Predator Oil & Gas has raised around about $3.8 million through a share sale to fund its work in Morocco, Trinidad and Tobago, and Ireland.
The company, listed in London and based in Jersey, is issuing about 85.7 million new shares at £0.035 each. Investors will also get six million warrants, which allow them to buy more shares later at the same price.
Most of the money will go into drilling projects, especially in Morocco. Predator owns 75% of a gas licence in the Guercif area in eastern Morocco, alongside Morocco’s state oil and gas agency ONHYM.
The funding will help prepare a planned well called MOU-6, including engineering work and equipment. The company says it has new drilling methods designed to handle the area’s difficult underground geology.
If the drill is successful, it could unlock roughly 12 billion cubic metres of natural gas. That could lead to full development of the site, possibly using small-scale gas plants or compressed natural gas facilities.
Outside Morocco, some of the cash will go to studying a gas prospect called Corrib South offshore in Ireland. In Trinidad and Tobago, it will also support production testing and restarting wells at its Snowcap project, where recent income came in 26% above expectations.
The fundraising comes as the company tries to grow its operations and potentially bring in new partners for its Morocco project. Morocco remains attractive for the company thanks to lower taxes and royalties
