New business development opportunity

RNS Number : 2882O

Predator Oil & Gas Holdings PLC

29 May 2020

 

FOR IMMEDIATE RELEASE

 29 May 2020

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

Predator Oil & Gas Holdings Plc

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

Predator LNG Ireland Limited

New business development opportunity

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco, and Ireland, announces its intention to proceed to apply for a liquefied natural gas ("LNG") import licence for Ireland following the execution of confidentiality agreements with a global supplier of LNG and an owner of LNG regasification vessels.

A new subsidiary company, Predator LNG Ireland Limited, is being formed to progress the contracting of a Floating Storage and Regasification Unit ("FSRU") for Ireland with a "send out" gas capacity suitable both for the "peak demand" gas market and for long term security and diversity of energy supply.

The FSRU solution will facilitate the import of LNG using gas feedstock from a transparent origin that is not dependent on fracking operations related to shale gas exploitation.

The offshore FSRU solution is being designed to utilise existing infrastructure, creating a very much reduced environmental footprint. Developing an LNG import and gas storage option is in line with the "European Commission's sustainable Energy Security Package" (published 16 February 2016), which includes a non-legislative European Union strategy for liquefied natural gas and gas storage aimed at improving the access of all Member States to LNG as an alternative gas source.

Paul Griffiths, Chief Executive of Predator, commented:

"We have leveraged our practical experience in creating the regulatory and environmental framework and designing the facilities and executing the sequestration of anthropogenic carbon dioxide in Trinidad to create this exciting new business development opportunity with two global players in the offshore LNG regasification sector. The strategy fits our core near term goal of becoming a carbon neutral energy company through creating increased CO2 sequestration capacity in Trinidad that is funded by maintaining an  energy business with potential for future revenue growth."

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

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

Enquiries:

Predator Oil & Gas Holdings Plc Carl Kindinger Chairman Paul Griffiths  Chief Executive Officer	Tel: [phone] [e-mail]
Novum Securities Limited Jon Belliss Optiva Securities Limited Christian Dennis	Tel: [phone] Tel: [phone]
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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 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 Pilot Enhanced Oil Recovery project using locally sourced liquid carbon dioxide for injection into the oil reservoirs ("C02 EOR"). Near-term expansion and growth potential is focussed on upscaling the C02 EOR operations in the Inniss-Trinity oil field and potential acquisitions of assets suitable for C02 EOR development, subject to all necessary approvals. 

In addition, Predator also owns and operates exploration and appraisal assets in current licensing options offshore Ireland, for which Successor Authorisations have been applied for, adjoining Shell'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.

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is initially prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline.

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

 

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