Placing to raise £1.785 million - Update

FOR IMMEDIATE RELEASE

 25 March 2021

               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")

Placing to raise  £1.785 million - Update

Further to the Company's announcement of 12 March 2021, in which Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland announced that it had raised £1,785,000 (before expenses) in a Placing conducted by the Company's broker Novum Securities Ltd, the Company provides the following update:

The Company does not presently have sufficient headroom to enable the issue and admission of all of the 17,000,000 Placing Shares which are required to be issued pursuant to the Placing without the production of an FCA approved prospectus.  The Company is therefore proposing to issue and admit  5,215,155 new ordinary shares (up to its existing headroom) (the "New Placing Shares") and for a director, Paul Griffiths, to transfer 11,784,845 existing shares held by him in order to settle the Placing in a timely manner.

When the Company has the ability to issue further shares the Company intends to issue Paul Griffiths 11,784,845 new Ordinary Shares and will take all necessary steps required in order to issue such shares and make the necessary listing and admission hearing applications.  This will put Paul Griffiths back into the position that existed, in terms of his aggregate shareholding in the Company, had he not made the transfer of Ordinary Shares. For the avoidance of doubt the transfer of shares  from Paul Griffiths involves no consideration being paid to Paul Griffiths.

The transfer of these ordinary shares is expected to be made on or around 6 April 2021.

Completion of the Placing is conditional on, inter alia:-

The New Placing Shares, being 5,215,155 Ordinary Shares of no par value, 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 before 26 March 2021 (or such later date as may be agreed by the Company and Novum Securities).

Admission, Settlement and Dealings in the new Placing Shares

Applications will be made to the FCA and to the London Stock Exchange for Admission in respect of all the New Placing Shares proposed to be issued on completion of the Placing.  It is expected that Admission will become effective, and that dealings in the Placing Shares are expected to commence, at 8.00 a.m. on 26 March 2021.

The rights attaching to the new Placing Shares will be uniform in all respects and all of the new Placing Shares 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 has 245,161,422 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 245,161,422.  This figure of 245,161,422 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.

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018).

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

Enquiries:

Notes to Editors:

Predator is an oil and gas exploration company with the objective of participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves and sequestrating anthropogenic carbon dioxide in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing a successful Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs ("C02 EOR"). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals. 

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.  A drilling programme, subject to the lifting of COVID-19 restrictions, targeting material prospective gas resources is scheduled for Q2 2021.

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 Kinsale gas field and Barryroe oil field in the Celtic Sea.

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