REG - Challenger Energy - Resignation of CFO

Challenger EnergyAnnouncement

15/07/2022 17:00

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RNS Number : 7073S  Challenger Energy Group PLC  15 July 2022

15 July 2022

Challenger Energy Group PLC

("Challenger Energy" or the "Company")

 

Resignation of CFO

Challenger Energy (AIM: CEG) announces that Mr Timothy Eastmond has resigned
as a Director and the Chief Financial Officer of the Company. Mr Eastmond has
resigned for personal reasons, and his resignation will take effect
immediately.

 

The Company's Chief Commercial Officer, Mr Gagan Khurana, will assume the role
of Acting Chief Financial Officer, pending an executive search for a suitable
permanent replacement. Mr Khurana already possesses a deep knowledge of the
Company's assets and commercial / financial functions, and has over 20 years
of relevant work experience, holds an MBA from the National University of
Singapore and is a fellow member (FCCA) of the Association of Chartered
Certified Accountants, UK, and CA (Singapore), having previously worked at
PricewaterhouseCoopers, a leading global accounting firm. Mr Khurana will not
join the board of the Company as a result of becoming Acting Chief Financial
Officer.

 

Mr Eastmond currently holds 160 million options over ordinary shares issued
under the Company's executive option plan (in four tranches, on terms and
conditions as advised by RNS dated 7 March 2022). As at the date of this
announcement, the performance criteria for the vesting and exercise of each
tranche of these options have not been met, and the options have thus not been
exercised, and will therefore lapse on cessation of Mr Eastmond's employment.

 

Iain McKendrick, Chairman of Challenger Energy, said:

"We wish Tim well in his future endeavours, and we thank him for his service
in his time at Challenger. We are pleased to have someone of Gagan's caliber
on staff who can capably step into the CFO role on an acting basis. His
primary task in this role, while we work on recruiting a permanent
replacement, will be to ensure a smooth process in relation to the
finalisation of the Company's ongoing group audit and annual reporting process
- as advised by RNS on 14 June 2022, this timeline for completion of this work
is the end of September 2022. Further announcements will be made in due
course."

 

This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014, which forms part of United Kingdom domestic law
by virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

For further information, please contact:

 

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

 Eytan Uliel, Chief Executive Officer
 Strand Hanson Limited - Nomad                   Tel: +44 (0) 20 7409 3494

 Rory Murphy / James Spinney / Rob Patrick
 Arden Partners plc - Broker                     Tel: +44 (0) 20 7614 5900

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

 Billy Clegg / James Crothers / Hugo Liddy

 

 

Notes to Editors

 

Challenger Energy is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located onshore in Trinidad and Tobago, and
Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad
and Tobago, Challenger Energy has five (5) producing fields, two (2) appraisal
/ development projects and a prospective exploration portfolio in the South
West Peninsula. In Suriname, Challenger Energy has on onshore appraisal /
development project. Challenger Energy's exploration licences in Uruguay, the
South West Peninsula of Trinidad, 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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