Challenger Energy Group secures £1.5m investment from Charlestown Energy Partners

Challenger Energy Group plc (LON:CEG), the Atlantic margin focused energy company, has announced that it has entered into a legally binding term sheet for an investment by Charlestown Energy Partners LLC.

Highlights:

·    Charlestown will invest £1.5m in the Company, initially in the form of a loan, which upon closing of the AREA OFF-1 farm-out to Chevron and subject to prior completion of an agreed share consolidation shall convert at a fixed price of 0.168 pence per share, being a c. 20% premium to the current share price. This will result in Charlestown holding a c. 8.7% shareholding in Challenger Energy, thus making Charlestown one of the Company’s largest shareholders

·    Charlestown is a New York-based specialist energy investor with a successful track record of making early cornerstone investments in listed exploration companies, most recently as the lead investor in a listed Namibian-focused conjugate margin player

·    Charlestown Managing Member Mr. Robert Bose to join the Board of the Company

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