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Highlights
- 50 million new ordinary shares issued to raise £2 million
- Strategic investors commit to the company’s growth plans
- Funds will support drilling operations in Morocco and Trinidad
Predator Oil & Gas Holdings Plc (LSE:PRD), a Jersey-based oil and gas company, has announced a successful conditional placing of 50 million new ordinary shares at a price of 4 pence each, raising £2 million before expenses. The funds from the placing will enable the company to continue its near-term drilling operations focused on the high-potential areas of Morocco and Trinidad.
This placing uses some of the company’s existing headroom shares, following the Financial Conduct Authority's Prospectus Regulation Rules. By securing this funding, Predator Oil & Gas aims to build momentum for its accelerated drilling programme, particularly in Morocco, where the upcoming MOU-5 well on the Titanosaurus prospect is set to be a pivotal moment in the company’s strategy.
Strategic Investors Back Growth Plans
The company has attracted key Strategic Investors, individuals with a deep understanding of the oil and gas sector, who have expressed confidence in the company's management and its ability to drive transformation. These investors are committed to becoming cornerstone investors and playing a key role in the company’s future success. Their investment aligns with Predator’s vision for value creation, as the company looks to execute its drilling programme and drive the growth of its assets in Morocco and Trinidad.
The strategic investors share a strong belief in the company’s potential to deliver significant returns from the development of its high-reward drilling opportunities. With a focus on sustainable drilling activity, accumulating production revenues, and identifying strategic divestment opportunities where appropriate, the company is positioning itself for long-term success.
Internal Reorganization Supports Streamlined Operations
Earlier in 2024, Predator Oil & Gas completed an internal reorganization to streamline its operations and improve its capacity to execute multiple projects within realistic timeframes. The restructuring aimed to enable the company to focus on advancing the monetization of its portfolio of drilling opportunities, including those in Morocco and Trinidad.
The recent placing of shares is part of the company’s updated funding strategy for 2025, which includes attracting cornerstone investors to support its drilling activities and provide capital for the ongoing exploration and development of assets. With this new round of investment, Predator Oil & Gas has made significant strides toward securing the capital needed to accelerate its activities and maximize the value of its portfolio.
Vision for the Future
The company's management has laid out a clear vision for 2025, focusing on delivering value through strategic drilling activities and a potential future divestment of certain assets. With the backing of strategic investors, Predator Oil & Gas is well-positioned to accelerate its operations, develop its existing assets, and pursue new growth opportunities. The recent placing represents a significant step forward in fulfilling the company's growth and value creation objectives.
In conclusion, the £2 million raised through the placing strengthens the company's ability to pursue its aggressive drilling programme in Morocco and Trinidad, backed by a strong group of strategic investors who share its vision for growth and success in the competitive oil and gas sector.
