FOR
IMMEDIATE RELEASE
16 September 2024
Predator
Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector:
Oil & Gas
Predator Oil & Gas
Holdings Plc
("Predator" or the "Company"
and together with its subsidiaries "the Group")
Board
Re-organisation
Predator Oil & Gas Holdings Plc
(PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on
Morocco and Trinidad announces a
re-organisation of the Board following an internal review of the
Company's forward work programmes and objectives for 2024 and
2025.
Paul Griffiths, with relevant
experience and a track record in project inception, project
development, acquisitions and mergers and management of drilling
and testing programmes will move from being Executive Chairman to
Chief Executive Officer responsible for delivering the Board's
programme. Following publication of the Company's Interim
results for the period ending 30 June 2024 later this month, an
Independent Non-executive Chairman will be appointed to Chair the
Board.
Due to a change in his personal
circumstances, Lonny Baumgardner will be leaving the Company and
the Board, with the position of Managing Director being removed
from the management structure and the associated costs saved. The
Board wishes to thank Mr. Baumgardner for his efforts in achieving
the successful Guercif drilling programme and wish him every
success in the future.
Testing and evaluation of the wells
in Morocco continues and all the elements of the testing programme
will continue during Q4 2024 as information is gathered and
analysed to potentially support the next stage of the CNG Project.
The Company is fully funded for this activity and for all of
its firm commitments over the next 12 months whilst also having a
discretionary cash reserve to facilitate the planning and
scheduling of the MOU-5 well on the giant Titanosaurus structure.
This will now include provisions for assessing the potential for
helium based on the helium present in a gas sample collected whilst
drilling the MOU-3 well.
Paul Griffiths, Chief Executive
Officer of Predator, commented:
"I
am pleased to be taking on the role of CEO and look forward to
welcoming an Independent Non-executive Chairman to the Board in the
near time. I would like to thank Lonny for his years of service as
Managing Director and we wish him well for the future. At the
same time, work continues apace on the portfolio, with our
activities fully funded."
For further information visit
www.predatoroilandgas.com
Follow the Company on X
@PredatorOilGas.
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market
abuse.
For more information please visit
the Company's website at www.predatoroilandgas.com:
Enquiries:
Notes to Editors:
Predator is an oil & gas company
with a diversified portfolio of scaled assets including unique and
highly prospective onshore Moroccan gas exposure, with multiple
fully financed upcoming catalysts.
Predator has two high quality,
scalable gas projects in Morocco with fast pace of
commercialisation and blue sky potential. Guercif is a shallow CNG
biogenic gas development with multiple traps and at least 4
separate reservoirs with recently drilled wells due to be flow
tested. The Giant Jurassic Titanosaurus is a shallow thermogenic
gas prospect evaluating 249m of potential gross reservoir thickness
in a trap of 187 km2 for pipeline gas to power, with pipeline
2.5km from wellhead. Moroccan gas prices are high, and
the fiscal terms are some of the best in the world. Predator
also has a diversified portfolio of assets across Ireland and
Trinidad, which is a near-term revenue-generating
project.
Predator has an experienced
management team and consultants with particular knowledge in
Moroccan sub surface and operations. The team specialises in
incorporating modern, proven technologies and processes from Canada
and the US to provinces where the conventional technologies did not
allow their hydrocarbon potential to be revealed.
Predator Oil & Gas Holdings plc
is listed on London Stock Exchange's Main Market with a Standard
Listing (symbol: PRD). For further information, visit
www.predatoroilandgas.com