TIDMPRD
RNS Number : 2511D
Predator Oil & Gas Holdings PLC
27 October 2020
FOR IMMEDIATE RELEASE
27 October 2020
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")
Issuance of Share Options
Predator Oil & Gas Holdings Plc (Predator), the Jersey-based
Oil and Gas Company with operations in Trinidad, Morocco and
Ireland, advises of the issuance of previously unallocated options
over new Ordinary Shares from an existing approved scheme.
Issuance of Options to Executive Directors
The Board's Remuneration Committee has resolved to make the
following award of unallocated share options under the Company's
existing approved option scheme:
To the CEO:
- Award of 3,850,000 Options
To the Project Development Director:
- Award of 3,850,000 Options
The Board has also resolved to make the following award of
unallocated share options under the Company's existing approved
option arrangements:
To each of the non-Executive Directors:
- Award of 1,650,000 Options
Aggregate Information
Directors' Holdings
Following the issue of the options to Directors as described
above, and inclusive of shares and options already held by
Directors, the aggregate position held by the Directors is as
follows:
DIRECTORS & TOTAL SHARES OPTIONS OPTIONS
FORMER DIRECTORS(1) 18 May 2018 27 October 2020
Paul Griffiths 46,871,508 4,005,486 3,850,000
------------- ------------- -----------------
Ronald Pilbeam 7,549,794 4,005,486 3,850,000
------------- ------------- -----------------
Stephen Staley 669,600 1,001,370 1,650,000
------------- ------------- -----------------
Louis Castro Nil Nil 1,650,000
------------- ------------- -----------------
Carl Kindinger(1) 1,661,962 Nil Nil
------------- ------------- -----------------
Sarah Cope Nil 1,001,370 Nil
------------- ------------- -----------------
(1) Carl Kindinger retired 29 June 2020
(1) Sarah Cope resigned 19 July 2019
(1) Options issued on 18 May 2018 are exercisable at 2.8 pence
per share and shall vest in three separate tranches based on the
following performance criteria:
1/3 of Options Gross production from the wells drilled
under the Well Participation Agreement
between FRAM Exploration Trinidad
Ltd and Predator Oil & Gas Trinidad
Ltd of 50 BOPD (measured over a consecutive
30 day period) has been achieved.
1/3 of Options Incremental gross production from
a Pilot C02 test of 300 BOPD (measured
over a consecutive 30 day period)
has been achieved.
1/3 of Options Incremental total gross production
from wells for which the Company receives
revenues of 1,000 BOPD (measured over
a consecutive 30 day period) has been
achieved.
(2) Options issued to Executive Directors on 27 October 2020 are
exercisable at 5 pence per share and shall vest based on the
following performance criteria:
Injection/Sequestration of 600MT Liquid CO2 has been
achieved at the CO2 EOR Pilot Project under the Well
Participation Agreement between Predator Oil & Gas
Trinidad Ltd and FRAM Exploration Trinidad Limited
dated 17 November 2017.
OR
A production test at AT-5X has flowed First Oil.
OR
An average daily increase of 75% in Oil Production at AT-12
measured against historical production at AT-12 over the
period 1 January / 30 April 2020 immediately prior to CO2
injection at AT-4 Block commencing 18 May 2020
(3) Options issued to non-Executive Directors on 27 October 2020
are exercisable at 5 pence per share and shall vest on the date
that is six months after their award.
Total Options and Warrants on issue
Following the issuances of the options announced herein, the
total options and warrants outstanding in the Company are as
follows:
OPTIONS OPTIONS WARRANTS
18 May 2018(1) 27 October 2020(2) (3)
Directors 10,013,712 11,000,000 Nil
---------------- -------------------- -----------
Advisers and
others Nil Nil 10,854,761
---------------- -------------------- -----------
(1) 18/5/18 options are exercisable at 2.8 pence per share
(2) 27/10/20 options are exercisable at 5 pence per share
(3) Warrants include warrants issued to Company advisers and
warrants issued to Arato Global Opportunities LLC at an exercise
price of 12 pence per share
If all options and warrants were to become exercisable and then
exercised in accordance with their terms, gross proceeds received
by the Company would be GBP1,498,384.
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
Dr. Stephen Staley Non-executive Chairman Info@predatoroilandgas.com
Paul Griffiths Chief Executive Officer
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
Mark Edwards
Fergus Mellon
Notes to Editors:
Predator is an oil and gas exploration company with the
objective of participating with FRAM Exploration Trinidad Ltd. in
further developing the remaining oil reserves in the producing
Inniss Trinity oil field onshore Trinidad, primarily through the
application of C02 EOR technology. Potential for cash flow exists
by executing a Pilot Enhanced Oil Recovery project using locally
sourced liquid carbon dioxide for injection into the oil reservoirs
("C02 EOR"). Near-term expansion and growth potential is focussed
on upscaling the C02 EOR operations in the Inniss-Trinity oil field
and potential acquisitions of assets suitable for C02 EOR
development, subject to all necessary approvals.
In addition, Predator also owns and operates exploration and
appraisal assets in current licensing options offshore Ireland, for
which Successor Authorisations have been applied for, adjoining
Shell's Corrib gas field in the Slyne Basin on the Atlantic Margin
and east of the Kinsale gas field and Barryroe oil field in the
Celtic Sea.
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is initially prospective for Tertiary gas in
prospects less than 10 kilometres from the Maghreb gas
pipeline.
The Company has a highly experienced management team with a
proven track record in the oil and gas industry.
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