British Oil Firm Predator Raises £3.3M for Morocco Drilling Expansion

These funds will be used to expand and execute its drilling program in Morocco, Predator Oil & Gas said. The new shares are being sold at 5.50 pence each. The issue price represents a 29% discount to the last market 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 enable the execution of the high-impact and high-reward MOU-2 drilling while there is still some availability of long-lead items necessary for drilling and before well service costs increase further as demand outstrips supply," said Paul Griffiths, CEO of Predator Oil & Gas.

In Morocco, Predator Oil & Gas operates the Guercif basin - which covers an area of 6269 km² and extends about 250 km east of the Rharb basin - as part of a joint venture (75%) with the National Office of Hydrocarbons and Mines (ONHYM) acting on behalf of the Moroccan state (25%).