Highlights

Predator Oil & Gas Holdings, the Jersey based Oil and Gas Company with producing hydrocarbon operations focussed on Trinidad and Morocco, has announced that it has conditionally placed 85,714,286 million new ordinary shares of no par value in the Company (the 'Placing Shares') at a placing price of 3.5 pence each (the 'Placing Price') to raise £3 million (before expenses).

The capital raise of £3m was arranged by the Company's joint brokers AlbR and OAK Securities.

Use of Proceeds

The Proceeds of the Placing, less expenses, will be spent on:

Production operations onshore Trinidad for the month of April resulted in the Company receiving after costs and royalties approximately US$95,000 under the NABI Master Services Agreement, which represented a 26% increase over the forecast amount for April in he Company's working capital forecast.

Completion of the Placing

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

the Placing Shares being admitted to listing on the Equity Shares (transition) category of the Official List and to trading on the London Stock Exchange's main market for listed securities ('Admission').

Admission, Settlement and Dealings in the new Placing Shares

An applications will be made to the London Stock Exchange for Admission of the Placing Shares which is expected on or around 20 May 2026.

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

Warrants

6 million warrants are being issued exercisable at 3.5p. The Warrants have an expiry date of three years from the date of Admission.

Total Voting Rights

Following Admission, the Company has ordinary shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 900,572,100. This figure of 900,572,100 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.

Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:

'The new development associated with the application for the Corrib South successor authorisation is a significant boost for the Company's potential operations offshore Ireland, that have hitherto been in a state of limbo.

This is timely news as it comes against the background of a crisis in confidence that Europe can maintain security of gas supply during periods of conflict and from sources where energy is a political weapon without anything other than indigenous self-sufficiency to meet demand for gas in the next 10 years and beyond. Green electrification is simply not going to be capable of replacing periodic reliance on gas during this period.

Corrib South has always been a compelling potential addition to the Corrib infrastructure and additionally offers a faster track route to gas storage and energy affordability than any other option currently available to Ireland.

It therefore makes abundant sense for us now to bring Corrib South back into our active operations portfolio. Morocco and Atlantic Ireland are two attractive gas projects adjacent and linked to European gas infrastructure. Our immediate objective is to ensure that the wider industry takes notice of our strategic position with relation to potentially material gas assets.'

Original announcement link

Source: Predator Oil & Gas