Predator Oil & Gas Reports Interim financial & Operational Statements for the 6 months to 30 June 2022

Financial highlights:

  • Loss from operations for the 6 months period is £599,789 (2021: full year Loss of £1,398,821).
  • Cash balance, at period end of £1,549,434 (2021 year end: £1,523,035).
  • A further £1,235,107 (US$1,500,000) held as restricted cash and £654,073 by way of a loan to FRAM Exploration Trinidad Ltd. for the investment in the Pilot CO2 EOR Project.
  • £1,035,000 (before expenses) raised through one Placing.
  • 8,855,486 share options issued exercisable at £0.0566.
  • No debt.

Operational highlights:

  • Geological desk-top studies for MOU-1 confirm potential for unconsolidated sandstone reservoirs.
  • MOU-1 perforating programme revised to include new shallow gas interval.
  • Potential for biogenic in addition to thermogenic gas established.
  • Integration of MOU-1 drilling results with post-well seismic mapping defines the “Moulouya Fan” covering over 30km².
  • MOU-2 drilling location finalised.
  • Environmental Impact Assessment for up to three new well locations received regulatory approval.
  • Exclusivity over surplus liquid CO2 supply in Trinidad maintained until 2023.
  • Discussions advanced with Trinidadian operator for an investment in the CO2 EOR business.
  • Mag Mell Floating Storage and Regassification Project (“FSRU”) for the import of LNG from non-fracked gas presented at Ireland’s National Energy Summit and in the form of a “White Paper” for circulation within the Irish Government as a contribution to the security of energy supply debate.
  • 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.

 Post reporting date:

  •  On the 12 July 2022, Novum Securities Limited (“Novum”) 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 £143,253 relating to the subscription price.
  • On the 17 August 2022 £3,300,000 (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.
  • 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 Novum Securities Limited or their nominees.
  • MOU-2 drilling programme progressed through the placing of orders for long-lead well inventory and surveying of the drilling location.
  • Preliminary MOU-2 drilling prognosis completed for well planning purposes.
  • Potential for up to 168 metres of gross reservoir section identified at the MOU-2 drilling location.
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