REG - Challenger Energy - CORY MORUGA SALE UPDATE

Challenger EnergyAnnouncement

01/06/2023 07:00

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RNS Number : 2257B  Challenger Energy Group PLC  01 June 2023

1 June 2023

Challenger Energy Group PLC

("Challenger Energy" or the "Company")

 

CORY MORUGA SALE UPDATE

Challenger Energy (AIM: CEG), the Caribbean and Americas focused oil and gas
company, with a range of oil production, development, appraisal, and
exploration assets, provides the following update in relation to the sale of
the Cory Moruga licence, onshore Trinidad.

On 8 March 2023, the Company announced that it had entered into an agreement
with Predator Oil and Gas Limited pertaining to the sale 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, and are
engaged in a dialogue with MEEI. 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.

For further information, please contact:

 

 Challenger Energy Group PLC                  Tel: +44 (0) 1624 647 882

 Eytan Uliel, Chief Executive Officer
 WH Ireland - Nomad and Joint Broker          Tel: +44 (0) 20 7220 1666

 Antonio Bossi / Darshan Patel / Enzo Aliaj
 Zeus - Joint Broker                          Tel: +44 (0) 20 3829 5000

 Simon Johnson
 CAMARCO                                        Tel: +44 (0) 20 3757 4980

 Billy Clegg / Hugo Liddy / Sam Morris

Notes to Editors

 

Challenger Energy is a Caribbean and Americas focused oil and gas company,
with a range of oil production, development, appraisal and exploration assets
and licences, located onshore in Trinidad and Tobago, and Suriname, and
offshore in the waters of Uruguay and The Bahamas. In Trinidad and Tobago,
Challenger Energy has a number of producing fields and appraisal / development
projects. In Suriname, Challenger Energy has on onshore appraisal /
development project. Challenger Energy's exploration licences in Uruguay and
The Bahamas offer high-impact value exposure within the overall portfolio
value.

 

Challenger Energy is quoted on the AIM market of the London Stock Exchange.

 

https://www.cegplc.com (https://www.cegplc.com/)

 

ENDS

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