Challenger Energy secures investment from Charlestown Energy Partners LLC

Challenger Energy Group PLC on Thursday said it has entered into a binding agreement that will see Charlestown Energy Partners LLC become one of the largest shareholders.

Challenger, a Caribbean and Atlantic focused oil and gas company, is set to receive £1.5 million from the New York investment firm to begin technical work at the Area Off-3 licence off the coast of Uruguay.

Challenger Chief Executive Officer Eytan Uliel said: ‘Charlestown’s investment in Challenger Energy will initially be as a loan, but once the Chevron Area Off-1 farm-in closes and we have completed a necessary share consolidation that loan will convert at a premium into an approximately 8.7% shareholding, and Charlestown will become a major shareholder in our company.’

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.

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