Business
Placing to Raise £3.56 Million
Placing to Raise £3.56 Million.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1090D Predator Oil & Gas Holdings PLC 14 February 2020 \n\nFOR IMMEDIATE RELEASE\n 14 February 2020\n \nPredator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\nPredator Oil & Gas Holdings Plc\n(\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n Placing to raise £3.56million\n \nPredator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland is pleased to announce that it has conditionally placed 89,000,000 new ordinary shares of no par value in the Company (the \"Placing Shares\") at a placing price of 4 pence each (the \"Placing Price\") to raise £3.56million (before expenses) (the \"Placing\").\nThe Placing was significantly oversubscribed and utilises all of the Company's existing headroom.\nNovum Securities and Optiva Securities are acting as Joint Brokers and placing agents to the Company.\nThe Company is now fully funded for the drilling of the Moulouya well onshore Morocco and the Company will continue with rapidly progressing the project towards such drilling (\"spudding\"). \nIn addition, the Company will be upscaling the potential for profits from Enhanced Oil Recovery utilising CO2 onshore Trinidad (\"CO2 EOR\") and for general working capital.\nThis further capitalisation of the Company creates the ability to now secure an in-country rig to drill the Moulouya well, resulting in a significant saving in rig mobilisation costs compared to sourcing overseas. It also facilitates the earlier return to the Company of the first USD 1 million of the USD 1.5 million Bank Guarantee in place with ONHYM after the completion and reporting of drilling operations. Furthermore, the additional funds gives the Company greater opportunity to move towards potentially upscaling profits from CO2 EOR operations in Trinidad following on from successful CO2 injection announced previously. \nPredator Oil & Gas Holdings Plc CEO Paul Griffiths commented:-\n\"I am very pleased to announce this oversubscribed placing that results in the business being very well capitalised as we enter a period of potentially transformation...