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Predator Oil & Gas Holdings PLC on Monday announced a share placing intended to raise £1.0 million. The Morocco and Trinidad-focused oil and gas company said it has conditionally placed 20 million new shares at 5 pence each, to raise £1.0 million before expenses. Predator Oil fell 1.7% at 5.70p in London on Monday. As well as for general working capital and administration expenses, Predator plans to spend most of the proceeds on its onshore Trinidad work. Of this, £450,000 will replace the deferred consideration due in shares for completing the acquisition of Challenger Energy Group PLC’s Trinidad business interests and operations. ‘Completion of the transaction to acquire Challenger Energy Group’s business interests and operations in Trinidad is expected to occur shortly,’ commented Chief Executive Officer Paul Griffiths. ‘The company is electing to settle the balance of the consideration due at completion in cash rather than through the issue of shares at a time when we are focussed on our strategically important operations in Morocco.’ Meanwhile, £100,000 is intended to be spent on rig inspection and maintenance work on a rig suitable for drilling the Snowcap-3 well in Trinidad. Griffiths said the ‘overhaul’ would ‘significantly reduce well costs’. Meanwhile in Morocco, Predator expects to spend £200,000 on EIA and front end engineering design work for processing and distribution facilities, ‘for a potential gas development at [the] MOU-3 well site’. The remaining £150,000 is budgeted to place a purchase order ‘for the import of large perforating guns for [the] MOU-1 and MOU-4 rigless testing programmes’. ‘Additional funds will help drive the next stage of our operations in Morocco focussed on the optimum gas development option under the terms of our collaboration agreement for gas marketing with our local partner,’ Griffiths said. Also on Monday, Predator Oil announced the commencement of rigless testing operations at the MOU-3 well at Guercif in Morocco. It expects the work, which involves ‘the perforating and testing of the shallow ’A’ Sand’, to be conducted over a ten-day period. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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