Challenger Energy finalises investment from Charlestown, appoints new director

Challenger Energy Group plc (LON:CEG), the Atlantic margin focused energy company, has announced that the investment in the Company by Charlestown Energy Partners LLC has completed on terms and conditions as previously announced, and that Mr Robert Bose, Managing Member of Charlestown, has joined the Board of the Company.

Highlights:

·    Charlestown has advanced a £1.5m loan to the Company;

·    On closing of the farm-out of the Uruguay AREA OFF-1 licence to Chevron, and subject to the prior completion of an agreed share consolidation, this loan (and interest) shall convert into new ordinary shares in the Company at a fixed price of 0.168 pence per share, being a c. 15% premium to the current share price;

·    On Conversion Charlestown’s shareholding will represent a c. 8.7% interest in the Company, thus making Charlestown one of the Company’s largest shareholders;

·    Charlestown’s investment will underpin accelerated commencement of technical activity on Challenger Energy Group’s AREA OFF-3 licence offshore Uruguay; and

·    Mr Robert Bose (a member of the Charlestown oversight committee and currently Chief Executive Officer of Sintana Energy Inc) has been appointed as a Non-Executive Director of the Company, with immediate effect.

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