Predator Oil & Gas Holdings Plc is to be a new listing in London that will bring together two plays that many exploration and production focused investors will likely to be quite familiar with.
The company has a Trinidad based enhanced oil recovery project as well as exploration acreage offshore Ireland.
It is raising £1.3mln of new capital through the London IPO. The placing was said to be “significantly oversubscribed”, the new shares are being sold at a price of 2.8p, and the funding will give the company a market capitalisation of £2.8mln.
“This is an important milestone for the group,” said Paul Griffiths, Predator chief executive.
“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 returns for all stakeholders."
In Trinidad, the company is poised to fund near-term drilling at the mature, producing Inniss Trinity oil field - in return it will earn a 50% stake - 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 infrastructure.
The IPO is being run by brokers Optiva and Novum. It is expected that the shares will be admitted on Thursday May 24 to a standard listing on the main market of the London Stock Exchange.