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Predator Oil & Gas will raise funds for its activities in Morocco

British company Predator Oil & Gas operating in Morocco, Trinidad and Ireland plans to raise £3.3 million by issuing 60 million new shares at a discount.

These funds will be used to expand and execute its drilling program in Morocco, says Predator Oil & Gas. The new shares are sold at 5.50 pence each. The issue price represents a 29% discount to the last trading price (7.80 pence).

“It was absolutely necessary to take advantage of an otherwise difficult and highly competitive narrow market window to raise funds, to allow the execution of the high-impact, high-reward MOU-2 drilling while there is still a certain availability of long-term elements needed for drilling and before the cost of well services increases further as demand exceeds supply,” said Paul Griffiths, CEO of Predator Oil & Gas.

In Morocco, Predator Oil & Gas operates the Guercif basin – which covers an area of ​​6,269 km² and extends approximately 250 km east of the Rharb basin – in a joint venture (75%) with the National Hydrocarbons and Mines Office (ONHYM) acting on behalf of the Moroccan State (25%).

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