Highlights
- Potential award of Corrib South offshore Ireland is a new Company development. Recoverable gas resources 424.8 (P50) to 904.7 (P10) BCF with 44% Chance of Success. Adjacent to Corrib Gas Field infrastructure and addresses Security of Energy Supply.
- Snowcap-3 site works onshore Trinidad have commenced.
- Additional Snowcap-3 production testing programme planned.
- Snowcap-2 and Jacobin-1 well reactivations and feasibility study on gas re-injection to boost production rates.
- MOU-6 well planning and inventory build being progressed to maintain drilling schedule.
- April net production revenues in Trinidad 26% ahead of Company internal forecast.
Predator Oil & Gas Holdings, the Jersey based Oil and Gas Company with producing hydrocarbon operations focussed on Trinidad and Morocco, has announced that it has conditionally placed 85,714,286 million new ordinary shares of no par value in the Company (the 'Placing Shares') at a placing price of 3.5 pence each (the 'Placing Price') to raise £3 million (before expenses).
The capital raise of £3m was arranged by the Company's joint brokers AlbR and OAK Securities.
Use of Proceeds
The Proceeds of the Placing, less expenses, will be spent on:
- Deepening the proposed Snowcap-3 ('SC-3') well by 150 feet and adding an additional testing programme for the Herrera #8 Sand, based on a revised reservoir correlation between Snowcap-1 and Rochard-1.
- Reactivation of the Snowcap-2ST1 and Jacobin-1 wells and acquire information for a gas re-injection reservoir engineering study for Snowcap-1 and Snowcap-2ST1 to assess the potential to maintain higher production rates for longer.
- Purchase Guercif MOU-6 long-lead well inventory to maintain the current drilling schedule given the impact on logistics of the Middle East conflict.
- Carry out preparatory reservoir engineering and facilities planning for the proposed pilot CNG development at Guercif.
- Commission an Environmental Impact Assessment for potential 3D seismic and a well to the Triassic TAGI in 2027.
- These are prudent activities to support the ongoing partner negotiations, whilst third party technical and legal due diligence is being completed, to maintain the timeline to potential 'First Gas' upon a successful MOU-6 well testing programme.
- Following a recent positive communication from the regulatory authorities in Ireland, the path for the Company to follow to secure progress for the award of the Corrib South successor authorisation has been clearly defined and is achievable within a short time framework.
- Consequently, the Company is updating its technical package for Corrib South to include gas storage potential and will test the market for potential 3D seismic acquisition in 2027.
- The SLR Consulting (Ireland) Ltd ('SLR') Competent Person's Report (2019) will be updated to incorporate economics based on current gas prices and additional capacity in the Corrib infrastructure.
- For context SLR gave unrisked gross recoverable gas in the range 424.8 (P50) to 904.7 (P10) BCF. The updated technical package will be focussed on supporting the P10 Case. Tracs International Ltd (2023) gave a 44% chance of success for the Corrib South prospect.
- Corrib South was originally held as a Reserved Licence by Shell, the former operator of the Corrib gas field and was awarded as a Licencing Option to Predator Gas Ventures Limited in 2016 as a result of the Atlantic Margin Bid Round.
- Parties previously expressing an interest in Corrib South will be re-visited based on this new development and additional potential partners will be approached, capitalising on the quest for strengthening Europe's Security of Energy Supply.
Production operations onshore Trinidad for the month of April resulted in the Company receiving after costs and royalties approximately US$95,000 under the NABI Master Services Agreement, which represented a 26% increase over the forecast amount for April in he Company's working capital forecast.
Completion of the Placing
Completion of the Placing is conditional on, inter alia:-
the Placing Shares being admitted to listing on the Equity Shares (transition) category of the Official List and to trading on the London Stock Exchange's main market for listed securities ('Admission').
Admission, Settlement and Dealings in the new Placing Shares
An applications will be made to the London Stock Exchange for Admission of the Placing Shares which is expected on or around 20 May 2026.
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.
Warrants
6 million warrants are being issued exercisable at 3.5p. The Warrants have an expiry date of three years from the date of Admission.
Total Voting Rights
Following Admission, the Company has 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 900,572,100. This figure of 900,572,100 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, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
'The new development associated with the application for the Corrib South successor authorisation is a significant boost for the Company's potential operations offshore Ireland, that have hitherto been in a state of limbo.
This is timely news as it comes against the background of a crisis in confidence that Europe can maintain security of gas supply during periods of conflict and from sources where energy is a political weapon without anything other than indigenous self-sufficiency to meet demand for gas in the next 10 years and beyond. Green electrification is simply not going to be capable of replacing periodic reliance on gas during this period.
Corrib South has always been a compelling potential addition to the Corrib infrastructure and additionally offers a faster track route to gas storage and energy affordability than any other option currently available to Ireland.
It therefore makes abundant sense for us now to bring Corrib South back into our active operations portfolio. Morocco and Atlantic Ireland are two attractive gas projects adjacent and linked to European gas infrastructure. Our immediate objective is to ensure that the wider industry takes notice of our strategic position with relation to potentially material gas assets.'
Source: Predator Oil & Gas
