Update on acquisition of Cory Moruga

Predator Oil & Gas Holdings PLC

01 June 2023

 

FOR IMMEDIATE RELEASE

1 June 2023

               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")

                                     Update on acquisition of Cory Moruga

Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco provides the following update in relation to the acquisition of the Cory Moruga licence, onshore Trinidad.

On 8 March 2023, the Company announced that it had entered into an agreement with Challenger Energy Group Plc ("Challenger") pertaining to the acquisition of the Cory Moruga asset in Trinidad. In that announcement, it was noted that completion of the transaction was conditional on consent of the Trinidadian Ministry of Energy and Energy Industries ("MEEI") to a revised work programme for the Cory Moruga licence proposed by the Company, as well as agreement of MEEI to a revision of future fees for the Cory Moruga licence and a settlement / cancellation of past claimed dues pertaining to the Cory Moruga licence. It was further noted that the parties had agreed to work together to secure the required consents, and thus achieve completion, as soon as reasonably practicable on or before 30 May 2023, with a long stop date of 31 August 2023.

Since March 2023, the parties have worked together as required. Challenger are engaged in a dialogue with MEEI. The Company understands that this is proceeding well, but the conditions for completion of the transaction have not been satisfied as at 30 May 2023. The parties remain confident, however, that appropriate consents and agreement with MEEI will be forthcoming based on dialogue with MEEI. Accordingly, the parties have mutually agreed to an extension of the 30 May 2023 target date for completion of the intended transaction, to coincide with the long-stop date of 31 August 2023.

For further information visit www.predatoroilandgas.com

Follow the Company on twitter @PredatorOilGas.

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 Paul Griffiths               Executive Chairman Lonny Baumgardner   Managing Director	Tel: [phone] [e-mail]
Fox-Davies Capital Jerry Keen Novum Securities Limited David Coffman / Jon Belliss Optiva Securities Limited Christian Dennis	Tel [phone] [e-mail] 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 less than 10 kilometres from the Maghreb gas pipeline.  The MOU-1 well drilled in 2021 is being prepared for a follow-up testing programme to coordinate with a further drilling programme to move the project to a CNG development stage.

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.

Predator 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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