TIDMPRD
RNS Number : 1192E
Predator Oil & Gas Holdings PLC
28 June 2023
FOR IMMEDIATE RELEASE
28 June 2023
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")
Loan of net proceeds of Directors' share sales through Novum
Securities Limited to raise GBP1,890,000
Loan of net proceeds of Directors' share sales
The Company does not have sufficient headroom to enable issue
and admission of new ordinary shares without the production of an
FCA approved prospectus.
Accordingly, Novum Securities have received firm orders to buy
18,000,000 existing ordinary shares of no par value in the Company
at a price of 10.5 pence each.
Paul Griffiths and Lonny Baumgardner will sell17,500,000 and
500,000 ordinary shares respectively (the "Sales Shares") at a
price of 10.5 pence each (the "Sales Price") to raise GBP1,890,000
(before expenses) (the "Sales Proceeds"). The transfer of the Sales
Shares is expected on or around 28 June 2023.
The net Sales Proceeds are being loaned to the Company (the
"Loans").
Use of Net Proceeds
The additional funding allows for MOU-4 drilling to progress on
schedule without incurring potential standby time waiting on
advance payments for well services.
WORK PROGRAMME COSTS (GBP)
MOU-4 Advance payments for well services and
site build 1,300,000
--------------
MOU-3 Additional, diesel chemicals and drilling
fluids 400,000
--------------
General working capital and broker expenses 190,000
--------------
Loan Agreement
The Loans will be documented in separate agreements between Paul
Griffiths and Lonny Baumgardner and the Company (the "Loan
Agreements").
Under the unsecured Loan Agreements the Loans will be
capitalised with the return of the same number of Sales Shares to
Mr Griffiths (17,500,000 ordinary shares of no par value) and Mr.
Baumgardner (500,000 ordinary shares of no par value) when the
Company has additional headroom and at an appropriate time, subject
to the Company's dealing policy. When repayment of the Loans are
due pursuant to the terms of the Loan Agreements the Company will
make the necessary applications to the FCA and LSE to have those
new ordinary shares admitted to trading.
It is anticipated that the Company will complete and publish a
Prospectus in the coming weeks to, amongst other things, enable the
return of all shares due to Paul Griffiths and Lonny Baumgardner
(including those loaned previously) before the rigless well testing
programme commences in Guercif. Additional working capital will be
required in the future to help accelerate a potential Compressed
Natural Gas development.
An updated Competent Person's Report will be produced at the
time of a Prospectus.
Interest shall accrue on the Loans at a rate of 4% (four per
cent.) above SONIA of the principal sums lent of GBP1,837,500 and
GBP52,500, being the market value of the Sales Shares at the Sales
Price. The default rate of interest under the Loan Agreements for
any sum which is not repaid when due is 12% per annum.
Related Party Transaction
Paul Griffiths and Lonny Baumgardner are directors of the
Company. The Loan Agreements are therefore considered to be a
material related party transaction.
Alistar Jury and Carl Kindinger, being the independent directors
for the purposes of the Related Party Transaction consider that the
terms and conditions of the Loan Agreement are fair and reasonable
insofar as the shareholders of the Company are concerned.
Total Voting Rights
The total number of voting rights in the Company remains
unchanged. The figure of 426,403,418 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.
For further information visit www.predatoroilandgas.com
Follow the Company on twitter @PredatorOilGas.
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 834 600
Paul Griffiths Executive Chairman Info@predatoroilandgas.com
Lonny Baumgardner Managing Director
Novum Securities Limited Tel: +44 (0) 207 399 9425
David Coffman / Jon Belliss
Fox-Davies Capital Tel +44 (0)2038847447
Jerry Keen jerry@fox-davies.com
Optiva Securities Limited Tel: +44 (0) 203 137 1902
Christian Dennis
Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
Tim Thompson predator@flagstaffcomms.com
Mark Edwards
Fergus Mellon
Notes to Editors:
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is prospective for Tertiary gas less than 10
kilometres from the Maghreb gas pipeline. The MOU-1 well drilled in
2021 is being prepared for a follow-up testing programme to
coordinate with a further drilling programme to move the project to
a CNG development stage.
Predator is seeking to further develop the remaining oil
reserves of Trinidad's mature onshore oil fields through the
application of CO2 EOR techniques and by sequestrating
anthropogenic carbon dioxide.
Predator 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
decommissioned Kinsale gas field in the Celtic Sea.
Predator has developed a Floating Storage and Regasification
Project ("FSRUP") for the import of LNG and its regassification for
Ireland and is also developing gas storage concepts to address
security of gas supply and volatility in gas prices during times of
peak gas demand.
The Company has a highly experienced management team with a
proven track record in operations in the oil and gas industry.
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END
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June 28, 2023 02:00 ET (06:00 GMT)
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