The Jersey-based Predator Oil & Gas Holdings (LON:PRD) has announced a £2m Placing to cover the costs of the works programme on its MOU-3 project.
The Placing of 15.5m new shares and 20.86m on loan from Chairman Paul Griffiths, was handled at 5.5p per share, the shares fell 1.5p from 7.5p overnight in reaction to the fund-raising news.
The £25m capitalised company, which has a highly experienced management team with a proven track record in operations in the oil and gas industry, is engaged in the exploration, appraisal, and development of oil and gas assets in Africa, Europe, and the Caribbean.
The company owns a diversified portfolio of oil and gas interests comprising CO2 enhanced Oil Recovery project in Trinidad; as well as 2 gas exploration and appraisal projects in offshore Ireland; and a gas exploration project in onshore Morocco.
Morocco
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.
The MOU-3 surface location and drilling programme, now being funded, incorporates geological information from the suspended MOU-2 well and allows the company the first opportunity to penetrate in a single well not only the Moulouya Fan primary target but also the shallower potential gas target included in the first Competent Persons Report produced by SLR Consulting Ireland Ltd. in March 2019.
Trinidad
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.
Ireland
In addition, the company 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.
The group has also developed a Floating Storage and Regasification Project 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.