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(Alliance News) - Predator Oil & Gas Holdings PLC on Friday announced a share placing of 15.5 million new shares and 20.0 million existing shares to raise GBP2.0 million.
Predator Oil & Gas is a Jersey-based oil and gas company with operations in Trinidad, Morocco and Ireland.
The shares were placed at 5.5 pence each, with Novum Securities Ltd acting as the sole placing agents.
"The additional funding announced today allows us to advance the drilling of MOU-3 to target for the first time all prospective and contingent gas resources. The learning curve has improved substantially following the information gathered from the suspended well MOU-2. As a result we believe that bringing forward the drilling of MOU-3, with a projected start date in the first week of May, is a sensible course of action," said Executive Chair Paul Griffiths.
"I am delighted to be supporting the company and its shareholders through a loan of shares to enable MOU-3 to proceed earlier than originally envisaged based on attractive risk versus reward metrics."
Predator shares were trading 20% lower at 5.99 pence each in London on Friday morning. The company has a market cap of GBP23.10 million.
By Holly Beveridge, Alliance News reporter
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