Irish-focused oil and gas firm to float in London

Geoff Percival

Irish-focused exploration company Predator Oil and Gas is set to raise £1.3m (€1.5m) by floating on the London Stock Exchange, ahead of developing various prospects it holds off the coasts of Ireland and Trinidad in the Caribbean.

The company is headed by Paul Griffiths, the former boss of now defunct Irish explorers Island Oil and Gas and Fastnet Oil and Gas. Predator’s shares will start trading tomorrow at 2.8p, giving the company a market value of £2.8m.

“Our portfolio of assets has been built to create operational momentum, thus ensuring that we are ideally-placed to grow rapidly, as market sentiment in the oil and gas sector improves, and drive returns for all stakeholders,” said Mr Griffiths, who called the IPO “an important milestone” for Predator.

Around half of the IPO proceeds will go towards developing a two-well programme in Trinidad.

Predator has two licensing options offshore Ireland — one in the Celtic Sea and one close to the Corrib gas field off the west coast. The company is actively talking to a number of funding and development partners including private equity backers, larger exploration companies and engineering firms. Some of them are interested by the idea of testing potential satellite gas prospects that could be tied back to the existing Corrib infrastructure.

The development of the Irish assets is dependent on Predator finding a partner to fund 3D seismic studies and/or the drilling of wells.

While the two Irish options are due to expire next month and in November, it is understood one can already be advanced to frontier exploration licence status, while the other can be extended for 12 months.


More in this Section

Goldman Sachs shares surge after profit boost

Calls grow for the Government to tap emergency Brussels funds for Brexit threat

Sterling, shares gain as investors bet UK will delay Brexit

For the small guy, the risks are now a big issue


Lifestyle

Read an excerpt of 'My Coney Island Baby' below

Bernard O'Shea on hitting the road with old pal Karl Spain

Learning Points: My wife is having a baby and I’m stressed at work

Your guide to luxury - but affordable - spa experiences

More From The Irish Examiner