issuance and Lapse of Share Options

Predator Oil & Gas HoldingsAnnouncement

18/04/2024 07:00

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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              OPTIONS                  OPTIONS

                                                                   5 July 2022      9 November 2022            27 March 2023

 Directors                                            Nil          2,000,000           11,598,923                        Nil

                                                                                         2,000,000
 Advisers                                        17,880,180                                                        3,000,000

 and directors of Group subsidiary companies

 

                                                         OPTIONS                OPTIONS               OPTIONS

                                                       12 May 2023          12 October 2023        18 April 2024

 Directors                                           3,401,077                   6,000,000                 Nil

                                                   15,710,972
 Advisers                                                                                              3,000,000

 and directors of Group subsidiary companies

 

(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 (about:blank)

 

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 (about:blank) :

 

Enquiries:

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

 Paul Griffiths                Executive Chairman                                                                                                                                                                                                                                                       Info@predatoroilandgas.com (about:blank)

 Lonny Baumgardner    Managing Director

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

 David Coffman / Jon Belliss

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

 Jerry                                                                                                                                                                                                                                                                                                  Jerry.keen@oak-securities.com
 Keen

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

 Tim Thompson                                                                                                                                                                                                                                                                                            predator@flagstaffcomms.com (about:blank)

 Mark Edwards

 Fergus Mellon

 

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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