Shares of Predator Oil & Gas Holdings PLC (LON: PRD) surged 21.1%, breaking above a critical resistance level as investors bought its shares after releasing a mostly positive operations update.
However, the shares later retraced most of their gains as investors digested the full press release, which included news of a discounted share placement of 10 million shares priced at 15p each to raise £1.5 million.
The oil exploration company updated the drilling at its MOU-1 prospect, where construction and civil works are almost complete. The firm also executed a rig contract with Star Valley and executed a Schlumberger Master Services Agreement.
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Predator Oil & Gas also noted that well costs were in line with budget forecasts and the pre-drill geological expectations remain firmly unchanged.
The company also signed heads of terms agreement with Massy Gas Products Trinidad forming a joint venture with the company to increase its C02 EOR services business rollout.
Predator Oil & Gas also signed a collaboration agreement with Lease Operators Ltd. (LOL), which has won a 10-year contract with State oil company Heritage Petroleum Trinidad Ltd. (“Heritage”) to further develop the PS-1 Block in the Palo Seco PS-1 field.
The company united that it would use the experience gained via its Trinidad operations to launch its Ireland operations a preliminary scoping engineering study in the Celtic Sea to enhance its ongoing application for a successor authorisation.
The funds raised via the placing will be used to evaluate and potentially acquire new business opportunities identified by the company recently and shore up its working capital.
PRD share price.
Predator Oil & Gas share surged 21.06% higher to trade at 22.25p, rising from Thursday’s closing price of 18.38p.
