Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey-based Oil and Gas Company with near-term gas operations focussed on Morocco.
Announces that further to its announcement of 7 June 2022 outlining the Company’s position regarding the FRAM Loan it has now reviewed the Interim Financial Statement for the 6 months ending 30 June 2022 and the Annual Report and Financial Statements for the year ended 31 December 2021 released by Challenger Energy Group Plc (“Challenger”) on 30 September 2022.
The Company notes that there is no reference to the FRAM Loan in the audited Financial Statements for the year ended 31 December 2021.
The Company notes references in the Annual Report and Financial Statements for the year ended 31 December 2021 to a “CO2 enhanced oil recovery pilot project undertaken in 2020 and 2021” in Inniss-Trinity and that “one of the Group’s licences was extended to 31 March 2022 (and, subsequently to 30 June 2022 and then 30 September 2022) to allow for ministerial approval required for the finalisation and execution of the agreed form of the documentation in relation to a fresh enhanced production services contract (“EPSC”) with 30 September 2031 expiry. The EPSC will include certain minimum work obligations comprising CO2 pilot project…..”
The Company notes that there is no explanation offered as to why the Chief Executive officer of FRAM Exploration Trinidad Ltd. (“FRAM”), FRAM’s parent company, himself, as an executive director of Challenger, unilaterally terminated the Inniss-Trinity CO2 EOR Pilot Project giving only 24 hours’ notice.
Correspondence between FRAM’s previous parent company, Columbus Energy Resources Plc, gave certain undertakings regarding the FRAM Loan to enable the Inniss-Trinity pilot CO2 EOR project to be progressed. Challenger is a Successor to CERP following the acquisition of Columbus Energy Resources Plc by Challenger Energy Group Plc.
The Company’s position remains unchanged in respect of the FRAM Loan as outlined in its RNS dated 7 June 2022.
The Company determines that there is an option to resolve the issues between the Company and Challenger through collaboration based on certain information stated in the Annual Report and Financial Statements for the year ended 31 December 2021.
However if this option cannot be progressed then the Company will have no alternative but to continue with its legal process which, based on the published Challenger Interim Financial Statements for the 6 months ending 30 June 2022 and the Annual Report and Financial Statements for the year ended 31 December 2021, can now focus on the key issue.
Follow the Company on Twitter @PredatorOilGas.
For more information please visit the Company’s website at www.predatoroilandgas.com :
Predator Oil & Gas Holdings Plc
Paul Griffiths Executive Chairman
Lonny Baumgardner Managing Director
Tel: +44 (0) 1534 834 600
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