Predator Oil & Gas Holdings plc has conditionally raised £4.5 million via a placing of 128,571,419 million new ordinary shares of no par value in the company, at a placing price of 3.5 pence each.
TVRs
The company said it had used some of its existing ability to issue shares under the Financial Conduct’s Authority Public Offers and Admissions to Trading Regulations.
Predator is also issuing nine million broker warrants, exercisable at 3.5p, which will expire three years from the date of admission.
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.
Following admission, the company will have 814,857,814 ordinary shares of no par value in issue, each with one vote.
None of the shares is held in treasury.
Net proceeds will mostly fund drilling and testing of the Snowcap-3 (SC-3) appraisal and development well in Trinidad, targeting a potential 56.9 million barrels of oil.
The well will evaluate the gross 600ft Herrea reservoir interval that contains “eight very good quality” reservoirs.
Operations are planned for the second quarter, followed by production during Q3 2026.
Remaining proceeds will fund seeking a farm-in partner for Predator’s Guercif licence and submitting a draft exploitation licence onshore Morocco, due diligence on potential acquisitions in Trinidad, and general working capital.
“The offshore Guyana petroleum system extends into our licences,” added chief executive officer Paul Griffiths.
“The TGB*-6 fan in Morocco is geologically similar to the large biogenic gas fields of the East Mediterranean.
“Demonstrating materiality will be an important consideration for any potential farminee but recent geo-political developments have enhanced the potential for M & A consolidation.”
The company also holds interests offshore Ireland.
*Tendrara Graben Basin