REG - Predator O&G Hldgs - Update to the fund raising announced 17 March 2023

Predator Oil & Gas HoldingsAnnouncement

29/03/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230329:nRSc5370Ua&default-theme=true

RNS Number : 5370U  Predator Oil & Gas Holdings PLC  29 March 2023

FOR IMMEDIATE RELEASE

29 March 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 to the fund raising announced on 17 March 2023

 

 

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas
Company with near-term gas operations focussed on Morocco announces the
following update to the fund raising announced on 17 March 2023.

On that date the Company  announced that it had conditionally placed
15,500,000 new ordinary shares of no par value in the Company ("New Shares")
and 20,863,636 existing ordinary shares of no par value in the Company ("Loan
Shares") transferred by a director of the Company, Paul Griffiths, at a
placing price of 5.5 pence each (the "Placing Price") to raise £2,000,000
(before expenses) (the "Placing") for completion on 3 April 2023. The Company
now confirms that the number of New Shares issued will be 14,174,056 whilst
the number of Loan Shares to be transferred by Paul Griffiths will be
22,189,580.

The total funds raised by the Placing remains at £2,000,000, which is
conditional on the New Shares being admitted to listing on the Official List
(standard listing segment) and to trading on the London Stock Exchange's main
market for listed securities ("Admission") on or around 3 April  2023 (or
such later date as may be agreed by the Company and Novum)..

 

Stock Lending Agreement

The Loan Shares will be documented in a single stock lending agreement between
Paul Griffiths and the Company (the "Stock Lending Agreement").

Under the unsecured Stock Lending Agreement between the Company and Paul
Griffiths the return of 22,189,580 shares loaned to the Company (the "Loan")
are intended to be issued to Mr Griffiths when the Company has additional
headroom and at an appropriate time, subject to the Company's dealing policy.
When repayment is due the Company will make the necessary listing and
admission hearing applications to have those new ordinary shares admitted to
trading.

Interest shall accrue on the Loan at a rate of 4% (four percent) above SONIA
of the principal sum lent of £1,220,427, being the market value of 22,189,580
shares at the Placing Price. The default rate of interest under the Stock
Lending Agreement for any sum which is not repaid when due is 12% per annum.

 

Related Party Transaction

Paul Griffiths is a director of the Company. The Stock Lending Agreement is
therefore considered to be a related party transaction.

Lonny Baumgardner, Alistar Jury and Carl Kindinger, being the independent
directors for the purposes of the Related Party Transaction consider that the
terms and conditions of the Stock Lending Agreement are fair and reasonable
insofar as the shareholders of the Company are concerned.

An application will be made to the FCA and to the London Stock Exchange
Admission in respect of those 14,174,056 New Shares.  It is expected that
Admission will become effective, and that dealings in such shares are expected
to commence, at 8.00 a.m. on 3 April 2023.

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

 

Total Voting Rights

Following Admission, the Company will have 399,968,959 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
increased by 14,174,056 to 399,968,959.  This figure of 399,968,959 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.

 

 

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

 David Coffman / Jon Belliss

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

 Christian Dennis, CEO

 Ben Maitland, Corporate Finance                                 Tel. +44 (0) 203 034 2707

 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 and suitable for the development of Compressed Natural
Gas for Morocco's industrial sector.  The MOU-1 well has been completed and
is subject to a follow-up testing programme. The MOU-2 well is currently
suspended pending a potential re-entry.

 

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 in oil
reservoirs.

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDPPUUGWUPWGRR