MOROCCO: Predator Oil & Gas to Raise £2M to Accelerate Further 2025 Drilling Activity
Predator Oil & Gas has announced that it has conditionally placed 50 million new ordinary shares of no par value in the Company at a placing price of 4 pence each to raise £2 million.
Use of Proceeds
The Proceeds of the Placing, less expenses, will be spent as shown below.
USE OF PROCEEDS | |
Proposed projects for accelerated drilling | Budgeted estimated costs (£) |
Guercif onshore Morocco | |
1. Drill MOU-6 to +/- 900 metresAppraisal well for biogenic gasWith exploration upsideEarly Q3 2025 | 1,500,000 |
Onshore Trinidad | |
2. Snowcap-3 to +/- 1,500 metresAppraisal, exploration, developmentQ3/Q4 2025Long lead well planning and site preparation | 300,000 |
Administrative | |
3. General working capital and broker expenses | 200,000 |
TOTAL COSTS | 2,000,000 |
Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
“We are delighted to welcome Strategic Investors as cornerstone shareholders in the Company who see the potential shareholder returns the Company could generate by the end of 2025 given our mature portfolio of potentially high-reward drilling opportunities across exploration and appraisal and development of existing hydrocarbon discoveries..
MOU-5 and evaluating the large Titanosaurus structure is the immediate next objective and plans are still right on track to commence drilling MOU-5 as previously announced.”