{"id":13452,"date":"2023-03-18T12:14:52","date_gmt":"2023-03-18T12:14:52","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13452"},"modified":"2023-03-18T12:14:52","modified_gmt":"2023-03-18T12:14:52","slug":"morocco-predator-oil-gas-raises-2-million-to-fund-mou-3-well","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-raises-2-million-to-fund-mou-3-well\/","title":{"rendered":"MOROCCO: Predator Oil & Gas Raises \u00a32 million to Fund MOU-3 Well"},"content":{"rendered":"\n

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco is pleased to announce that it has conditionally placed 15,500,000 new ordinary shares of no par value in the Company and 20,863,636 existing ordinary shares of no par value in the Company transferred by a director of the Company, Paul Griffiths, ( the “Placing Shares<\/strong>“) at a placing price of 5.5 pence each (the “Placing Price<\/strong>“) to raise \u00a32,000,000 (before expenses) (the “Placing<\/strong>“).<\/p>\n\n\n\n

The Placing utilises the Company’s available headroom shares as of 31 March 2023 under the Financial Conduct Authority restrictions for companies on the Official List (standard listing segment) of the London Stock Exchange’s main market for listed securities.<\/p>\n\n\n\n

Novum Securities Limited (“Novum<\/strong>“) are acting as the sole placing agents to the Company.<\/p>\n\n\n\n

The Company will not have sufficient headroom to enable issue and admission of all of the 36,363,636 Placing Shares which are required to be issued pursuant to the Placing without producing of an FCA approved prospectus.<\/p>\n\n\n\n

The Company is therefore proposing to issue and admit 15,500,000 new ordinary shares (up to its existing headroom limit existing at 31 March 2023)  on or around 3 April 2023.<\/p>\n\n\n\n

On the same date, it is also intended for a director of the Company, Paul Griffiths, to make up the shortfall by way of a loan of 20,863,636 existing ordinary shares (the “Loan Shares<\/strong>“) held by him in order to settle the Placing in a timely manner. For the avoidance of doubt, the transfer of the shares subject to Novum from Paul Griffiths involves no consideration being paid. The transfer of these shares is expected to be made on or around 3 April 2023.<\/p>\n\n\n\n

Use of Net Proceeds<\/strong><\/p>\n\n\n\n

WORK PROGRAMME<\/strong><\/td>  COSTS (GBP)<\/strong><\/td><\/tr>
MOU-3     civil engineering<\/td>     130,000<\/td><\/tr>
                 <\/strong> site build<\/td> <\/strong><\/td><\/tr>
MOU-3     drill to 1,500 metres<\/td>  1,800,000<\/td><\/tr>
General working capital<\/td>       70,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The MOU-3 surface location and drilling programme incorporates geological information from the suspended MOU-2 well and allows the Company the first opportunity to penetrate in a single well not only the Moulouya Fan primary target but also the shallower potential gas target included in the first Competent Persons Report produced by SLR Consulting Ireland Ltd. in March 2019.<\/p>\n\n\n\n

MOU-3 will therefore target the Prospective and Contingent gas resources shown in the table below.<\/p>\n\n\n\n

GAS RESOURCES            BCF<\/td>Best Estimate<\/td>High Estimate<\/td>BestEstimate<\/td>HighEstimate<\/td><\/tr>
Gross<\/td>Net<\/td>Gross<\/td>Net<\/td><\/tr>
PROSPECTIVE\u00b9   Shallow target<\/td>      426<\/td>       320<\/td>        879<\/td>      659<\/td><\/tr>
CONTINGENT\u00b2     Moulouya Fan<\/td>      393<\/td>       295<\/td>        944<\/td>      708<\/td><\/tr>
                   TOTAL<\/td>      819<\/td>       615<\/td>     1,823<\/td>   1,367<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented<\/strong>:<\/p>\n\n\n\n

“The additional funding announced today allows us to advance the drilling of MOU-3 to target for the first time all Prospective and Contingent gas resources.<\/em><\/p>\n\n\n\n

The learning curve has improved substantially following the information gathered from the suspended well MOU-2. As a result we believe that bringing forward the drilling of MOU-3, with a projected start date in the first week of May, is a sensible course of action.<\/em><\/p>\n\n\n\n

I am delighted to be supporting the Company and its shareholders through a loan of shares to enable MOU-3 to proceed earlier than originally envisaged based on attractive risk versus reward metrics.”<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco is pleased to announce that it has conditionally placed 15,500,000 new ordinary shares of … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13453,"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":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7446,11],"tags":[9424,10847,8541],"class_list":["post-13452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-north-africa","category-top-news","tag-guercif","tag-mou-3","tag-predator-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF-1.jpg?fit=1767%2C1222&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3uY","jetpack-related-posts":[{"id":14692,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-to-raise-2m-to-accelerate-further-2025-drilling-activity\/","url_meta":{"origin":13452,"position":0},"title":"MOROCCO: Predator Oil & Gas to Raise\u00a0\u00a32M to Accelerate Further 2025 Drilling Activity","author":"","date":"February 5, 2025","format":false,"excerpt":"Predator Oil & Gas has announced\u00a0that it has conditionally placed\u00a050 million\u00a0new ordinary shares of no par value in the Company at a placing price of 4\u00a0pence\u00a0each to raise\u00a0\u00a32 million. Use of Proceeds The Proceeds of the Placing, less expenses, will be spent as shown below. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0USE OF PROCEEDS\u00a0 Proposed projects\u2026","rel":"","context":"In "Countries"","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\/03\/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\/03\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/morocco-GUERCIF.jpg?fit=1200%2C830&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12676,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-reports-interim-financial-operational-statements-for-the-6-months-to-30-june-2022\/","url_meta":{"origin":13452,"position":1},"title":"Predator Oil & Gas Reports Interim financial & Operational Statements for the 6 months to 30 June 2022","author":"","date":"September 20, 2022","format":false,"excerpt":"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 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\u2026","rel":"","context":"In "Countries"","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":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":13452,"position":2},"title":"MOROCCO: Predator Oil & 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 "Countries"","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":10599,"url":"https:\/\/www.oilnewskenya.com\/index.php\/predator-oil-gas-raises-1-3m-for-mou-1-well-appraisal\/","url_meta":{"origin":13452,"position":3},"title":"Predator Oil & Gas Raises \u00a31.3M for MOU-1 Well Appraisal","author":"","date":"July 20, 2021","format":false,"excerpt":"Predator Oil & Gas has announced that it has conditionally placed\u00a026,000,000\u00a0\u00a0new ordinary shares of no par value in the Company at a placing price of 5 pence each to raise \u00a31.3 million before expenses. The Company is intent on rapidly building upon the safe and successful MOU-1 drilling campaign to\u2026","rel":"","context":"In "Countries"","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":12059,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-predator-oil-gas-raises-1-035-million-for-drilling-operations\/","url_meta":{"origin":13452,"position":4},"title":"MOROCCO: Predator Oil & Gas Raises \u00a31.035 million for Drilling Operations","author":"","date":"March 18, 2022","format":false,"excerpt":"Highlights\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Secure option on rig to drill within a definitive time window\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Planned construction of two well pads\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Competitiveness in accessing well services and materials enhanced\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Second gas target identified for first well\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Exploration target for Jurassic gas being matured\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Quote received and reviewed for MOU-1 well testing \u00a0Predator Oil\u2026","rel":"","context":"In "Countries"","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":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":13452,"position":5},"title":"MOROCCO: Predator Oil & Gas Receives \u00a3900,000 loan for Expansion of the MOU-1 testing programme & 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 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