Predator Oil & Gas Holdings PLC Near term operations and board change (6743G)
28 Julio 2021 - 01:00AM
UK Regulatory
TIDMPRD
RNS Number : 6743G
Predator Oil & Gas Holdings PLC
28 July 2021
FOR IMMEDIATE RELEASE
28 July 2021
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")
Near-term operations and board change
Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil
and Gas Company with operations in Trinidad, Morocco and Ireland
provides the following update.
Morocco
The Company's primary operational focus will be to implement its
work programme to build on the success of the MOU-1 drilling
programme. Planning for MOU-4 is underway with long lead materials
being identified to ensure material delivery in ample time prior to
the spud date of MOU-4. Further developing the potential for a
Floating Storage and Regassification Unit ("FRSU") for LNG imports
will also be discussed with suitable local off-takers of gas and
other more carbon-intensive fuels that are active in the downstream
energy sector in Morocco. The Company is pleased to be working with
the Schulte Group (https://www.schultegroup.com) to develop the
project concepts.
Together this will expand the Company's options to enter at the
earliest opportunity the Moroccan gas market, which currently
provides a very attractive commercial proposition.
Trinidad and Ireland
The Company's recently appointed Chief Operating Officer
("COO"), Lonny Baumgardner, has been tasked with overseeing the
next stage of C02 EOR operations in Trinidad as the impact of
current COVID restrictions is gradually relaxed and the ability to
carry out well workovers safely and efficiently improves. In the
meantime C02 is continuing to be injected into the AT-4 block in
the Inniss-Trinity field.
Opportunities have been identified to potentially realise the
investment made to date in C02 EOR in Trinidad through
consolidation with in-country producers expressing an interest in
C02 EOR services provided by Predator Oil & Gas Trinidad
Ltd.
An opportunity to capitalise on the progress made on the Mag
Mell Kinsale FSRU project in Ireland through consolidation with a
potential acquirer or acquirers of a producing gas asset in Ireland
is also being pursued.
Board change
After some three years with the Company, Ronald Pilbeam is
stepping down from the Board with immediate effect to pursue other
interests
Paul Griffiths, Chief Executive of Predator, commented:
"The recent appointment of our COO Lonny Baumgardner has
provided us with the ability to refresh our operational and
executive management team. Lonny has significant expertise in
identifying and realising commercial potential by improving the
efficiency of operations and focussing resources on production and
producing opportunities. This will become increasingly significant
as the Company transitions to AIM"
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
Dr. Stephen Staley Non-executive Chairman Info@predatoroilandgas.com
Paul Griffiths Chief Executive Officer
Lonny Baumgardner Chief Operating Officer
Novum Securities Limited Tel: +44 (0) 207 399 9425
Jon Belliss
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 an oil and gas exploration company participating
with FRAM Exploration Trinidad Ltd. in further developing the
remaining oil reserves and sequestrating anthropogenic carbon
dioxide in the producing Inniss Trinity oil field onshore Trinidad,
primarily through the application of C02 EOR technology. Potential
for cash flow exists by pursuing Enhanced Oil Recovery using
locally sourced liquid carbon dioxide for injection into and
storage within the oil reservoirs ("C02 EOR"). Near-term expansion
and production growth potential is focussed on upscaling the C02
EOR operations in the Inniss-Trinity oil field, subject to all
necessary approvals.
Predator is operator of the Guercif Petroleum Agreement onshore
Morocco which is prospective for Tertiary gas in prospects less
than 10 kilometres from the Maghreb gas pipeline. The MOU-1 well
has been completed and a follow-up drilling programme is under
review..
In addition, Predator also 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 Kinsale gas field and Barryroe oil field in
the Celtic Sea.
The Company has a highly experienced management team with a
proven track record in the oil and gas industry.
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END
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