Predator LNG Ireland Limited

RNS Number : 8912P

Predator Oil & Gas Holdings PLC

15 June 2020

 

FOR IMMEDIATE RELEASE

 15 June 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

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco, and Ireland, confirms the incorporation of its new subsidiary company Predator LNG Ireland Limited.

SLR Environmental Consulting (Ireland) Limited has been appointed as regulatory, planning and environmental advisors to Predator LNG Ireland Limited to advance Predator's Floating Storage and Regasification Unit ("FSRU") solution for Ireland.

Predator has executed a non-exclusive confidentiality agreement with one potential purchaser of gas to facilitate the exchange of information to develop scoping commercial terms for any future potential Gas Sales Contract.

Predator noted the announcement on 28 May 2020 by Infrastrata plc in relation to their proposed FSRU Project, located in Barrow-in-Furness, northwest England.

Comparative CAPEX costs are significantly less for the Predator FSRU solution due to the potential to utilise existing infrastructure which ties directly into the Irish gas transmission network. This eliminates the requirement for any new fixed infrastructure.

Predator scoping technical capacity is not over-sized and is tailored to favour the strategic importance of securing premium prices for immediate access to indigenous local gas and energy supply during peak demand days when demand cannot be met by other sources of energy.

Predator estimated project revenues are consistent with those quoted for the Barrow-in-Furness FSRU Project of £80 to £100 million. Predator scoping technical capacity is approximately 40% of that for the Barrow-in-Furness FSRU Project but generates high profit margins due to lower capital and operating costs resulting from the mature nature of the infrastructure that can be potentially utilised. This significantly reduces the lead time to a Financial Investment Decision, as lower levels of risked capital can be absorbed as an operating cost over the anticipated 20 to 25-year life of the FSRU Project.  

Paul Griffiths, Chief Executive of Predator, commented:

"Industrial and commercial energy users require certainty that peak day energy demands will be met in order to maintain competitiveness and secure investment for business growth to perpetuate alignment with their European neighbours. Brexit is making Ireland largely dependent on the United Kingdom for security of energy supply against a background of difficult trade negotiations. Southeast Ireland and the Cork area in particular has benefited greatly from the production of gas at Kinsale, by providing jobs, service industries and allowing sustained economic growth. It has historically been the energy hub for Ireland. The FSRU Project can maintain this tradition by providing a pragmatic and practical solution to security of energy supply utilising existing infrastructure. Promoting business recovery and expansion following the severe economic impact of COVID-19 will be necessary despite an environment of significant debt burden and reduced government taxes."

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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