Predator Oil & Gas Holdings PLC Trinidad Update - FRAM Loan (5586B)
October 03 2022 - 5:05AM
UK Regulatory
TIDMPRD
RNS Number : 5586B
Predator Oil & Gas Holdings PLC
03 October 2022
FOR IMMEDIATE RELEASE
3 October 2022
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")
Trinidad Update - FRAM Loan
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based
Oil and Gas Company with near-term gas operations focussed on
Morocco, announces that further to its announcement of 7 June 2022
outlining the Company's position regarding the FRAM Loan it has now
reviewed the Interim Financial Statement for the 6 months ending 30
June 2022 and the Annual Report and Financial Statements for the
year ended 31 December 2021 released by Challenger Energy Group Plc
("Challenger") on 30 September 2022.
The Company notes that there is no reference to the FRAM Loan in
the audited Financial Statements for the year ended 31 December
2021.
The Company notes references in the Annual Report and Financial
Statements for the year ended 31 December 2021 to a "CO2 enhanced
oil recovery pilot project undertaken in 2020 and 2021" in
Inniss-Trinity and that "one of the Group's licences was extended
to 31 March 2022 (and, subsequently to 30 June 2022 and then 30
September 2022) to allow for ministerial approval required for the
finalisation and execution of the agreed form of the documentation
in relation to a fresh enhanced production services contract
("EPSC") with 30 September 2031 expiry. The EPSC will include
certain minimum work obligations comprising CO2 pilot
project....."
The Company notes that there is no explanation offered as to why
the Chief Executive officer of FRAM Exploration Trinidad Ltd.
("FRAM"), FRAM's parent company, himself, as an executive director
of Challenger, unilaterally terminated the Inniss-Trinity CO2 EOR
Pilot Project giving only 24 hours' notice.
Correspondence between FRAM's previous parent company, Columbus
Energy Resources Plc, gave certain undertakings regarding the FRAM
Loan to enable the Inniss-Trinity pilot CO2 EOR project to be
progressed. Challenger is a Successor to CERP following the
acquisition of Columbus Energy Resources Plc by Challenger Energy
Group Plc.
The Company's position remains unchanged in respect of the FRAM
Loan as outlined in its RNS dated 7 June 2022.
The Company determines that there is an option to resolve the
issues between the Company and Challenger through collaboration
based on certain information stated in the Annual Report and
Financial Statements for the year ended 31 December 2021.
However if this option cannot be progressed then the Company
will have no alternative but to continue with its legal process
which, based on the published Challenger Interim Financial
Statements for the 6 months ending 30 June 2022 and the Annual
Report and Financial Statements for the year ended 31 December
2021, can now focus on the key issue.
For further information visit 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 :
Enquiries:
Predator Oil & Gas Holdings Plc Tel: +44 (0) 1534 834 600
Paul Griffiths Executive Chairman Info@predatoroilandgas.com
Lonny Baumgardner Managing Director
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 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. The MOU-1 well
has been completed and a follow-up testing programme is being
finalised to coordinate with a further drilling programme beginning
in 2022.
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 to produce "greener" oil.
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.
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