Predator Oil & Gas Holdings PLC (LON:PRD) has raised £1.785mln in a share placing as the company highlighted ‘business development opportunities’ and progress in Morocco.
The company said the placing – 17mln shares sold at 10.5p each – was significantly oversubscribed.
It was organised by Novum Securities, acting as sole placing agents to the company.
Predator, in a statement, said the cash would give contingency for an increase in certain well costs for the MOU-1 well which is on track for drilling in the second quarter.
It also allows the company to prepare additional follow-up drilling locations, Predator noted, and to commission a front end engineering study (FEED) for the potential supply of compressed gas to the Moroccan industrial market which is an option for early monetisation of the asset.
The company noted progress with its enhanced oil recovery project in Trinidad and a floating gas storage project in Ireland. Highlighting possible new business, it said opportunities are becoming available in the general field of greener energy solutions and CO2 sequestration.