Mag Mell project concept for Ireland validated

RNS Number : 9314Z

Predator Oil & Gas Holdings PLC

20 September 2022

 

FOR IMMEDIATE RELEASE

20 September 2022

  Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas

  LEI 213800L7QXFURBFLDS54

Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries "the Group")

Publication of the review of Ireland's security of energy supply

  Mag Mell FSRU project concept for Ireland validated

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, notes the announcement yesterday by the Department of the Environment, Climate and Communications of the "Review of the security of Ireland's electricity and natural gas systems" (the "Review").

The Company notes that Floating Storage and Regassification Units ("FSRU's") are now being considered as options for the import of Liquefied Natural Gas ("LNG") to support security of energy supply.

Following the publication of the Review the Company intends to submit the Mag Mell FSRU Project, which it has been working on for the past two years, to the public consultation process which will run until the 28^th October.

The Review can be found at:

https://www.gov.ie/en/consultation/dbe14- review -of-the-security-of-energy-supply-of-irelands-electricity-and-natural-gas-systems/

Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented :

"The public recognition that FSRU's are being considered as an option for Ireland's security of gas supply during the Energy Transition is a major breakthrough for the Company and its shareholders. This follows several months of intensive marketing of our Mag Mell project, beginning at the National Energy Summit in Dublin in April this year and culminating in our "White Paper".

We are pleased to be at the forefront of developing pragmatic solutions for the Energy Transition. We look forward to continuing to work with our international and domestic collaborators to demonstrate the uniqueness of Mag Mell as a potential option for the development of a FSRU facility by re-purposing existing infrastructure."

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018).

For more information, please visit the Company's website at  www.predatoroilandgas.com :

Follow the Company on twitter @PredatorOilGas.

Enquiries:

Predator Oil & Gas Holdings Plc Paul Griffiths  Executive Chairman Lonny Baumgardner   Managing Director	Tel: [phone] [e-mail]
Novum Securities Limited Jon Belliss Optiva Securities Limited Christian Dennis	Tel: [phone] Tel: [phone]
Flagstaff Strategic and Investor Communications Tim Thompson  Mark Edwards Fergus Mellon	Tel: [phone] [e-mail]

Notes to Editors: 

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.  The MOU-1 well has been completed and a follow-up testing programme is being finalised to coordinate with a further drilling programme beginning in 2022.

Predator is seeking to further develop the remaining oil reserves of Trinidad's mature onshore oil fields through the application of CO2 EOR techniques and by sequestrating anthropogenic carbon dioxide to produce "greener" oil.

In addition, Predator also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which successor authorisations have been applied for, adjoining Vermilion's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the decommissioned Kinsale gas field in the Celtic Sea.

Predator has developed a Floating Storage and Regasification Project ("FSRUP") for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand.

The Company has a highly experienced management team with a proven track record in operations in the oil and gas industry.

 

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