Predator Oil & Gas Holdings (AIM:PRD) has said the conditional offer to acquire the entire outstanding issued share capital of FRAM Exploration (Trinidad) ("FRAM") has now expired.
Currently, FRAM's parent company, Columbus Energy Resources, is in a proposed merger that under the Scheme Document prevents the disposal of any material asset.
Predator plans to progress discussions with Columbus after concluding the proposed merger, and before the expiry of the Well Participation Agreement ("WPA") relating to Predator's rights upon a change of control of FRAM, ‘insofar as it may or may not impact Predator's forward planning for expansion of CO2 EOR activities in the Inniss-Trinity field.’
Separate to an Offer to acquire FRAM, the company said POGT and the local Trinidadian company have agreed to look at evaluating together two new CO2 EOR opportunities in existing fields onshore Trinidad, together with a potential collaboration onshore Guyana.
As a result, Predator can provide its capabilities at its sole discretion, and have the option to participate in any new joint venture arising from its joint evaluation of the opportunities.
"We are looking to begin to execute our M & A strategy by building on the businesses we have initiated and developed in three separate jurisdictions,” said CEO, Paul Griffiths.
“New opportunities in Trinidad and potentially Guyana, combined with our exclusivity over Trinidad's surplus liquid CO2 supply and our successful implementation of CO2 sequestration, creates the catalyst for value-enhancing M & A transactions.
However, these will not be executed at unrealistic prices as management believes that specific assets can be enhanced in value only through the application of its particular skill sets and proven track record in the countries where it operates,” he said.
Predator added that ConocoPhillips Morocco Ventures, owned by one of the world's largest independent exploration and production companies, has secured an adjoining contract to the west of the Predator Oil & Gas Ventures’ Guercif licence in Morocco.
“ It is reassuring to know that the potential for gas in this specific part of Morocco has now also been recognised by a multinational E & P company, validating our decision last year to move quickly to secure the Guercif opportunity for early drilling,” added Griffiths.
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