{"id":12676,"date":"2022-09-20T10:16:56","date_gmt":"2022-09-20T10:16:56","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12676"},"modified":"2022-09-20T10:16:56","modified_gmt":"2022-09-20T10:16:56","slug":"predator-oil-gas-reports-interim-financial-operational-statements-for-the-6-months-to-30-june-2022","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-reports-interim-financial-operational-statements-for-the-6-months-to-30-june-2022\/","title":{"rendered":"Predator Oil &#038; Gas Reports Interim financial &#038; Operational Statements for the 6 months to 30 June 2022"},"content":{"rendered":"<p><strong>Financial highlights:<\/strong><\/p>\n<ul>\n<li>Loss from operations for the 6 months period is \u00a3599,789 (2021: full year Loss of \u00a31,398,821).<\/li>\n<li>Cash balance, at period end of \u00a31,549,434 (2021 year end: \u00a31,523,035).<\/li>\n<li>A further \u00a31,235,107 (US$1,500,000) held as restricted cash and \u00a3654,073 by way of a loan to FRAM Exploration Trinidad Ltd. for the investment in the Pilot CO2 EOR Project.<\/li>\n<li>\u00a31,035,000 (before expenses) raised through one Placing.<\/li>\n<li>8,855,486 share options issued exercisable at \u00a30.0566.<\/li>\n<li>No debt.<\/li>\n<\/ul>\n<p><strong>Operational highlights:<\/strong><\/p>\n<ul>\n<li>Geological desk-top studies for MOU-1 confirm potential for unconsolidated sandstone reservoirs.<\/li>\n<li>MOU-1 perforating programme revised to include new shallow gas interval.<\/li>\n<li>Potential for biogenic in addition to thermogenic gas established.<\/li>\n<li>Integration of MOU-1 drilling results with post-well seismic mapping defines the &#8220;Moulouya Fan&#8221; covering over 30km\u00b2.<\/li>\n<li>MOU-2 drilling location finalised.<\/li>\n<li>Environmental Impact Assessment for up to three new well locations received regulatory approval.<\/li>\n<li>Exclusivity over surplus liquid CO2 supply in Trinidad maintained until 2023.<\/li>\n<li>Discussions advanced with Trinidadian operator for an investment in the CO2 EOR business.<\/li>\n<li>Mag Mell Floating Storage and Regassification Project (&#8220;FSRU&#8221;) for the import of LNG from non-fracked gas presented at Ireland&#8217;s National Energy Summit and in the form of a &#8220;White Paper&#8221; for circulation within the Irish Government as a contribution to the security of energy supply debate.<\/li>\n<li>Directorate changes resulted in Dr. Stephen Staley (Chairman) and Mr. Louis Castro stepping down from the Board and Mr. Tom Evans and Mr. Alistar Jury being appointed as Non-executive directors. Mr. Paul Griffiths moved to Executive Chairman and Mr. Lonny Baumgardner to Managing Director.<\/li>\n<\/ul>\n<p><strong>\u00a0Post reporting date:<\/strong><\/p>\n<ul>\n<li><strong>\u00a0<\/strong>On the 12 July 2022, Novum Securities Limited (&#8220;Novum&#8221;) exercised the 24 May 2018 (which had the expiry date extended to 24 May 2023) and 17 February 2020 warrants issued by the Company, whereby by the Company have allotted and issued a total of 4,149,210 new ordinary shares following the receipt of \u00a3143,253 relating to the subscription price.<\/li>\n<li>On the 17 August 2022 \u00a33,300,000 (before expenses) raised through one Placing with the issue of 60,0000 Ordinary Shares of 5.5 pence each. 15 million existing shares along with voting rights were loaned to the Company by a director Paul Griffiths under a Stock Lending Agreement. The Company did not have sufficient headroom to enable the issue and admission of all of the 60,000,000 Placing Shares which are required to be issued pursuant to the Placing without the production of an FCA approved prospectus. The Stock Lending Agreement ensured that the Company is fully funded for its near-term Moroccan drilling programme and can meet its proposed drilling schedule.<\/li>\n<li>In connection with the fundraising, 3,600,000 warrants, exercisable at 5.5p per new ordinary share with a 3 year expiry from Admission were issued to\u00a0Novum Securities Limited\u00a0or their nominees.<\/li>\n<li>MOU-2 drilling programme progressed through the placing of orders for long-lead well inventory and surveying of the drilling location.<\/li>\n<li>Preliminary MOU-2 drilling prognosis completed for well planning purposes.<\/li>\n<li>Potential for up to 168 metres of gross reservoir section identified at the MOU-2 drilling location.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Financial highlights: Loss from operations for the 6 months period is \u00a3599,789 (2021: full year Loss of \u00a31,398,821). Cash balance, at period end of \u00a31,549,434 (2021 year end: \u00a31,523,035). A &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-reports-interim-financial-operational-statements-for-the-6-months-to-30-june-2022\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[1629,8543,10730,8541],"class_list":["post-12676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-morocco","tag-mou-1","tag-mou-2","tag-predator-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1767%2C1222&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3is","jetpack-related-posts":[{"id":9260,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-provides-technical-update-for-mou-4-prospect\/","url_meta":{"origin":12676,"position":0},"title":"MOROCCO: Predator Oil &#038; Gas Provides Technical Update for MOU-4 Prospect","author":"","date":"October 5, 2020","format":false,"excerpt":"An independent third party technical update on the new MOU-4 Prospect has been completed. It confirms that the MOU-4 prospect is seismic amplitude-supported and covers an area of 38 km\u00b2. The MOU-4 Prospect is located 6 kilometres from the MOU-1 drill site and offers the opportunity for additional drilling whilst\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12874,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-receives-900000-loan-for-expansion-of-the-mou-1-testing-programme-mou-3-long-lead-drilling-items\/","url_meta":{"origin":12676,"position":1},"title":"MOROCCO: Predator Oil &#038; Gas Receives \u00a3900,000 loan for Expansion of the MOU-1 testing programme &#038; MOU-3 long-lead drilling items","author":"","date":"November 28, 2022","format":false,"excerpt":"Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Commencement of MOU-2 drilling currently projected for\u00a0mid-December 2022\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0All remaining well inventory and drilling materials on way to Morocco\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Exercise of options and Directors' loan will provide aggregate additional net funds of\u00a0\u00a31,256,880\u00a0for the expansion of the MOU-1 testing programme and the placing of orders for MOU-3 long-lead drilling items\u00a0\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Morocco-Predator-Oil-Gas.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9900,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-and-gas-provides-guercif-mou-1-drilling-programme\/","url_meta":{"origin":12676,"position":2},"title":"Predator Oil and Gas Provides Guercif MOU-1 drilling programme","author":"","date":"February 15, 2021","format":false,"excerpt":"Guercif MOU-1 drilling programme \u00b7\u00a0\u00a0\u00a0\u00a0Operational planning for the MOU-1 well in the Guercif Petroleum Agreement area has commenced and is on schedule.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0The\u00a0MOU-1 well pad construction is being prepared for\u00a0April 2021.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0The drilling and well engineering program is being reviewed internally before release for the purposes of third party audit\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13964,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-provides-operational-update\/","url_meta":{"origin":12676,"position":3},"title":"Predator Oil &#038; Gas Provides Operational update","author":"","date":"September 24, 2023","format":false,"excerpt":"MOU-2 drilled to 1260 metres and suspended for operational reasons with an option to re-enter.MOU-3 drilled to 1509 metres and completed for rigless testing. MOU-3 encountered formation gas shows and shallow higher pressure gas.Gas charge from deeper source rocks confirmed via major fault conduits MOU-4 drilling at the end of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12570,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-to-raise-3-3-million-towards-drilling-of-the-mou-2-well\/","url_meta":{"origin":12676,"position":4},"title":"MOROCCO: Predator Oil &#038; Gas to Raise \u00a33.3 million towards Drilling of the MOU-2 Well","author":"","date":"August 17, 2022","format":false,"excerpt":"The Proceeds of the Placing, less expenses, will be spent entirely on high impact and high reward drilling to target the Moulouya Fan penetrated in MOU-1 in 2021. MOU-2 will target the potential reservoir sweet spot for which net Contingent Resources are in the range 295 BCF (Best Estimate) to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/morocco-guercif.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13988,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-provides-update-on-gas-offtake-development-financing-rigless-testing\/","url_meta":{"origin":12676,"position":5},"title":"MOROCCO: Predator Oil &#038; Gas Provides Update on Gas Offtake, Development Financing &#038; Rigless Testing","author":"","date":"October 6, 2023","format":false,"excerpt":"Predator Oil & Gas has opened exploratory discussions with a group focussed on the downstream energy business to potentially sell its share of gas produced at the well head subject to an approved CNG development plan. In order to accelerate the timing of substantive negotiations for the sale of its\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/10\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12676"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12676\/revisions"}],"predecessor-version":[{"id":12677,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12676\/revisions\/12677"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9261"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}