Predator Oil & Gas Holdings plc has raised £3 million before expenses by conditionally placing 85,714,286 million new ordinary shares of no par value in the company, at 3.5 pence each.
TRINIDAD-MOROCCO
The company is also issuing six million warrants, exercisable at 3.5p each, with an expiry date three years from the date of admission.
Following admission, Predator will have 900,572,100 voting rights, and ordinary shares in the company, with none held in treasury.
Net proceeds will go towards the company’s gas assets onshore Trinidad and Morocco as well as a potential acquisition offshore Ireland.
The Snowcap-3 well in the Cory Moruga field will be deepened and further testing on the Herrera #8 Sand.
Predator also plans to reactivate the Snowcap-2ST1 and Jacobin-1 wells and acquire information to assess the potential for longer production.
The company said it had received costs and royalties from April production onshore Trinidad of approximately US$95,000, which was a 26% increase over its forecast.
In Morocco, the company will buy long-lead inventory for the Guercif MOU-6 well and carry out preparatory work for the proposed pilot compressed natural gas development.
An environmental impact assessment is also planned for potential 3D seismic and a well to the Triassic TAGI [Trias Argilo-Gréseux Inférieur reservoir] during 2027.
IRELAND
Predator said it had been in talks with Ireland’s regulatory bodies over the Corrib South successor authorisation, which is “achievable within a short time framework”.
The company is also looking at potential gas storage for Corrib South, which lies 18 kilometres from the Corrib gas field.
The structure holds recoverable gas resources 424.8 (P50) to 904.7 (P10) billion cubic feet, with a 44% chance of success.
Chief executive officer Paul Griffiths added: “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.”
Former operator Shell previously held Corrib South as a reserved licence, and Predator was awarded a licensing option in 2016, following the Atlantic Margin bid round.
Predator, which has a 50-50 interest in Corrib South with partner Theseus, agreed in 2024 a farm-out in principal with an as yet unnamed company.
Mr Griffiths described the application for the successor authorisation as a significant boost for the company’s potential operations offshore Ireland, that had 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.
“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.”