Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations focussed on Morocco and Trinidad announces a re-organisation of the Board following an internal review of the Company's forward work programmes and objectives for 2024 and 2025.
Paul Griffiths, with relevant experience and a track record in project inception, project development, acquisitions and mergers and management of drilling and testing programmes will move from being Executive Chairman to Chief Executive Officer responsible for delivering the Board's programme. Following publication of the Company's Interim results for the period ending 30 June 2024 later this month, an Independent Non-executive Chairman will be appointed to Chair the Board.
Due to a change in his personal circumstances, Lonny Baumgardner will be leaving the Company and the Board, with the position of Managing Director being removed from the management structure and the associated costs saved. The Board wishes to thank Mr. Baumgardner for his efforts in achieving the successful Guercif drilling programme and wish him every success in the future.
Testing and evaluation of the wells in Morocco continues and all the elements of the testing programme will continue during Q4 2024 as information is gathered and analysed to potentially support the next stage of the CNG Project. The Company is fully funded for this activity and for all of its firm commitments over the next 12 months whilst also having a discretionary cash reserve to facilitate the planning and scheduling of the MOU-5 well on the giant Titanosaurus structure. This will now include provisions for assessing the potential for helium based on the helium present in a gas sample collected whilst drilling the MOU-3 well.
Paul Griffiths, Chief Executive Officer of Predator, commented:
"I am pleased to be taking on the role of CEO and look forward to welcoming an Independent Non-executive Chairman to the Board in the near time. I would like to thank Lonny for his years of service as Managing Director and we wish him well for the future. At the same time, work continues apace on the portfolio, with our activities fully funded."
