Predator Oil & Gas Holdings plc has raised £2.5 million via a placing to progress its gas and oil projects onshore Morocco and Trinidad.
The company conditionally placed 166,666,667 new ordinary shares of no par value at 1.5 pence each, with one warrant attached to each placing share exercisable at 2.5 pence each.
An additional 1,666,666 broker warrants will also be issued.
Following admission, Predator will hold 1,071,104,857 voting rights.
MOROCCO
On its 75%-owned Guercif licence, Predator will use the net proceeds to explore for helium, potentially large unconventional biogenic gas, and gas storage.
Drilling has reached a planned depth of 950 metres in the MOU-6 well, 600 metres northwest of the MOU-3 well.
The company said that the well encountered the top of the primary target, the Taza-Guercif Basin-6 submarine fan interval (TGB-6), which has a target overall net 83 billion cubic feet of 2C reserves.
The figure excludes the neighbouring deep Jurassic MOU-5 thermogenic prospect where planned future tests will focus on helium and biogenic gas.
The reported gross thicker upper interval penetrated is 21.2 metres, compared with approximately 13.2 metres in MOU-3, which was consistent with pre-drill forecast.
Predator has obtained wireline logs and is currently completing the well ahead of a single test expected to begin shortly. The results, due in two weeks, will add to existing data from MOU-1, MOU-3 and MOU-6, to produce a revised potential for biogenic gas in the area.
The company has additionally signed a confidentiality agreement with Romanian company, Geo Line Solution S.R.L., which has specific experience in the producing biogenic gas fields of Romania and western Ukraine.
GeoLine will potentially provide analogues to calibrate the section penetrated between 800 and 1,100m in the MOU-1, MOU-3 and MOU-6 wells, added Predator.
The combined operations represent “the largest focused exploration drilling programme onshore Morocco ever undertaken over the past 25 years”.
The extracted biogenic gas will eventually be converted into compressed natural gas to supply local industries in Morocco.
Chief executive officer Paul Griffiths said: “We are pleased to have successfully completed the drilling phase of MOU-6 based on the new well design and mud weight strategy.
“This has resulted in much improved well cutting samples and wireline logs compared to previous data.
“Better wellbore conditions and access to the larger perforating guns, combined with a more comprehensive suite of wireline logs will provide well test information essential to potentially calibrate the sections penetrated by MOU-1, MOU-3 and MOU-6.”
TRINIDAD
Predator’s focus will shift this November to its 100%-owned Cory Moruga licence where it has received regulatory approval to drill the Snowcap-3 well, with a target net 3C high estimate of 1.84 million barrels of oil from the field.
The company aims to use carbon dioxide sequestration in oil reservoirs following its 2021 carbon dioxide enhanced oil recovery pilot project in the Inniss-Trinity field.
Predator is also exploring potential gas-to-power data centres for stranded gas in the producing Goudron mature oil field.
