Recently, Predator Oil & Gas Holdings Plc (PRD), a Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland, conditionally placed 89,000,000 new ordinary shares of no par value in the Company at a placing price of 4 pence each to raise £3.56m. The placing was considerably oversubscribed, utilising the existing headroom of the Company in its entirety.
The Company now has sufficient funds to drill the Moulouya well onshore Morocco and the project shall now pick up the pace.
The Company will now try to extract more profits from Enhanced Oil Recovery by making use of CO2 onshore Trinidad (‘CO2 EOR’) and solidify its general working capital too.
Through this latest fundraising, Predator Oil & Gas can now procure an in-country rig for drilling the Moulouya well, thereby saving significantly on rig mobilisation costs and not having to get the same from overseas.
This 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.
Predator Oil & Gas endeavours to forge a partnership with FRAM Exploration Trinidad Ltd. to further develop the oil reserves that remain in the producing Inniss Trinity oil field onshore Trinidad, majorly via the use of the C02 EOR technology. The Company boasts of a hugely experienced management staff with a solid track record in the oil and gas field.
This fundraising is a substantial achievement as it proves that investors are willing to finance organisations that are at the forefront in areas like CO2 EOR. In Predator’s case, the financial aid is huge as they look to upscale their project. And its significance will increase further if the Company is successful in Morocco, where the prospects are many and they have to cater to a domestic market looking for gas and willing to pay a good price for it, with assistance from ONHYM and a potential farm out agreement.
Clear Capital Markets Limited (authorised and regulated by the Financial Conduct Authority FRN 706689) assisted Predator Oil & Gas in this fundraise. If you are interested in future company fundraisings or looking to raise funds for your organisation, please contact us on the below.”
Risk Warning: Investments in Small Cap Placings are considered high risk speculative investments. The value of investments can fall as well as rise. Your capital is at risk.
This blog post is written by Bob Roberts , Director at Clear Capital Markets, Fully RDR Compliant (Level 6 / Valid SPS), FSA CF30 Registered, CISI Level 6 Certificate in Private Client Investment Advice & Management (PCIAM), CISI Level 4 Investment, Risk and Taxation (Part of the IAD), CISI Level 3 Certificate in Investments (Derivatives), Unit 1: FSA Financial Regulation (2010),Unit 3 Derivatives (2011)
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