Predator Oil & Gas Holdings plc’s directors have raised a total £1,256,880 through the exercise of share options and a loan.
SHARE OPTIONS
The exercise notices are from executive directors Paul Griffiths for 7,855,486 share options and Lonny Baumgardner for 7,855,486 share options issued to them in the company’s unapproved share option schemes between 2018 and January 2022.
Predator said it had allotted and issued a total 15,710,972 new ordinary shares following receipt of the aggregate £749,276 subscription price from Mr Griffiths and Mr Baumgardner.
On admission, the company’s issued share capital will be 383,759,189 shares of no par value, with no such shares held in treasury.
DIRECTORS’ LOAN
Predator added it was unable to issue sufficient shares to fund a programme of works without publishing a prospectus approved by the Financial Conduct Authority.
Mr Griffiths and Mr Baumgardner had therefore agreed to place their 15,710,972 new ordinary shares at a price of £0.08 to raise £1,256,877.70 before expenses of £92,981.
USES
Predator plans to advance in three months its assets in onshore Morocco, Trinidad, and Ireland.
In Guercif, the company aims to demonstrate a potential gas field production profile of between 150 to 250 mm cfgpd.
A total of £900,000 will fund the expansion of the MOU-1 testing programme and the placing of orders for MOU-3 long-lead drilling items.
MOU-2 drilling is expected to begin in mid-December 2022 with all remaining well inventory and drilling materials on the way to Morocco.
The MOU-1 and MOU-2 structure is less than 5km from the Mahgreb gas pipeline, creating the link to a potential European gas market.
TRINIDAD
The company said it expected to reach a “mutually acceptable resolution” of its outstanding issues related to CO2 EOR [carbon dioxide enhanced oil recovery] operations in Trinidad.
Predator will invest £125,000 in expanding and updating its CO2 EOR delivery system and conducting further technical due diligence on specific assets it has identified.
Sequestration of CO2 was an important of its environment, social and governance objective following the success of the Inniss-Trinity pilot CO2 EOR project, added the company.
* Predator will also allocate £100,000 to its Mag Mell LNG project in Ireland