Predator Oil Regulatory News (PRD)

FOR IMMEDIATE RELEASE

1 April 2022

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")

Ireland National Energy Summit

"Mag Mell on a Mission to Transition"

Highlights

· Focus on security of energy supply during the Energy Transition

· Mag Mell can satisfy 43.4% of Severe Winter Peak Day gas demand in Ireland

· Ram Head offers cost-effective secure gas storage

· Collaboration in the energy sector can support the transition to renewables

Predator Oil & Gas Holdings Plc, the Jersey-based Oil and Gas Company leading safe and secure energy supply during the transition period from fossil fuels to green energy, announces that, through its wholly-owned subsidiary Mag Mell Energy Ireland Ltd. ("Mag Mell"), it is a Gold Sponsor of Ireland's National Energy Summit at Croke Park, Dublin on 26th April 2022 (the "Event"). Links to the Event are as follows:

Website: https://energysummit.ie/ 

Twitter: https://twitter.com/EnergySummit22 

LinkedIn: https://www.linkedin.com/showcase/energy-summit-2022/

Hashtag: #NationalEnergySummit22

Following Mag Mell's first move on sponsorship Gas Networks Ireland have now also been added as a Gold Sponsor of the Event.

CEO Paul Griffiths is presenting and discussing in a panel session with Eirgrid and the Economic and Social Research Institute "Coming together to plan, build, operate and support the development of the country's chief renewable energy resources".

The theme of the Mag Mell contribution to the Event was developed prior to the current European energy crisis created by recent upsetting events. However the potential for the current gas supply crisis and its specific implications for Ireland was highlighted as long ago as July 2016 in the following published article:

https://www.irishexaminer.com/business/arid-20409594.html

The Mag Mell offshore Floating Storage and Regasification Project ("Mag Mell FSRUP"), designed to utilise the existing 24" Kinsale gas pipeline to shore, has been independently confirmed as being capable of satisfying 43.4% of the Severe Winter Peak Day gas requirement for Ireland for 2027/2028 and 100% of the Minimum Summer Day gas requirement for 2027/2028. Accordingly the Mag Mell FSRUP can make a significant contribution to Ireland's near-term enhancement of security of energy supply. It can be operational by H1 2025 providing regulatory support is aligned with project timelines. Ireland needs LNG infrastructure to ensure energy security, says regulator

Security of energy supply for Ireland is also potentially reinforced by the Group's Ram Head Celtic Sea gas storage proposals, which are subject to the timely award of a successor authorisation in the national interest. An existing discovered gas field in Ram Head lies just 40 kilometres from the end of the Kinsale pipeline and the proposed Mag Mell FSRUP. Conversion to a gas storage facility would allow it to be periodically supplied with surplus FSRUP summer gas for storage to provide security of gas supply at times of Severe Winter Peak Day demand should alternative sources of imported gas be temporarily suspended or volumes reduced. Significantly no requirement for cushion gas to create and maintain reservoir pressure in the gas storage facility is required as the field is undeveloped. Purchasing cushion gas to create storage options for any of Ireland's depleted gas fields at current forward gas prices would not be commercially viable, even if there were alternative means to import the cushion gas required. The gas storage facility can be operational by H1 2025 providing regulatory support is aligned with Mag Mell FSRUP project timelines

The early planning stage Mag Mell FSRUP details (July 2020) have been uploaded to the Company's website at:

https://www.predatoroilandgas.com

Since that time further refinement of the project has eliminated ship-to-ship LNG transfers with a bespoke solution specific to the Celtic Sea. The "Mag Mell" project name reflects that the technical solutions created for the Celtic Sea FSRUP are unique for Ireland.

The Mag Mell project can also be followed on our dedicated Mag Mell social media platforms at:

https://www.linkedin.com/company/mag-mell-ireland/posts/?feedView=all

TWITTER @magmell353

 Paul Griffiths, CEO of Predator Oil & Gas Holdings Plc commented:

"Careful nurturing of the Company's Irish gas assets and projects over several very difficult years has allowed us and our shareholders to be in a position to potentially make a materially significant contribution to Ireland's security of energy supply during the Energy Transition and Europe's current energy crisis. Foresight is an important attribute of any business development strategy. It is no exaggeration to state that the Company is in our view the only natural resources company currently present in Ireland that is in a position to address Ireland's security of gas supply in the near-term. We have always had an integrated plan for the development and storage of gas in Ireland, where we see significant value for shareholders at current inflated commodity prices. Mag Mell is not a new opportunistic concept but one established over many years. The Company and its shareholders are leading safe and secure energy supply during the transition period from fossil fuels to green energy."

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 operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary and Lower Jurassic gas in prospects less than 10 kilometres from the Maghreb gas pipeline. The MOU-1 well has been completed and a follow-up testing programme is being developed and a further drilling programme is under review.

Predator is seeking to further develop the remaining oil reserves of Trinidad's mature onshore oil fields through the application of CO2 EOR techniques and by sequestrating anthropogenic carbon dioxide to produce "greener" oil.

In addition, Predator also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which successor authorisations have been applied for, adjoining Vermilion's Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the decommissioned Kinsale gas field in the Celtic Sea.

Predator has developed a Floating Storage and Regasification Project ("FSRUP") for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand.

The Company has a highly experienced management team with a proven track record in operations in the oil and gas industry.