Highlights
- Accelerated further 2025 drilling activity in Morocco and Trinidad
- MOU-5 'Titanosaurus' on schedule to commence drilling this month
Predator Oil & Gas, a Jersey based Oil and Gas Company with near-term drilling operations focussed on Morocco and Trinidad, has conditionally placed 50 million new ordinary shares of no par value in the Company at a placing price of 4 pence each to raise £2 million (before expenses).
The Placing utlises some of the Company's existing headroom shares under the Financial Conduct's Authority Prospectus Regulation Rules.
Strategic Investors
The Strategic Investors have a very good understanding of the oil and gas sector and wish to be cornerstone investors in the Company going forward
They recognize the management's potential to execute and transform potentially high value multiple projects in Morocco and Trinidad through an accelerated drilling programme following the completion of the upcoming MOU-5 well in Morocco on the Titanosaurus prospect.
Rationale
The Company's internal reorganisation in September 2024 was designed to streamline its ability to deliver multiple projects within realistic timescales so as to advance monetisation of its portfolio of potentially high-reward drilling opportunities. The Company also took steps to review its funding strategy for 2025 and to seek out strategic investors who were aligned with the management's 2025 vision of value creation based on sustainable drilling activity, accruing of production revenues and opportunities to divest where appropriate based on the oil and gas sectors perception of the value of assets versus that of the public markets.
With this initial investment by The Strategic Investors the Company has now fulfilled the strategy of securing cornerstone investors aligned with management's vision for accelerated drilling activity and the creation of additional potential monetisation opportunities in 2025.
Use of Proceeds
The Proceeds of the Placing, less expenses, will be spent as shown below.
|
USE OF PROCEEDS |
|
|
Proposed projects for accelerated drilling |
Budgeted estimated costs (£) |
|
Guercif onshore Morocco |
|
|
1. Drill MOU-6 to +/- 900 metres Appraisal well for biogenic gas With exploration upside Early Q3 2025 |
1,500,000 |
|
Onshore Trinidad |
|
|
2. Snowcap-3 to +/- 1,500 metres Appraisal, exploration, development Q3/Q4 2025 Long lead well planning and site preparation |
300,000 |
|
Administrative |
|
|
3. General working capital and broker expenses |
200,000 |
|
TOTAL COSTS |
2,000,000 |
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, 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 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. 10 February 2025.
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
10 million warrants are being issued exercisable at 6p. 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 661,874,754. This figure of 611,874,754 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:
'We are delighted to welcome Strategic Investors as cornerstone shareholders in the Company who see the potential shareholder returns the Company could generate by the end of 2025 given our mature portfolio of potentially high-reward drilling opportunities across exploration and appraisal and development of existing hydrocarbon discoveries.
MOU-5 and evaluating the large Titanosaurus structure is the immediate next objective and plans are still right on track to commence drilling MOU-5 as previously announced.'
Source: Predator Oil & Gas
