REG - Predator O&G Hldgs - Placing to Raise £2m to Accelerate Drilling

Predator Oil & Gas HoldingsAnnouncement

05/02/2025 07:00

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RNS Number : 9210V  Predator Oil & Gas Holdings PLC  05 February 2025

FOR IMMEDIATE RELEASE

5 February  2025

 

       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")

 

Placing to raise  £2 million with two institutional investors for
accelerated drilling activity 2025

 

Highlights

 

 

·    Accelerated further 2025 drilling activity in Morocco and Trinidad

 

·    MOU-5 "Titanosaurus" on schedule to commence drilling this month

 

Predator Oil & Gas Holdings Plc (LSE: PRD), a Jersey based Oil and Gas
Company with near-term drilling operations focussed on Morocco and Trinidad,
is pleased to announce that it has conditionally placed 50 million new
ordinary shares of no par value in the Company (the "Placing Shares") at a
placing price of 4 pence each (the "Placing Price") to raise £2
million (before expenses) (the "Placing").

The Placing utlises some of the Company's existing headroom shares under
the Financial Conduct's Authority Prospectus Regulation Rules.

 

Strategic Investors

 

The Strategic Investors have a very good understanding of the oil and gas
sector and wish to be cornerstone investors in the Company going forward

 

They  recognize the management's potential to execute and transform
potentially high value multiple projects in Morocco and Trinidad through an
accelerated drilling programme following the completion of the upcoming MOU-5
well in Morocco on the Titanosaurus prospect.

 

Rationale

 

The Company's internal reorganisation in September 2024 was designed to
streamline its ability to deliver multiple projects within realistic
timescales so as to advance monetisation of its portfolio of potentially
high-reward drilling opportunities. The Company also took steps to review its
funding strategy for 2025 and to seek out strategic investors who were aligned
with the management's 2025 vision of value creation based on sustainable
drilling activity, accruing of production revenues and opportunities to divest
where appropriate based on the oil and gas sectors perception of the value of
assets versus that of the public markets.

 

 

With this initial investment by The Strategic Investors the Company has now
fulfilled the strategy of securing cornerstone investors aligned with
management's vision for accelerated drilling activity and the creation of
additional potential monetisation opportunities in 2025.

 

 

Use of Proceeds

The Proceeds of the Placing, less expenses, will be spent as shown below.

 

 USE OF PROCEEDS
   Proposed projects for accelerated drilling                    Budgeted estimated costs (£)
                     Guercif onshore Morocco
 1.   Drill MOU-6 to +/- 900 metres

 Appraisal well for biogenic gas                                                  1,500,000

 With exploration upside

 Early Q3 2025
           Onshore Trinidad
 2.   Snowcap-3 to +/- 1,500 metres

 Appraisal, exploration, development                                                  300,000

 Q3/Q4 2025

 Long lead well planning and site preparation
                        Administrative
 3.   General working capital and broker expenses                                      200,000
             TOTAL COSTS                                                            2,000,000

 

Completion of the Placing

Completion of the Placing is conditional on, inter alia:-

the Placing Shares being admitted to listing on the Equity Shares (transition)
category of the Official List and to trading on the London Stock
Exchange's main market for listed securities ("Admission").

Admission, Settlement and Dealings in the new Placing Shares

Applications will be made to the FCA and to the London Stock Exchange for
Admission in respect of all the Placing Shares proposed to be issued on
completion of the Placing.  It is expected that Admission will become
effective, and that dealings in the Placing Shares are expected to commence
at 8.00 a.m. 10 February 2025.

The rights attaching to the new Placing Shares will be uniform in all respects
and all of the new Placing Shares will rank pari passu, and form a single
class for all purposes with, the existing issued shares of no par value in the
Company.

Warrants

10 million warrants are being issued exercisable at 6p. The Warrants have an
expiry date of three years from the date of Admission.

Total Voting Rights

Following Admission, the Company has  ordinary shares of no par value in
issue, each with one vote per share (and none of which are held in treasury).
The total number of voting rights in the Company is therefore
661,874,754. This figure of 611,874,754 may be used by shareholders in the
Company as the denominator for calculations to determine if they have a
notifiable interest in the share capital of the Company under the Disclosure
Guidance and Transparency Rules, or if such interest has changed.

 

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

"We are delighted to welcome Strategic Investors as cornerstone shareholders
in the Company who see the potential shareholder returns the Company could
generate by the end of 2025 given our mature portfolio of potentially
high-reward drilling opportunities across exploration and appraisal and
development of existing hydrocarbon discoveries..

 

MOU-5 and evaluating the large Titanosaurus structure is the immediate next
objective and plans are still right on track to commence drilling MOU-5 as
previously announced."

 

 

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
(https://protect.checkpoint.com/v2/r06/___http:/www.predatoroilandgas.com___.ZXV3Mjpuc25jbGVhcmNhcGl0YWxtYXJrZXRzOmM6bzo2MThjMGVlOGI5ZGRlZWI4N2E0MWJhODhhMmY4YTk1Yzo3OjNjYzI6NThmNGIxNjViN2ZlZjcyOGY5MGI0ZGFlMzU0OTliNGQyYzdiZDMzNDZhNTYwZTUyNDEyZjJmYTkwYWRlMGQzOTpwOlQ6Rg)
:

 

 

 

Enquiries:

 

 

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

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

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

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

                                                                                 Tel: +44 (0)207 399 9425

 Novum Securities Limited

 David Coffman / Jon Belliss

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

 Tim Thompson                                                                     predator@flagstaffcomms.com (about%3Ablank)

 Mark Edwards

 Fergus Mellon

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 an interesting gas project in Morocco with fast pace of
commercialisation and significant upside. The Guercif project is a shallow CNG
biogenic gas development with different traps and  separate identified
reservoirs. The Jurassic Titanosaurus is a shallow thermogenic gas prospect
evaluating 249m of potential gross reservoir thickness in a trap of maximum
closure 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 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.

 

 

 

 

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