Jersey-based Predator Oil & Gas Holdings (LON:PRD) has announced a £2m investment to cover the costs of the MOU-3 project’s works program.
The issuance of 15.5 million new shares and 20.86 million shares financed by chairman Paul Griffiths was priced at 5.5p each, with the share price falling 7.5p to 1.5p overnight on news of the funding.
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The £25 million company has an experienced management team with a proven track record in the oil and gas industry and is focused on exploring, evaluating and developing oil and gas assets in Africa, Europe and the Caribbean. Masu. .
The company owns a diverse portfolio of oil and gas interests, including a CO2-enhanced oil recovery project in Trinidad. Two gas exploration and evaluation projects offshore Ireland. and an onshore gas exploration project in Morocco.
Morocco
Predator is the operator of the Ghersif oil agreement on the Moroccan coast, which is expected to supply tertiary gas with a prospect within 10 kilometers of the Maghreb gas pipeline and the development of compressed natural gas for Morocco’s industrial sector. suitable for The MOU-1 well has been completed and is the subject of a follow-up testing program. The MOU-2 well is currently suspended pending possible re-entry.
The currently funded MOU-3 surface location and drilling program incorporates geological information from the mothballed MOU-2 well, and the company is targeting only the primary target, the Muruya Fan, in a single well. Instead, they have the first opportunity to penetrate even shallower potential gases. This goal was included in the first Capability Report produced by SLR Consulting Ireland Ltd. in March 2019.
trinidad
Predator seeks to further develop remaining oil reserves in Trinidad’s mature onshore oil fields through the application of CO2 EOR technology and the sequestration of anthropogenic carbon dioxide within the oil reservoir.
Ireland
In addition, the company owns and operates exploration and evaluation assets in license options offshore Ireland adjacent to Vermilion’s Corrib gas field and east of the decommissioned Kinsale gas field in the Sline Basin on the Atlantic margin. , a successor approval has been applied for. Celtic Sea.
The group is also developing floating storage and regasification projects for LNG import and its regasification for Ireland, ensuring security of gas supply and fluctuations in gas prices during peak gas demand. We are also developing gas storage concepts to deal with this.
