TIDMPRD
RNS Number : 5289T
Predator Oil & Gas Holdings PLC
25 March 2021
FOR IMMEDIATE RELEASE
25 March 2021
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")
Placing to raise GBP1.785 million - Update
Further to the Company's announcement of 12 March 2021, in which
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and
Gas Company with operations in Trinidad, Morocco and Ireland
announced that it had raised GBP1,785,000 (before expenses) in a
Placing conducted by the Company's broker Novum Securities Ltd, the
Company provides the following update:
The Company does not presently have sufficient headroom to
enable the issue and admission of all of the 17,000,000 Placing
Shares which are required to be issued pursuant to the Placing
without the production of an FCA approved prospectus. The Company
is therefore proposing to issue and admit 5,215,155 new ordinary
shares (up to its existing headroom) (the "New Placing Shares") and
for a director, Paul Griffiths, to transfer 11,784,845 existing
shares held by him in order to settle the Placing in a timely
manner.
When the Company has the ability to issue further shares the
Company intends to issue Paul Griffiths 11,784,845 new Ordinary
Shares and will take all necessary steps required in order to issue
such shares and make the necessary listing and admission hearing
applications. This will put Paul Griffiths back into the position
that existed, in terms of his aggregate shareholding in the
Company, had he not made the transfer of Ordinary Shares. For the
avoidance of doubt the transfer of shares from Paul Griffiths
involves no consideration being paid to Paul Griffiths.
The transfer of these ordinary shares is expected to be made on
or around 6 April 2021.
Completion of the Placing is conditional on, inter alia:-
The New Placing Shares, being 5,215,155 Ordinary Shares of no
par value, 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 before 26 March
2021 (or such later date as may be agreed by the Company and Novum
Securities).
Admission, Settlement and Dealings in the new Placing Shares
Applications will be made to the FCA and to the London Stock
Exchange for Admission in respect of all the New Placing Shares
proposed to be issued on completion of the Placing. It is expected
that Admission will become effective, and that dealings in the
Placing Shares are expected to commence, at 8.00 a.m. on 26 March
2021.
The rights attaching to the new Placing Shares will be uniform
in all respects and all of the new Placing Shares 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 has 245,161,422 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 245,161,422. This figure of 245,161,422
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.
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse (as
in force in the United Kingdom pursuant to the European Union
(Withdrawal) Act 2018).
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 and sequestrating
anthropogenic carbon dioxide 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
successful Pilot Enhanced Oil Recovery project using locally
sourced liquid carbon dioxide for injection into and storage within
the oil reservoirs ("C02 EOR"). Near-term expansion and production
growth potential is focussed on upscaling the C02 EOR operations in
the Inniss-Trinity oil field, subject to all necessary
approvals.
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. A drilling
programme, subject to the lifting of COVID-19 restrictions,
targeting material prospective gas resources is scheduled for Q2
2021.
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 Kinsale gas field and Barryroe oil field in
the Celtic Sea.
The Company has a highly experienced management team with a
proven track record in the oil and gas industry.
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END
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