Predator Oil & Gas Holdings, a Jersey-based oil and gas company, has announced it will allocate £100,000, approximately 1.26 million dirhams, to fund its gas projects in the Guerçif region. This allocation is detailed in the funds distribution table attached to the group’s recent capital raise, according to information accessed by Barlamane.com.
This financial operation is based on a conditional placement for the issuance of 128,571,419 new ordinary shares, with no nominal value, offered at a unit price of 3.5 pence. The gross proceeds from this raise are estimated at £4.5 million, or nearly 56.7 million dirhams. The placement was jointly managed by Albr Capital Limited and Oak Securities, in accordance with the prevailing issuance rules under the supervision of the UK Financial Conduct Authority.
A first portion of this allocation, amounting to £40,000, equivalent to about 504,000 dirhams, is designated for the Guerçif gas projects. These funds are intended to cover the work related to partnership negotiations and the preparation of legal agreements governing the establishment of a joint venture. Through this initiative, Predator Oil & Gas aims to advance a partnership around the Guerçif gas asset to establish the financing principles for drilling and testing of the MOU-6 well, as well as the terms for a first phase gas development, contingent upon submitting a concession application planned for 2026.
The remaining balance, £60,000, corresponding to approximately 756,000 dirhams, is allocated for preparing the exploitation concession dossier related to the MOU-6 and TGB-6 projects. This funding particularly aims to finalize an independent technical and resource report concerning the TGB-6 area, covering 81 square kilometers and intersected by the MOU-3 well, as well as preparing a farm-out operation to attract industrial or financial partners.
Commenting on these projects, Predator Oil & Gas CEO Paul Griffiths emphasized that the TGB-6 area shares geological similarities with major biogenic gas fields in the Eastern Mediterranean. He added that demonstrating the potential and materiality of this asset is crucial to attracting the interest of potential partners and advancing subsequent development phases.
Source: Barlamane