Charles Russell Speechlys advises Predator Oil & Gas Holdings plc on Main Market listing
Charles Russell Speechlys has advised oil & natural gas producer Predator Oil & Gas Holdings plc on their standard listing on the Main Market of the London Stock Exchange.
The company has a Trinidad based enhanced oil recovery project as well as exploration acreage offshore Ireland. The group will raise £1.3million of new capital, with new shares being sold at a price of 2.8p. The placing was “significantly oversubscribed”.
In Trinidad, the company is poised to fund near-term drilling at the mature , producing Inniss Trinity oil field, and the well data will flow into the planning for an enhanced recovery venture. Off Ireland’s west coast, Predator has an exploration licence immediately adjacent to the Corrib gas field (which is the country’s largest established hydrocarbons project). It plans to test potential satellite gas prospects which could potentially be tied-back to the Corrib structure.
Chief executive of Predator, Paul Griffiths said: “This is an important milestone for the group. Our portfolio of assets has been built to create operational momentum thus ensuring that we are ideally-placed to grow rapidly, as market sentiment in the oil and gas sector improves, and drive return for all stakeholders.”
Speaking of the flotation, Corporate partner Andrew Collins said: "We believe this is the first oil and gas IPO on London's junior markets in 2018, and shows renewed support for the sector off the back of rising oil prices."
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