Business
Settlement Agreement with Challenger Energy
Settlement Agreement with Challenger Energy.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n 8 March 2023\n \n \n \n \n \n Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\n \n \n LEI 213800L7QXFURBFLDS54\n \n \n \n Predator Oil & Gas Holdings Plc\n \n \n \n \n (\"Predator\" or the \"Company\" and together with its subsidiaries the \"Group\")\n \n \n \n \n \n \n \n \n \n Update on Acquisition of Cory Moruga, future EOR collaboration and\nsettlement agreement with Challenger Energy Group Plc\n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n Fully termed long-form legal documentation for the conditional acquisition of\n 100% of the issued share capital of T-Rex Trinidad Limited (\"T-Rex\") entered into.\n \n \n \n \n \n ·\n Technical due diligence completed to support independent Competent Persons Report.\n \n \n \n \n \n ·\n Predator and T-Rex are a natural fit for\n a miscible CO2 enhanced oil recovery project (\"CO2 EOR\")\n \n \n \n \n \n \n \n \n Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco,\n is pleased to announce\n an update that, further to entry into a binding term sheet with Challenger Energy Group PLC and relevant subsidiary entities (\"CEG\") as announced on 19 December 2022 (\"the Transaction\"), the Company has now completed all confirmatory due diligence and the Company and CEG have subsequently entered into fully termed long-form legal documentation. \n \n \n The terms remain unchanged from those previously announced on 19 December 2022, being:\n \n \n ·\n The Company will acquire 100% of the issued share capital of T-Rex Trinidad Limited (\"T-Rex\"), an indirectly wholly owned subsidiary of CEG that holds CEG's 83.8% interest in, and operatorship of, the Cory Moruga licence;\n \n \n ·\n CEG will retain the option in the future to repurchase 25% of Predator's share in T-Rex on an agreed basis;\n \n \n ·\n Predator and CEG have established a collaboration in relation to CO2 EOR activities and projects in other areas in Trinidad; and\n \n \n ·\n the Company and CEG have agreed to a mutual settlement and discharge of all disputes and claims in relation to the Inniss-Trinity CO2 EOR pilot project.\n \n \n \n \n \n Completion of the Transa...