REG - Predator O&G Hldgs - Placing to Raise £3 Million

Predator Oil & Gas HoldingsAnnouncement

15/05/2026 07:01

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RNS Number : 4317E  Predator Oil & Gas Holdings PLC  15 May 2026

FOR IMMEDIATE RELEASE

 

15 May 2026

 

                          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 £3
million

 

Highlights

 

·    Potential award of Corrib South offshore Ireland  is a new Company
development.

Recoverable gas resources 424.8 (P50) to 904.7 (P10) BCF with 44% Chance of
Success.

Adjacent to Corrib Gas Field infrastructure and addresses Security of Energy
Supply.

 

·    Snowcap-3 site works onshore Trinidad have commenced.

 

·    Additional Snowcap-3 production testing programme planned.

 

·    Snowcap-2 and Jacobin-1 well reactivations and feasibility study on
gas re-injection to boost production rates.

 

·    MOU-6 well planning and inventory build being progressed to maintain
drilling schedule.

 

·    April net production revenues in Trinidad 26% ahead of Company
internal forecast.

 

 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with producing hydrocarbon operations focussed on Trinidad and
Morocco, announces that it has conditionally placed 85,714,286 million new
ordinary shares of no par value in the Company (the "Placing Shares") at a
placing price of 3.5 pence each (the "Placing Price") to raise £3
million (before expenses) (the "Placing").

The capital raise of £3m was arranged by the Company's joint brokers AlbR and
OAK Securities.

Use of Proceeds

The Proceeds of the Placing, less expenses, will be spent on:

1.     Deepening the proposed Snowcap-3 ("SC-3") well by 150 feet and
adding an additional testing programme for the Herrera #8 Sand, based on a
revised reservoir correlation between Snowcap-1 and Rochard-1.

 

2.     Reactivation of the Snowcap-2ST1 and Jacobin-1 wells and acquire
information for a gas re-injection reservoir engineering study for Snowcap-1
and Snowcap-2ST1 to assess the potential to maintain higher production rates
for longer.

 

3.   Purchase Guercif MOU-6 long-lead well inventory to maintain the current
drilling schedule given the impact on logistics of the Middle East conflict.

 

Carry out preparatory reservoir engineering and facilities planning for the
proposed pilot CNG development at Guercif.

 

Commission an  Environmental Impact Assessment for potential 3D seismic and a
well to the Triassic TAGI in 2027.

 

These are prudent activities to support the ongoing partner negotiations,
whilst third party technical and legal due diligence is being completed, to
maintain the timeline to potential "First Gas" upon a successful MOU-6 well
testing programme.

 

4.   Following a recent positive communication from the regulatory
authorities in Ireland, the path for the Company to follow to secure progress
for the award of the Corrib South successor authorisation has been clearly
defined and is achievable within a short time framework.

 

Consequently, the Company is updating its technical package for Corrib South
to include gas storage potential and will test the market for potential 3D
seismic acquisition in 2027.

 

The SLR Consulting (Ireland) Ltd ("SLR") Competent Person's Report (2019) will
be updated to incorporate economics based on current gas prices and additional
capacity in the Corrib infrastructure.

 

For context SLR gave unrisked gross recoverable gas in the range 424.8 (P50)
to 904.7 (P10) BCF. The updated technical package will be focussed on
supporting the P10 Case. Tracs International Ltd (2023) gave a 44% chance of
success for the Corrib South prospect.

 

Corrib South was originally held as a Reserved Licence by Shell, the former
operator of the Corrib gas field and was awarded as a Licencing Option to
Predator Gas Ventures Limited in 2016 as a result of the Atlantic Margin Bid
Round.

 

Parties previously expressing an interest in Corrib South will be re-visited
based on this new development and additional potential partners will be
approached, capitalising on the quest for strengthening Europe's Security of
Energy Supply.

 

 

Production operations onshore Trinidad for the month of April resulted in the
Company receiving after costs and royalties approximately US$95,000 under the
NABI Master Services Agreement, which represented a 26% increase over the
forecast amount for April in he Company's working capital forecast.

 

 

 

 

 

 

 

 

 

 

                                               USE
 OF PROCEEDS
                                                                                  Budgeted estimated costs (£)
                     Onshore Trinidad

 1.   Deepening of Snowcap-3 well to 5,450 feet measured depth                                    250,000

 2.   Contingency for additional production testing of Herrera #8 Sand in
  Snowcap-3

                                                                                                400,000
 3.   Snowcap-2ST1 and Jacobin-1 well reactivations

 Contingency to include Snowcap-1 subject to results of above work programme

                                                                                                250,000

 4.   Gas re-injection feasibility study for Snowcap-1 and -2ST1 for pilot

 secondary oil recovery

                                                                                                  220,000

 5.   In-situ gas-to-power feasibility study for shallow gas in Jacobin-1

                                                                                                  100,000

                                                                                                  100,000
           Onshore Morocco

 6.   Purchase of long lead well inventory for MOU-6 to maintain drilling                         520,000
 schedule

 7.   Reservoir engineering and facilities planning for proposed pilot CNG

 development                                                                                      100,000

 8.   EIA for potential 3D seismic and MOU-7 Triassic well in 2027

                                                                                                     85,000
                        Offshore Ireland

 9.   Update the technical package for  Corrib South to include gas storage                       250,000
 potential and test the market for 3D seismic acquisition in 2027

 10. Update the Corrib South Competent Person Report with current gas prices

                                                                                                   50,000
 11. Test the market for potential partners for Corrib South

                                                                                                     50,000

       Administrative expenses and legal costs                                                325,000
                        New Ventures
                 Potential strategic investments to secure                                    300,000

                 ownership of infrastructure and facilities
             TOTAL COSTS                                                                        3,000,000

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

An applications will be made to the London Stock Exchange for Admission of
the Placing Shares which is expected on or around 20 May 2026.

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

6 million warrants are being issued exercisable at 3.5p. 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
900,572,100. This figure of 900,572,100 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:

"The new development associated with the application for the Corrib South
successor authorisation is a significant boost for the Company's potential
operations offshore Ireland, that have hitherto been in a state of limbo.

 

This is timely news as it comes against the background of a crisis in
confidence that Europe can maintain security of gas supply during periods of
conflict and from sources where energy is a political weapon without anything
other than indigenous self-sufficiency to meet demand for gas in the next 10
years and beyond. Green electrification is simply not going to be capable of
replacing periodic reliance on gas during this period.

 

Corrib South has always been a compelling potential addition to the Corrib
infrastructure and additionally offers a faster track route to gas storage and
energy affordability than any other option currently available to Ireland.

 

It therefore makes abundant sense for us now to bring Corrib South back into
our active operations portfolio. Morocco and Atlantic Ireland are two
attractive gas projects adjacent and linked to European gas infrastructure.
Our immediate objective is to ensure that the wider industry takes notice of
our strategic position with relation to potentially material gas assets."

 

 

 

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:

 

Enquiries:

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

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

 AlbR Capital Limited                                                                                                                                                                                                                                                                                                                                                                          Tel: +44 (0)207 469 0930

 David Coffman / Jon Belliss

 OAK Securities                                                                                                                                                                                                                                                                                                                                                                                Tel: +44 (0) 20 3973 3678

 Jerry Keen / Calvin
 Man

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

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

 Alison Alfrey

 Fergus Mellon

Notes to Editors:

 

Predator is an oil & gas company with a portfolio of assets including
unique and highly prospective onshore Moroccan gas exposure and production,
appraisal and exploration projects onshore Trinidad.

Morocco offers a potentially faster route to commercialisation of shallow
biogenic gas through a CNG or micro-LNG development. The structure penetrated
by the MOU-1 and MOU-3 wells is currently defined as having the best potential
for an application for an Exploitation Concession in 2026. The Company is
committed to partnering with entities capable of supporting a future
development decision and who have already identified the opportunity as one
warranting the execution of a Collaboration Agreement and a Memorandum of
Understanding. Moroccan gas prices are high, and the fiscal terms are some of
the best in the world. The presence of gas export infrastructure adjacent to
the MOU-1 and MOU-3 structure allows for a scalable gas development after
initial CNG or micro-LNG gas production over time establishes the extent of
connected gas volumes and the capability of reservoirs to deliver at plateau
rates over time.

Trinidad offers the security of a mature onshore oil province that has been
producing hydrocarbons for over 50 years. Predator has assembled a portfolio
of onshore producing fields with opportunities for production enhancement and
additional infill development and appraisal drilling. Significant legacy tax
losses, economies of scale and the application of new low-cost technologies
are factors that can improve profit margins per barrel of oil produced.  A
Master Services Agreement with local operator NABI Construction relieves the
Company of the burden and costs of operating the fields and executing drilling
and heavy well workovers. In return the Company receives 30% of gross sales
revenues for which it can use its acquired tax losses to substantially reduce
Petroleum Profit Tax from 50% to an effective rate of 12.5%.

Predator has an experienced technical, financial and legal management team
with particular knowledge of the Moroccan and Trinidad sub-surface and
operations and an ability to complete M & A transactions in Trinidad and
receive regulatory approvals in a timely manner and without any unnecessary
advisory fees for transactions.  The Company's strategy is to operate at a
much reduced overhead compared to other operators with portfolios of assets of
similar extent to maintain competitiveness.

Predator Oil & Gas Holdings plc is listed on the Equity Shares
(transition) category of the Official List of the London Stock
Exchange's main market for listed securities (symbol: PRD).

For further information, visit www.predatoroilandgas.com
(https://www.predatoroilandgas.com/)

 

 

 

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