REG - Predator O&G Hldgs - Update on acquisition of Cory Moruga

Predator Oil & Gas HoldingsAnnouncement

01/06/2023 07:00

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RNS Number : 2546B  Predator Oil & Gas Holdings PLC  01 June 2023

FOR IMMEDIATE RELEASE

1 June 2023

 

               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")

 

 
Update on acquisition of Cory Moruga

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with near-term gas operations focussed on Morocco provides the
following update in relation to the acquisition of the Cory Moruga licence,
onshore Trinidad.

On 8 March 2023, the Company announced that it had entered into an agreement
with Challenger Energy Group Plc ("Challenger") pertaining to the acquisition
of the Cory Moruga asset in Trinidad. In that announcement, it was noted that
completion of the transaction was conditional on consent of the Trinidadian
Ministry of Energy and Energy Industries ("MEEI") to a revised work programme
for the Cory Moruga licence proposed by the Company, as well as agreement of
MEEI to a revision of future fees for the Cory Moruga licence and a settlement
/ cancellation of past claimed dues pertaining to the Cory Moruga licence. It
was further noted that the parties had agreed to work together to secure the
required consents, and thus achieve completion, as soon as reasonably
practicable on or before 30 May 2023, with a long stop date of 31 August 2023.

Since March 2023, the parties have worked together as required. Challenger are
engaged in a dialogue with MEEI. The Company understands that this is
proceeding well, but the conditions for completion of the transaction have not
been satisfied as at 30 May 2023. The parties remain confident, however, that
appropriate consents and agreement with MEEI will be forthcoming based on
dialogue with MEEI. Accordingly, the parties have mutually agreed to an
extension of the 30 May 2023 target date for completion of the intended
transaction, to coincide with the long-stop date of 31 August 2023.

 

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

 Fox-Davies Capital                                              Tel +44 (0)2038847447

 Jerry Keen                                                      jerry@fox-davies.com (mailto:jerry@fox-davies.com)

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

 David Coffman / 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 less than 10 kilometres from the Maghreb gas
pipeline.  The MOU-1 well drilled in 2021 is being prepared for a follow-up
testing programme to coordinate with a further drilling programme to move the
project to a CNG development stage.

 

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.

 

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.

 

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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