Predator Oil & Gas, a Jersey-based oil and gas company with activities in Trinidad, Morocco, and Ireland, has announced that it has conditionally placed 26,000,000 new ordinary shares with no par value at a putting price of 5 pence each to raise £1.3 million before expenses.
Under the Financial Conduct Authority’s limits for firms on the Official List (standard listing section) of the London Stock Exchange’s main market for listed securities, the Placing was heavily oversubscribed and makes use of the Company’s existing headroom shares. The Company’s exclusive placing agents are Novum Securities.
Predator Oil & Gas Holdings Plc CEO Paul Griffiths said: “MOU-1 was safely and successfully drilled within the Company’s pre-drill budget estimates and completed for proposed rigless testing after presentation of results to our partner. Our immediate priority is to incorporate the positive results of the MOU-1 well into the evaluation of the MOU-4 Target to optimise the location for a step-out well. The recent appointment of Lonny Baumgardner as Chief Operating Officer following the completion of MOU-1 includes the portfolio to develop the Company’s ties with the Moroccan downstream gas sector for which he is uniquely placed. Significant potential exists for joint venture partnerships with gas-offtakers as the requirement for gas in Morocco becomes an increasing priority. MOU-1 delivered a result that allowed us to de-risk the MOU-4 Target whilst unexpectedly validating the pre-drill seismic “bright spot”, related to the presence of gas, as being attributable to the western limit of the MOU-4 Target and not an isolated target as previously interpreted above what was thought to be the pre-drill MOU-4 Target equivalent section.”