TIDMPRD
RNS Number : 2907T
Predator Oil & Gas Holdings PLC
17 March 2023
FOR IMMEDIATE RELEASE
17 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")
Placing to raise GBP2 million
Highlights
-- To fully fund the MOU-3 well
-- Targeting Contingent and additional Prospective Resources in a single well
-- Accelerating the potential for monetisation through a sales process in 2023
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based
Oil and Gas Company with near-term gas operations focussed on
Morocco is pleased to announce that it has conditionally placed
15,500,000 new ordinary shares of no par value in the Company and
20,863,636 existing ordinary shares of no par value in the Company
transferred by a director of the Company, Paul Griffiths, ( the
"Placing Shares") at a placing price of 5.5 pence each (the
"Placing Price") to raise GBP2,000,000 (before expenses) (the
"Placing").
The Placing utilises the Company's available headroom shares as
of 31 March 2023 under the Financial Conduct Authority restrictions
for companies on the Official List (standard listing segment) of
the London Stock Exchange's main market for listed securities .
Novum Securities Limited ("Novum") are acting as the sole
placing agents to the Company.
The Company will not have sufficient headroom to enable issue
and admission of all of the 36,363,636 Placing Shares which are
required to be issued pursuant to the Placing without producing of
an FCA approved prospectus.
The Company is therefore proposing to issue and admit 15,500,000
new ordinary shares (up to its existing headroom limit existing at
31 March 2023) on or around 3 April 2023.
On the same date, it is also intended for a director of the
Company, Paul Griffiths, to make up the shortfall by way of a loan
of 20,863,636 existing ordinary shares (the "Loan Shares") held by
him in order to settle the Placing in a timely manner. For the
avoidance of doubt, the transfer of the shares subject to Novum
from Paul Griffiths involves no consideration being paid. The
transfer of these shares is expected to be made on or around 3
April 2023.
Use of Net Proceeds
WORK PROGRAMME COSTS (GBP)
MOU-3 civil engineering 130,000
-------------
site build
-------------
MOU-3 drill to 1,500 metres 1,800,000
-------------
General working capital 70,000
-------------
The MOU-3 surface location and drilling programme 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.
MOU-3 will therefore target the Prospective and Contingent gas
resources shown in the table below.
GAS RESOURCES Best Estimate High Estimate Best High
BCF Estimate Estimate
Gross Net Gross Net
-------------- -------------- ----------- ----------
PROSPECTIVE(1) Shallow
target 426 320 879 659
-------------- -------------- ----------- ----------
CONTINGENT(2) Moulouya
Fan 393 295 944 708
-------------- -------------- ----------- ----------
TOTAL 819 615 1,823 1,367
-------------- -------------- ----------- ----------
(1) SLR Consulting (Ireland) Ltd. March 2019
(2) SLR Consulting (Ireland) Ltd. January 2022
SLR Consulting (Ireland) Ltd. (2) assigned an Expected Net
Present Value of US$1.99 million per BCF with a 25% chance of
commerciality for the Contingent Moulouya Fan gas resources.
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 20,863,636 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 GBP1,147,500, being the
market value of 20,863,636 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.
Completion of the new Placing Shares
Completion of the Placing is conditional on, inter alia:-
15,500,000 ordinary shares of no par value of the total number
of 36,363,636 Placing 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 before 3 April 2023 (or such later date as may
be agreed by the Company and Novum).
Admission, Settlement and Dealings in new Placing Shares
An application will be made to the FCA and to the London Stock
Exchange Admission in respect of those 15,500,000 new ordinary
shares of no par value of out of the total number of Placing Shares
proposed to be issued on completion of the Placing. 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 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 will have 401,294,903 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 15,500,000 to
401,294,903. This figure of 401,294,903 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.
Paul Griffiths, Executive Chairman of Predator Oil & Gas
Holdings Plc commented :
"The additional funding announced today allows us to advance the
drilling of MOU-3 to target for the first time all Prospective and
Contingent gas resources.
The learning curve has improved substantially following the
information gathered from the suspended well MOU-2. As a result we
believe that bringing forward the drilling of MOU-3, with a
projected start date in the first week of May, is a sensible course
of action.
I am delighted to be supporting the Company and its shareholders
through a loan of shares to enable MOU-3 to proceed earlier than
originally envisaged based on attractive risk versus reward
metrics."
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
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
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 or visit 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.
END
IOEDBGDXXDBDGXL
(END) Dow Jones Newswires
March 17, 2023 03:00 ET (07:00 GMT)
Predator Oil & Gas (LSE:PRD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Predator Oil & Gas (LSE:PRD)
Historical Stock Chart
From Dec 2023 to Dec 2024
