Published: March 17, 2023 at 3:22 a.m. ET
By Elena Vardon
Predator Oil & Gas Holdings PLC on Friday said it has placed shares to raise 2 million pounds ($2.4 million) to fully fund its MOU-3 well in Morocco.
The oil-and-gas company said it has conditionally placed 15.5 million new shares and that 28.8 million shares have been transferred by director Paul Griffiths at a placing price…
By Elena Vardon
Predator Oil & Gas Holdings PLC on Friday said it has placed shares to raise 2 million pounds ($2.4 million) to fully fund its MOU-3 well in Morocco.
The oil-and-gas company said it has conditionally placed 15.5 million new shares and that 28.8 million shares have been transferred by director Paul Griffiths at a placing price of 5.5 pence each. At Thursday’s market close, shares were worth 7.5 pence each.
It said the placing uses the company’s available headroom shares as of March 31 under the U.K. Financial Conduct Authority restrictions. It added that it won’t have enough headroom to issue and admit all of the 36.4 million placing shares without producing an FCA approved prospectus, which is why it is proposing to issue and admit 15.5 million new shares on or around April 3. Mr. Griffiths will loan 20.8 million existing shares to make up for the shortfall to settle the placing in a timely manner, it added.
The group said it believes bringing forward the drilling of MOU-3 with a projected start date in the first week of May is a sensible course of action.
Write to Elena Vardon at elena.vardon@wsj.com
