Predator Oil & Gas Holdings, a Jersey-based energy company secured EUR 2 million in funds to expand gas operations in Morocco, according to a press release on Monday.
The company seeks to capitalize on its location near vital infrastructure in Morocco and leverage an advantageous fiscal landscape to bolster its operations.
The funds will primarily support new testing and drilling operations to enhance the value of Predator’s Moroccan acreage, which holds potential for both gas and helium.
The funds are part of Predator’s decision to reinforce its balance sheet amid growing investor interest. Novum Securities, a British private company, acted as the sole placing agent for the transaction, which was structured at 5% per share.
In a statement, Predator noted the significance of Morocco’s infrastructure and fiscal framework, which positions the company to efficiently manage and potentially monetize new gas discoveries.
Key to the company’s growth plans is the MOU-5 well, which is located in the Guercif province in northeastern Morocco. The company will commence drilling operations in Q1 2025.
Located next to infrastructure with an impressive 1 billion cubic feet per day of spare capacity linked to the European gas network, MOU-5 offers an unusually high reward-to-risk proposition for onshore African drilling.
The additional funds will allow the company to “accelerate building a production base in Trinidad; support the momentum for developing the CNG gas business; further evaluate the helium potential in Guercif,” Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings said.