Page 15 - AfrOil Week 12 2023

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT
Predator Oil and Gas

announces placing
to raise GBP2mn

Predator Oil & Gas Holdings, the Jersey based
Oil and Gas Company with near-term gas oper-
ations focused on Morocco, has conditionally
placed 15.5mn new ordinary shares of no par
value in the Company and 20,863,636 existing
ordinary shares of no par value in the Company
transferred by a director of the Company, Paul
Griffiths, at a placing price of GBP0.055 each to
raise GBP2mn (before expenses).
The Placing utilises the Company’s available
headroom shares as of March 31, 2023, under
the Financial Conduct Authority restrictions for
companies on the Official List (standard listing
segment) of the London Stock Exchange’s main
market for listed securities.
Novum Securities are acting as the sole plac-
ing agents to the Company.
The Company will not have sufficient head-
room to enable issue and admission of all of the
36,363,636 Placing Shares which are required to
be issued pursuant to the Placing without pro-
ducing of an FCA approved prospectus.
The Company is therefore proposing to issue gas resources. The learning curve has improved Likewise, imports of coal, mostly for the iron and
and admit 15.5mn new ordinary shares (up to substantially following the information gathered steel industry, increased by $3.9mn to $34mn in
its existing headroom limit existing at March 31, from the suspended well MOU-2. As a result, December 2022.
2023) on or around April 3, 2023. we believe that bringing forward the drilling of Egypt imports crude and refined petroleum
On the same date, it is also intended for a MOU-3, with a projected start date in the first products to complement its middle tier hydro-
director of the Company, Paul Griffiths, to make week of May, is a sensible course of action. I am carbons producer status. Its domestic produc-
up the shortfall by way of a loan of 20,863,636 delighted to be supporting the Company and its tion of all types of hydrocarbons hit 79.5mn
existing ordinary shares held by him in order shareholders through a loan of shares to ena- tonnes for the full year 2022, out of which
to settle the Placing in a timely manner. For the ble MOU-3 to proceed earlier than originally crude petroleum and condensates accounted
avoidance of doubt, the transfer of the shares envisaged based on attractive risk versus reward for 27.8mn tonnes, with the remainder 52mn
subject to Novum from Paul Griffiths involves metrics.” tonnes of oil equivalent (toe) being natural gas
no consideration being paid. The transfer of Predator Oil & Gas Holdings, 17 March 2023 production. High natural gas prices over the past
these shares is expected to be made on or around year expanded Egypt’s natural gas export bill to
April 3, 2023. $8.4bn in 2022, up from $3.5bn in 2021.
The MOU-3 surface location and drilling PERFORMANCE bna/IntelliNews, 17 March 2023
programme incorporates geological informa-
tion from the suspended MOU-2 well and allows Egypt’s import bill for
the Company the first opportunity to penetrate POLICY
in a single well not only the Moulouya Fan pri- hydrocarbons, refined fuels
mary target but also the shallower potential gas Tunisia, Austria expand
target included in the first Competent Persons sinks in December 2022
Report produced by SLR Consulting Ireland Ltd their green hydrogen
in March 2019. Egypt’s import bill for hydrocarbons and petro-
SLR Consulting (Ireland) Ltd.(2) assigned an leum products retreated by $76mn to $1bn collaboration, UNIDO says
Expected Net Present Value of $1.99mn per BCF in December 2022, mostly affected by falling
with a 25% chance of commerciality for the Con- imports of crude oil and refined petroleum Tunisia and Austria are advancing their long-
tingent Moulouya Fan gas resources. products, Al Mal newspaper reported. term collaboration on green hydrogen and
Paul Griffiths, Executive Chairman of Pred- Crude oil imports were down by $125mn water-related impacts, according to the United
ator Oil & Gas Holdings Plc, commented: “The at $110mn, while refined petroleum products Nations Industrial Development Organisation
additional funding announced today allows us imports fell by $49mn to $735mn in December (UNIDO), which recently organised an event
to advance the drilling of MOU-3 to target for 2022, while natural gas imports mostly from off- dedicated to the topic with the Austrian Ministry
the first time all Prospective and Contingent shore Israeli fields grew by $97mn to $117mn. of Climate Action (BMK).

Week 12 23•March•2023 www. NEWSBASE .com P15