Operational Highlights and Placing

FOR IMMEDIATE RELEASE

 19 July 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 and Placing to raise £1.3 million

Operational highlights

·    MOU-1 TGB-2 target successfully penetrated at 1229 metres TVD MD.

·    Gross section of 75 metres corresponds to pre-drill seismic "bright spot" with increased resistivity log response and formation gas show.

·    TGB-2 now interpreted as western distal limit of the MOU-4 submarine fan ("MOU-4 Target")

·    Potential for structural/stratigraphic trap of up to 60 km²

·    Proposed forward plans to include rigless testing and preparations for an appraisal well

·    MOU-1 establishes a basis for commercial joint venture discussions with gas-offtakers in the Moroccan industrial sector

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 26,000,000  new ordinary shares of no par value in the Company (the "Placing Shares") at a placing price of 5 pence each (the "Placing Price") to raise £1.3 million 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

The Company is intent on rapidly building upon the safe and successful MOU-1 drilling campaign to further appraise, in consultation with its partner, the large MOU-4 Target. The Company has an existing option to use the Star Valley Rig 101 for the drilling of MOU-4 during Q4 2021. Commercial discussions will be advanced with gas off-takers in the industrial sector in Morocco to seek  joint venture partnerships to secure first rights for a future potential Gas Offtake Agreement.  The work programme below will address these strategic objectives.

The Company intends to utilise the net funds raised in varying proportions for the programmes stated above. However, there may be circumstances where, for sound business reasons, a re-allocation of funds may be deemed prudent or necessary and will depend on a number of factors, including those referred to under "Risk Factors" in the Company's published Annual Reports and UKLA IPO Prospectus.

The Company is in the process of appointing advisers in respect of seeking admission of its shares to trading on the AIM market which provides more flexibility for high growth companies and represents a  market better suited both to the mature level of development of the Company's Energy Transition portfolio of projects across upstream and downstream sectors and for developing M & A activity.

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 3 August 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 3 August 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.

Following Admission of the Placing Shares the enlarged Share Capital will be 292,946,267 ordinary shares of no par value.

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

"MOU-1 was safely and successfully drilled within the Company's pre-drill budget estimates and completed for proposed rigless testing after presentation of results to our partner. Our immediate priority is to incorporate the positive results of the MOU-1 well into the evaluation of the MOU-4 Target to optimise the location for a step-out well. The recent appointment of Lonny Baumgardner as Chief Operating Officer following the completion of MOU-1 includes the portfolio to develop the Company's ties with the Moroccan downstream gas sector for which he is uniquely placed. Significant potential exists for joint venture partnerships with gas-offtakers as the requirement for gas in Morocco becomes an  increasing priority . MOU-1 delivered a result that allowed us to de-risk the MOU-4 Target whilst unexpectedly validating the pre-drill seismic "bright spot", related to the presence of gas, as being attributable to the western limit of the MOU-4 Target and not an isolated  target as previously interpreted above what was thought to be the pre-drill MOU-4 Target equivalent section."

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 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 pursuing Enhanced Oil Recovery 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.  The MOU-1 well has been safely and successfully completed and a follow-up drilling programme is under review.

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.