FOR IMMEDIATE RELEASE

29 March 2023

               Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

                                             LEI 213800L7QXFURBFLDS54

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries the "Group")

Update to the fund raising announced on 17 March 2023

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco announces the following update to the fund raising announced on 17 March 2023. 

On that date the Company  announced that it had conditionally placed 15,500,000 new ordinary shares of no par value in the Company ("New Shares") and 20,863,636 existing ordinary shares of no par value in the Company ("Loan Shares") transferred by a director of the Company, Paul Griffiths, at a placing price of 5.5 pence each (the "Placing Price") to raise £2,000,000 (before expenses) (the "Placing") for completion on 3 April 2023. The Company now confirms that the number of New Shares issued will be 14,174,056 whilst the number of Loan Shares to be transferred by Paul Griffiths will be 22,189,580. 

The total funds raised by the Placing remains at £2,000,000, which is conditional on the New Shares being admitted to listing on the Official List (standard listing segment) and to trading on the London Stock Exchange's main market for listed securities ("Admission") on or around 3 April  2023 (or such later date as may be agreed by the Company and Novum)..

Stock Lending Agreement

The Loan Shares will be documented in a single stock lending agreement between Paul Griffiths and the Company (the "Stock Lending Agreement").

Under the unsecured Stock Lending Agreement between the Company and Paul Griffiths the return of 22,189,580 shares loaned to the Company (the "Loan") are intended to be issued to Mr Griffiths when the Company has additional headroom and at an appropriate time, subject to the Company's dealing policy. When repayment is due the Company will make the necessary listing and admission hearing applications to have those new ordinary shares admitted to trading.

Interest shall accrue on the Loan at a rate of 4% (four percent) above SONIA of the principal sum lent of £1,220,427, being the market value of 22,189,580 shares at the Placing Price. The default rate of interest under the Stock Lending Agreement for any sum which is not repaid when due is 12% per annum.

Related Party Transaction

Paul Griffiths is a director of the Company. The Stock Lending Agreement is therefore considered to be a related party transaction.

Lonny Baumgardner, Alistar Jury and Carl Kindinger, being the independent directors for the purposes of the Related Party Transaction consider that the terms and conditions of the Stock Lending Agreement are fair and reasonable insofar as the shareholders of the Company are concerned.

An application will be made to the FCA and to the London Stock Exchange Admission in respect of those 14,174,056 New Shares.  It is expected that Admission will become effective, and that dealings in such shares are expected to commence, at 8.00 a.m. on 3 April 2023.

The rights attaching to the New Shares will be uniform in all respects and will rank pari passu, and form a single class for all purposes with, the existing issued shares of no par value in the Company.

Total Voting Rights

Following Admission, the Company will have 399,968,959 ordinary shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore increased by 14,174,056 to 399,968,959.  This figure of 399,968,959 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.

For further information visit www.predatoroilandgas.com

Follow the Company on twitter @PredatorOilGas.

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

For more information please visit the Company's website at www.predatoroilandgas.com: 

Enquiries:

Notes to Editors:  

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline and suitable for the development of Compressed Natural Gas for Morocco's industrial sector.  The MOU-1 well has been completed and is subject to a follow-up testing programme. The MOU-2 well is currently suspended pending a potential re-entry.

Predator is seeking to further develop the remaining oil reserves of Trinidad's mature onshore oil fields through the application of CO2 EOR techniques and by sequestrating anthropogenic carbon dioxide in oil reservoirs.

In addition, Predator also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which successor authorisations have been applied for, adjoining Vermilion's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the decommissioned Kinsale gas field in the Celtic Sea.

Predator has developed a Floating Storage and Regasification Project ("FSRUP") for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand.

The Company has a highly experienced management team with a proven track record in operations in the oil and gas industry.