Operational Highlights (MOU-1) and Placing

FOR IMMEDIATE RELEASE

 4 June 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")

                 Operational highlights (MOU-1 drilling)  and Placing to raise  £1.5 million

Operational highlights

•     MOU-1 estimated spud date between 15 - 27 June 2021

•     Drilling estimated to take 14 to 20 days

•     MOU-1 site construction and civil works nearly complete

•     Rig contract with Star Valley executed

•     Schlumberger Master Services Agreement executed

•     All well services and logistical support in place

•     Well costs in line with budget forecasts

•     Pre-drill geological expectations firmly remain as previously reported

•     CO2 EOR injection continuing as planned in Trinidad despite COVID restrictions

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland is pleased to announce that it has conditionally placed 10,000,000  new ordinary shares of no par value in the Company (the "Placing Shares") at a placing price of 15 pence each (the "Placing Price") to raise £1,500,000 before expenses (the "Placing").

The Placing was significantly oversubscribed and utilises the Company's existing headroom shares under the Financial Conduct Authority restrictions for companies on the Official List (standard listing segment) of the London Stock Exchange's main market for listed securities.

Novum Securities are acting as sole placing agents to the Company.

Use of Proceeds

During the past few months the Company has made significant progress in developing additional business opportunities.

The previously announced submission in response to the call for an Expression of Interest in an FRSU LNG facility for Morocco has raised the Company's profile in Morocco and within the global LNG downstream sector.

The previously announced C02 EOR services Heads of Agreement was signed with Massy Gas Products Trinidad - currently the only supplier of surplus liquid C02 in Trinidad. The new joint venture will raise further the profile of Predator within Trinidad and increase the rate of roll out of our C02 EOR services business.

As previously announced a Collaboration Agreement with a leading Trinidadian industrial company was signed with Lease Operators Ltd. ("LOL") for the PS-1 Block in the Palo Seco PS-1 field to provide C02 EOR services. LOL secured a 10-year contract with State oil company Heritage Petroleum Trinidad Ltd. ("Heritage") to further develop the PS-1 Block in the Palo Seco PS-1 field. Application of the Company's C02 EOR expertise has an important role to play during the period of the LOL and Heritage contract. Lease Operators Ltd. are one of the largest private Trinidadian companies

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 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 to Novum Securities Ltd from Paul Griffiths involves no consideration being paid to Paul Griffiths.

In Ireland the Company will undertake a preliminary scoping engineering study, based on its highly relevant operating experience gathered in Trinidad, to assess the previously announced potential for CO2 storage, in the "Ram Head" reservoirs in the Celtic Sea in order to enhance its ongoing application for a successor authorisation. This is consistent with the Company's integrated strategy for Ireland to seek to reduce C02 emissions through the Energy Transition.

Proceeds raised in the Placing are being assigned to evaluating and potentially acquiring rights to the new business opportunities that the Company has recently identified together with general working capital.

The Board has also determined that the Company has reached a maturity and materiality sufficient to justify a move to the Alternative Investment Market ("AIM") being more suitable and flexible for a high growth company. Accordingly, the Company will be appointing a Nomad shortly and will announce the successful candidate for a potential AIM flotation in due course.  In addition Novum Securities Ltd shall be retained as lead broker to the Company for the purposes of its AIM flotation no later than Q1 2022 or such earlier date as market conditions dictate.

Completion of the Placing

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

the Placing 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 before 28 June 2021 (or such later date as may be agreed by the Company and Novum Securities).

Admission, Settlement and Dealings in Placing Shares

Applications will be made to the FCA and to the London Stock Exchange for Admission in respect of all the 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 28 June 2021.

The rights attaching to the Placing Shares will be uniform in all respects and all of the 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.

Return of shares to Paul Griffiths

As previously announced 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 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 previously announced.

Following Admission of the Placing Shares and the return of shares to Paul Griffiths, the enlarged Share Capital will be  266,946,267  ordinary shares of no par value.

Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented:

"This month will see the execution of the MOU-1 drilling programme in Morocco, potentially the single most important catalyst to creating near-term shareholder value over the last 3 years. Whilst this is an exciting but immensely challenging, due to COVID, operational milestone for the Company, we have also made progress on developing our upstream and downstream  business activities on several fronts on three continents. We are seeking to build significant shareholder value based on our broader portfolio of projects that we have now developed simultaneously with our growth in market capitalisation. A move to AIM is now the logical next step to maintain the momentum for business growth during the Energy Transition. In 2018 we firmly positioned ourselves in a different space with the focus dominantly on C02 sequestration and the upstream gas sector, enhanced by a move into niche LNG opportunities. This was not yesterday's decision based on changing public attitudes to excessive C02 emissions but rather a strategic focus that foresaw changes ahead for the energy industry before they crystallised."

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 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.