Mag Mell Project - Ireland

RNS Number : 0222D

Predator Oil & Gas Holdings PLC

24 June 2021

 

FOR IMMEDIATE RELEASE

 24 June 2021

  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")

  Mag Mell Project - Ireland

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland is pleased to announce that SLR Consulting Ireland, acting as planning and environmental advisors to the Company's wholly-owned subsidiary Mag Mell Energy Ireland Ltd ("MMEIL"), has prepared and submitted a report on behalf of MMEIL to the Draft Cork County Development Plan 2021 for public consultation.  In addition the Company has today made a submission to the Department of Housing, Local Government and Heritage in respect of the Public Consultation on the Marine Protected Area ("MPA") Advisory Group's Report entitled "Expanding Ireland's Marine Protected Area Network."

'Mag Mell' is the name of a proposed Floating Storage Regasification Unit located beyond the horizon, some 50km off the Cork coast. (Mag Mell is named after the mythical Irish kingdom beneath the ocean). It is a strategic offshore LNG (Liquified Natural Gas) storage facility designed to provide enhanced security of energy supply for Ireland's energy network with less environmental impact than land based energy infrastructure.

Ireland is entering a period of major transition of its energy systems as part of the national Climate Action Plan 2019 objective to double the electricity generated from renewable sources to 70% of the nation's consumption, with the majority of the remaining 30% of electricity generated from natural gas. Maintenance of energy security for Ireland within this transition period depends on the provision of a strategic natural gas storage facility, such as Mag Mell, to provide security of supply for the national network.

Th submission considers the scope of this project in respect of the Draft Cork County Development Plan 2022 - 2028 and reviews the wider alignment of the proposal with the provisions as set out in national and regional statutory plans and strategies for Ireland's sustainable development.

The Company is pleased to be working with Hoegh LNG (https://hoeghlng.com)  and  Jumbo Offshore (www.jumbomaritime.nl), an offshore transport and installation contractor, to develop the project concepts.

The submission to the Draft Cork County Development Plan 2021 may be found on the Company's website at (https://www.predatoroilandgas.com).

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

"The Mag Mell project has been designed to meet Ireland's immediate requirement for security and market flexibility of energy supply during a period of high demand, particularly fuelled by new investment in data centres. The design concepts have focussed on minimising the environmental footprint relative to other energy infrastructure projects and reducing C02 emissions. LNG will be sourced from a transparent origin where reliance on fracked gas feedstock will not be permitted. Mag Mell represents a unique near-term solution to contribute to Ireland's security of energy supply and can be commissioned and operational before other alternative solutions that have been  put forward ." 

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 : 

Enquiries:

Predator Oil & Gas Holdings Plc Dr. Stephen Staley Non-executive Chairman Paul Griffiths  Chief Executive Officer	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 an oil and gas exploration company with the objective of participating with FRAM Exploration Trinidad Ltd. in further developing the remaining oil reserves and sequestrating anthropogenic carbon dioxide in the producing Inniss Trinity oil field onshore Trinidad, primarily through the application of C02 EOR technology. Potential for cash flow exists by executing a successful Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into and storage within the oil reservoirs ("C02 EOR"). Near-term expansion and production growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field, subject to all necessary approvals. 

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.  A drilling programme, subject to the lifting of COVID-19 restrictions, targeting material prospective gas resources is scheduled for Q2 2021.

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 Kinsale gas field and Barryroe oil field in the Celtic Sea.

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

 

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