REG - Predator O&G Hldgs - Trinidad Update - FRAM Loan

Predator Oil & Gas HoldingsAnnouncement

03/10/2022 11:15

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RNS Number : 5586B  Predator Oil & Gas Holdings PLC  03 October 2022

 

FOR IMMEDIATE RELEASE

3 October 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")

 

Trinidad Update - FRAM Loan

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with near-term gas operations focussed on Morocco, announces that
further to its announcement of 7 June 2022 outlining the Company's position
regarding the FRAM Loan it has now reviewed the Interim Financial Statement
for the 6 months ending 30 June 2022 and the Annual Report and Financial
Statements for the year ended 31 December 2021 released by Challenger Energy
Group Plc ("Challenger") on 30 September 2022.

 

The Company notes that there is no reference to the FRAM Loan in the audited
Financial Statements for the year ended 31 December 2021.

 

The Company notes references in the Annual Report and Financial Statements for
the year ended 31 December 2021  to a "CO2 enhanced oil recovery pilot
project undertaken in 2020 and 2021" in Inniss-Trinity and that "one of the
Group's licences was extended to 31 March 2022 (and, subsequently to 30 June
2022 and then 30 September 2022) to allow for ministerial approval required
for the finalisation and execution of the agreed form of the documentation in
relation to a fresh enhanced production services contract ("EPSC") with 30
September 2031 expiry. The EPSC will include certain minimum work obligations
comprising CO2 pilot project….."

 

The Company notes that there is no explanation offered as to why the Chief
Executive officer of FRAM Exploration Trinidad Ltd. ("FRAM"), FRAM's parent
company, himself, as an executive director of Challenger, unilaterally
terminated the Inniss-Trinity CO2 EOR Pilot Project giving only 24 hours'
notice.

 

Correspondence between FRAM's previous parent company, Columbus Energy
Resources Plc, gave certain undertakings regarding the FRAM Loan to enable the
Inniss-Trinity pilot CO2 EOR project to be progressed. Challenger is a
Successor to CERP following the acquisition of Columbus Energy Resources Plc
by Challenger Energy Group Plc.

 

The Company's position remains unchanged in respect of the FRAM Loan as
outlined in its RNS dated 7 June 2022.

 

The Company determines that there is an option to resolve the issues between
the Company and Challenger through collaboration based on certain information
stated in the Annual Report and Financial Statements for the year ended 31
December 2021.

 

However if this option cannot be progressed then the Company will have no
alternative but to continue with its legal process which, based on the
published Challenger Interim Financial Statements for the 6 months ending 30
June 2022 and the Annual Report and Financial Statements for the year ended 31
December 2021, can now focus on the key issue.

 

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

 

Follow the Company on twitter @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 (http://www.predatoroilandgas.com/) :

 

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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