REG - Predator O&G Hldgs - Mag Mell project concept for Ireland validated

Predator Oil & Gas HoldingsAnnouncement

20/09/2022 07:00

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RNS Number : 9314Z  Predator Oil & Gas Holdings PLC  20 September 2022

 

FOR IMMEDIATE RELEASE

20 September 2022

 

               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")

 

Publication of the review of Ireland's security of energy supply

 

 
Mag Mell FSRU project concept for Ireland validated

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with near-term gas operations focussed on Morocco, notes the
announcement yesterday by the Department of the Environment, Climate and
Communications of the "Review of the security of Ireland's electricity and
natural gas systems" (the "Review").

 

The Company notes that Floating Storage and Regassification Units ("FSRU's")
are now being considered as options for the import of Liquefied Natural Gas
("LNG") to support security of energy supply.

 

Following the publication of the Review the Company intends to submit the Mag
Mell FSRU Project, which it has been working on for the past two years, to the
public consultation process which will run until the 28(th) October.

 

The Review can be found at:

https://www.gov.ie/en/consultation/dbe14-
(https://www.gov.ie/en/consultation/dbe14-review-of-the-security-of-energy-supply-of-irelands-electricity-and-natural-gas-systems/)
review
(https://www.gov.ie/en/consultation/dbe14-review-of-the-security-of-energy-supply-of-irelands-electricity-and-natural-gas-systems/)
-of-the-security-of-energy-supply-of-irelands-electricity-and-natural-gas-systems/
(https://www.gov.ie/en/consultation/dbe14-review-of-the-security-of-energy-supply-of-irelands-electricity-and-natural-gas-systems/)

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

"The public recognition that FSRU's are being considered as an option for
Ireland's security of gas supply during the Energy Transition is a major
breakthrough for the Company and its shareholders. This follows several months
of intensive marketing of our Mag Mell project, beginning at the National
Energy Summit in Dublin in April this year and culminating in our "White
Paper".

 

We are pleased to be at the forefront of developing pragmatic solutions for
the Energy Transition. We look forward to continuing to work with our
international and domestic collaborators to demonstrate the uniqueness of Mag
Mell as a potential option for the development of a FSRU facility by
re-purposing existing infrastructure."

 

This announcement contains inside information for the purposes of Article 7 of
the Regulation (EU) No 596/2014 on market abuse (as in force in the United
Kingdom pursuant to the European Union (Withdrawal) Act 2018).

 

For more information, please visit the Company's website
at www.predatoroilandgas.com (http://www.predatoroilandgas.com/) :

 

Follow the Company on twitter @PredatorOilGas.

 

 

 

Enquiries:

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

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

 Lonny Baumgardner   Managing Director

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

 Jon Belliss

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

 Christian Dennis

 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 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 finalised to coordinate with a further drilling
programme beginning in 2022.

 

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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