Predator Oil & Gas Holdings PLC Predator LNG Ireland Limited (8912P)
15 June 2020 - 4:00PM
UK Regulatory
TIDMPRD
RNS Number : 8912P
Predator Oil & Gas Holdings PLC
15 June 2020
FOR IMMEDIATE RELEASE
15 June 2020
Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD /
Sector: Oil & Gas
Predator Oil & Gas Holdings Plc
("Predator" or the "Company" and together with its subsidiaries
"the Group")
Predator LNG Ireland Limited
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil
and Gas Company with operations in Trinidad, Morocco, and Ireland,
confirms the incorporation of its new subsidiary company Predator
LNG Ireland Limited.
SLR Environmental Consulting (Ireland) Limited has been
appointed as regulatory, planning and environmental advisors to
Predator LNG Ireland Limited to advance Predator's Floating Storage
and Regasification Unit ("FSRU") solution for Ireland.
Predator has executed a non-exclusive confidentiality agreement
with one potential purchaser of gas to facilitate the exchange of
information to develop scoping commercial terms for any future
potential Gas Sales Contract.
Predator noted the announcement on 28 May 2020 by Infrastrata
plc in relation to their proposed FSRU Project, located in
Barrow-in-Furness, northwest England.
Comparative CAPEX costs are significantly less for the Predator
FSRU solution due to the potential to utilise existing
infrastructure which ties directly into the Irish gas transmission
network. This eliminates the requirement for any new fixed
infrastructure.
Predator scoping technical capacity is not over-sized and is
tailored to favour the strategic importance of securing premium
prices for immediate access to indigenous local gas and energy
supply during peak demand days when demand cannot be met by other
sources of energy.
Predator estimated project revenues are consistent with those
quoted for the Barrow-in-Furness FSRU Project of GBP80 to GBP100
million. Predator scoping technical capacity is approximately 40%
of that for the Barrow-in-Furness FSRU Project but generates high
profit margins due to lower capital and operating costs resulting
from the mature nature of the infrastructure that can be
potentially utilised. This significantly reduces the lead time to a
Financial Investment Decision, as lower levels of risked capital
can be absorbed as an operating cost over the anticipated 20 to
25-year life of the FSRU Project.
Paul Griffiths, Chief Executive of Predator, commented:
"Industrial and commercial energy users require certainty that
peak day energy demands will be met in order to maintain
competitiveness and secure investment for business growth to
perpetuate alignment with their European neighbours. Brexit is
making Ireland largely dependent on the United Kingdom for security
of energy supply against a background of difficult trade
negotiations. Southeast Ireland and the Cork area in particular has
benefited greatly from the production of gas at Kinsale, by
providing jobs, service industries and allowing sustained economic
growth. It has historically been the energy hub for Ireland. The
FSRU Project can maintain this tradition by providing a pragmatic
and practical solution to security of energy supply utilising
existing infrastructure. Promoting business recovery and expansion
following the severe economic impact of COVID-19 will be necessary
despite an environment of significant debt burden and reduced
government taxes."
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:
Predator Oil & Gas Holdings Plc Tel: +44 (0) 1534
Carl Kindinger Chairman 834 600
Paul Griffiths Chief Executive Officer Info@predatoroilandgas.com
Novum Securities Limited Tel: +44 (0) 207
Jon Belliss 399 9425
Optiva Securities Limited
Christian Dennis Tel: +44 (0) 203
137 1902
Follow us also on VOX Market https://www.voxmarkets.co.uk/
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 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 Pilot Enhanced Oil Recovery project using locally
sourced liquid carbon dioxide for injection into the oil reservoirs
("C02 EOR"). Near-term expansion and growth potential is focussed
on upscaling the C02 EOR operations in the Inniss-Trinity oil field
and potential acquisitions of assets suitable for C02 EOR
development, subject to all necessary approvals.
In addition, Predator also owns and operates exploration and
appraisal assets in current licensing options offshore Ireland, for
which Successor Authorisations have been applied for, adjoining
Shell'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.
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is initially prospective for Tertiary gas in
prospects less than 10 kilometres from the Maghreb gas
pipeline.
The Company has a highly experienced management team with a
proven track record in the oil and gas industry.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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