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Predator Oil & Gas announces operational and financial highlights for the 6 months to 30 June 2023

19 Sep 2023

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Predator Oil & Gas, the Jersey-based Oil and Gas Company focussed on near-term, high impact drilling for gas in Morocco has announced its unaudited interim results for the six-month period ended 30 June 2023.

Financial highlights:

  • Loss from operations for the 6 months period is £2,361,721 ((£599,789 for the 6 months period ended 30 June 2022).
  • Cash balance, at period end of £1,000,006 (2022 year end: £3,323,161).
  • A further £1,188,863 (US$1,500,000) held as restricted cash and £630,575 (2022 year end: 659,504) by way of a loan to FRAM Exploration Trinidad Ltd. for the investment in the Pilot CO2 EOR Project.
  • £1,139,950 (before expenses) raised through two placings. Issuing 14,174,056 new ordinary shares at a placing price of £0.055 and 6,322,410 new ordinary shares at a placing price of £0.057.
  • 1,000,000, 15,710,972 and 3,401,077 share options exercised at £0.05, £0.08 and £0.10 respectively to raise £1,646,986 with the issue of 20,112,049 new ordinary shares
  • 1,875,000 and 160,714 warrants exercised at £0.04 and £0.028 respectively to raise £79,500 with the issue of 2,035,714 new ordinary shares.
  • 6,401,077 and 15,710,972 share options issued exercisable at £0.10 and £0.08 respectively.
  • Directors' loans advanced through sale of 22,189,580 existing shares at £0.055 to raise £1,220,427; 18,000,000 existing shares at £0.105 to raise £1,890,000; and 15,710,972 and 3,401,077 exercised share options at £0.08 and £0.10 respectively and sold at £0.057, compensated for by a loan of £507,999.
  • No debt.
  • Issued share capital 426,403,418 (31 December 2022: 383,759,189)

Operational highlights:

  • MOU-2 drilled to 1260 metres and suspended for operational reasons with an option to re-enter.
  • MOU-3 drilled to 1509 metres and completed for rigless testing.
  • MOU-3 encountered formation gas shows and shallow higher pressure gas.
  • Gas charge from deeper source rocks confirmed via major fault conduits
  • MOU-4 drilling at the end of the period under review.
  • Rigless testing programme being planned using ECS Sandjet perforating tool.
  • Compressed Natural Gas "Proof of Concept" development model established.
  • Potential Jurassic upside within 126 km2 structure being evaluated by MOU-4
  • Entry into a binding term sheet with Challenger Energy Group Plc for the acquisition of the under-developed Cory Moruga field subject to regulatory consent for an agreed new work programme.
  • Company approached by a potential partner for Corrib South offshore Ireland in the event of the award of a successor authorisation.

Post reporting date:

  •  On the 11 July 2023 the Company announced that the MOU-4 had been drilled to 1199 metres. The edge of the Jurassic structure had been penetrated and the well had been completed for rigless testing.
  • On the 13 July 2023 the Company announced that the NuTech petrophysical interpretation of the MOU-4 well had highlighted a number of intervals for rigless testing.
  • On the 1 August 2023 the Company announced that the placing announced on 31 July 2023 had been over-subscribed and had raised gross proceeds of £10 million through the issue of 90,909,090 new ordinary shares at £0.11. In connection with the placing 8,318,181 broker warrants were issued at an exercise price of £0.11.
  • On 10 August 2023 the Company published a Secondary Prospectus (project 'Allosaurus') including a Competent Persons Report by Tracs International Limited.
  • On the 30 August 2023 the Company announced an operations update including the extension of the Cory Moruga long-stop date from 31 August 2023 to 30 November 2023 to facilitate completion of the Cory Moruga transaction.

Click here for full announcement

Source: Predator Oil & Gas

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