Challenger Energy Group PLC on Wednesday said it secured a £3.3 million funding facility, initially drawing down £550,000.
This was alongside announcing an extension of completing the sale of an asset in Suriname and its chief executive planning to buy more shares in the company.
The Caribbean and America-focused oil and gas company said the funding would be used to support business development, including continuing with its accelerated technical work programmes in Uruguay. This relates to both the Area Off-1 block and the newly awarded Area Off-3 block.
Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.