Predator Oil & Gas Holdings (AIM:PRD) said it will apply for a liquefied natural gas ("LNG") import licence for Ireland after reaching confidentiality agreements with a global LNG supplier and an owner of an LNG regassification vessel.
A new subsidiary company, Predator LNG Ireland Limited, is being formed to progress the contracting of a Floating Storage and Regasification Unit ("FSRU") for Ireland.
This holds "send out" gas capacity suitable for both the "peak demand" gas market and for long term security and diversity of energy supply, the company detailed this morning.
The FSRU solution will facilitate the import of LNG using gas feedstock from a transparent origin that is not dependent on fracking operations related to shale gas exploitation it said.
Shares in Predator Oil & Gas Holdings closed at 2.9p on Thursday afternoon.
The LNG option is in line with the European Commission's Sustainable Energy Security Package, which forms energy security measures to equip the EU for global energy transition to address possible energy supply interruptions.
Developing an LNG import and gas storage is a strategy which, amongst other things, aims at improving the access of all EU Member States to LNG as an alternative gas source.
Paul Griffiths, Chief Executive of Predator, said the group had leveraged its experience in Trinidad “to create this exciting new business development opportunity with two global players in the offshore LNG regasification sector.”
“The strategy fits our core near term goal of becoming a carbon neutral energy company through creating increased CO2 sequestration capacity in Trinidad that is funded by maintaining an energy business with potential for future revenue growth,” he added.
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