Client NewsPredator Oil & Gas Holdings PLC – Update on acquisition of Cory Moruga
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco provides the following update in relation to the acquisition of the Cory Moruga licence, onshore Trinidad.
On 8 March 2023, the Company announced that it had entered into an agreement with Challenger Energy Group Plc (“Challenger”) pertaining to the acquisition of the Cory Moruga asset in Trinidad. In that announcement, it was noted that completion of the transaction was conditional on consent of the Trinidadian Ministry of Energy and Energy Industries (“MEEI”) to a revised work programme for the Cory Moruga licence proposed by the Company, as well as agreement of MEEI to a revision of future fees for the Cory Moruga licence and a settlement / cancellation of past claimed dues pertaining to the Cory Moruga licence. It was further noted that the parties had agreed to work together to secure the required consents, and thus achieve completion, as soon as reasonably practicable on or before 30 May 2023, with a long stop date of 31 August 2023.
Since March 2023, the parties have worked together as required. Challenger are engaged in a dialogue with MEEI. The Company understands that this is proceeding well, but the conditions for completion of the transaction have not been satisfied as at 30 May 2023. The parties remain confident, however, that appropriate consents and agreement with MEEI will be forthcoming based on dialogue with MEEI. Accordingly, the parties have mutually agreed to an extension of the 30 May 2023 target date for completion of the intended transaction, to coincide with the long-stop date of 31 August 2023.
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