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CEG Challenger Energy Group Plc

0.1475
0.0135 (10.07%)
18 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Challenger Energy Group Plc CEG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.0135 10.07% 0.1475 15:59:59
Open Price Low Price High Price Close Price Previous Close
0.15 0.14 0.1525 0.1475 0.134
more quote information »
Industry Sector
OIL & GAS PRODUCERS

Challenger Energy CEG Dividends History

No dividends issued between 18 Apr 2014 and 18 Apr 2024

Top Dividend Posts

Top Posts
Posted at 18/4/2024 10:52 by 12bn
The primary terms of the Transaction are:

· Chevron will acquire a 60% participating interest in the AREA OFF-1 block, and will assume operatorship of the block.

· CEG Uruguay will retain a 40% non-operating interest in the block.

· Chevron will pay to CEG US$12.5 million cash on completion of the Transaction, these funds will be used to support the further development of the Company's business.

· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.

· Completion and financial close of the Transaction will be subject to the satisfaction of conditions precedent and customary third-party approvals from the Uruguayan regulatory authorities, which are anticipated to take several months to finalise - the parties have commenced engagement with the regulators.
Posted at 09/4/2024 14:15 by 12bn
Challenger Energy (AIM: CEG), the Caribbean and Americas focused energy company, with production, development, appraisal, and exploration assets in the region, is pleased to announce that it and its wholly-owned Uruguayan subsidiary, CEG Uruguay SA ("CEG Uruguay") have entered into a farm-out agreement with Chevron Uruguay Exploration Limited ("Chevron"), a wholly-owned subsidiary of Chevron Corporation (NYSE: CVX), related to a 60% interest in the AREA OFF-1 block, offshore Uruguay (the "Transaction").

The primary terms of the Transaction are:

· Chevron will acquire a 60% participating interest in the AREA OFF-1 block, and will assume operatorship of the block.

· CEG Uruguay will retain a 40% non-operating interest in the block.

· Chevron will pay to CEG US$12.5 million cash on completion of the Transaction, these funds will be used to support the further development of the Company's business.

· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.

· Completion and financial close of the Transaction will be subject to the satisfaction of conditions precedent and customary third-party approvals from the Uruguayan regulatory authorities, which are anticipated to take several months to finalise - the parties have commenced engagement with the regulators.
Posted at 02/4/2024 11:12 by arrynillson
12bn6 Mar '24 - 07:25 - 20536 of 20960
0 0 0
· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.////// Well I didn't expect CEG to get a JV for the 3D seismics but CEG will still have to stump up funds IF drilling commences and CEGs share of the costs is over $20m but even so this is unexpected good news. Will I buy in? Nah,buy the rumour sell the news. :)

' Unexpected good news ’ - when Chevron pay the $12.5 million will 12bn stop posting? Naaaaaaaaaaaaaah !
Posted at 28/3/2024 13:35 by arrynillson
Will - just in case Disgraced Compulsive Liar 12bn doesn’t reply I’ve cut n pasted his response to the transformative Chevron deal - ' unexpected ( for him! ) good news ’.

Interestingly 12bn is now querying in his post today whether the deal will EVER take place - desperation from the disgraced!

12bn6 Mar '24 - 07:25 - 20536 of 20960
0 0 0
· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.////// Well I didn't expect CEG to get a JV for the 3D seismics but CEG will still have to stump up funds IF drilling commences and CEGs share of the costs is over $20m but even so this is unexpected good news. Will I buy in? Nah,buy the rumour sell the news. :)
Posted at 08/3/2024 09:54 by 12bn
Basically imo CEG are already skint. Any money from the Chevron deal will not arrive until after the deal is finalised and that is many many months away and the $12.5m is ear-marked for work in Uruguay but CEG needs cash to cover its running costs./////////The primary terms of the Transaction are:

· Chevron will acquire a 60% participating interest in the AREA OFF-1 block, and will assume operatorship of the block.

· CEG Uruguay will retain a 40% non-operating interest in the block.

· Chevron will pay to CEG US$12.5 million cash on completion of the Transaction, these funds will be used to support the further development of the Company's business.

· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.

· Completion and financial close of the Transaction will be subject to the satisfaction of conditions precedent and customary third-party approvals from the Uruguayan regulatory authorities, which are anticipated to take several months to finalise - the parties have commenced engagement with the regulators.
Posted at 08/3/2024 08:47 by z1co
12 pence

That's a blatant lie.

7 November 2023

Challenger Energy Group PLC

CORY MORUGA SALE COMPLETION

Further to announcements of 20 December 2022, 8 March 2023, 1 June 2023 and 30 August 2023, Challenger Energy (AIM: CEG), the Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets in the region, is pleased to advise that the transaction for the sale of the Cory Moruga licence, onshore Trinidad, to Predator Oil & Gas Holdings PLC ("PRD"), was completed on 6 November 2023.

As a consequence of negotiations associated with reaching an agreed position with the Trinidadian Ministry of Energy and Energy Industries ("MEEI"), CEG and PRD agreed to vary certain terms of the previously announced agreement between them, as follows:

-- On completion, PRD paid to CEG US$1 million in cash;
-- A further US$1 million, due to be paid by PRD to CEG six months from completion, will instead be paid immediately by PRD direct to MEEI, in part agreed settlement of past dues on the Cory Moruga licence; and

-- A contingent US$1 million payable by PRD to CEG in the event of the Cory Moruga field achieving certain future production benchmarks, and PRD granting to CEG a future back-in right to a 25% interest in the Cory Moruga field at an uplifted multiple of cost base, will no longer apply, reflective of CEG's contribution to the value of settlement of the balance of past dues on the Cory Moruga licence, which will be recovered by MEEI via agreed quarterly arrears payments.
Posted at 07/3/2024 11:17 by pwhite73
gvms - You have misunderstood the RNS. Chevron have a 60% participation interest. CEG do not therefore have an automatic 40% participating interest. CEG do not have the money to stump 40% of the costs after the cap limits of $15 million and $20 million are hit. This is why the RNS qualifies the position of CEG when it clearly states.

"CEG Uruguay will retain a 40% non-operating interest in the block."

In fact I can look into my crystal ball and tell you exactly what's going happen. CEG, like HE1 and a host of other AIM exploration minnows are what are termed as 'mining squats'.

They obtain exploration licences at minimal costs for which they can only raise sufficient capital from equity placings to meet the most rudimentary of exploration costs. To move the licence into the operational and production stages they need a global partner. This is where Chevron comes in.

The cost of taking any natural resource from exploration to operation to production runs into £100s of millions. CEG does not and will never be able to participate in the operational or production costs of AREA OFF 1 or OFF 3 for that matter.

If the area is deemed to be productive in time the Uruguayan regulators will revoke the licences from CEG and hand them to Chevron.
Posted at 06/3/2024 10:30 by 12bn
12bn - 06 Mar 2024 - 07:25:43 - 20536 of 20581 challenger energy group - CEG
· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.////// Well I didn't expect CEG to get a JV for the 3D seismics but CEG will still have to stump up funds IF drilling commences and CEGs share of the costs is over $20m but even so this is unexpected good news. Will I buy in? Nah,buy the rumour sell the news. :) Note 'should Chevron decide to drill' comment in the RNS.
Posted at 06/3/2024 07:25 by 12bn
· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.////// Well I didn't expect CEG to get a JV for the 3D seismics but CEG will still have to stump up funds IF drilling commences and CEGs share of the costs is over $20m but even so this is unexpected good news. Will I buy in? Nah,buy the rumour sell the news. :)
Posted at 06/3/2024 07:17 by 12bn
6 March 2024

Challenger Energy Group PLC

("Challenger Energy", "CEG" or the "Company")



FARM-OUT OF 60% OF AREA OFF-1 BLOCK IN URUGUAY TO CHEVRON

Challenger Energy (AIM: CEG), the Caribbean and Americas focused energy company, with production, development, appraisal, and exploration assets in the region, is pleased to announce that it and its wholly-owned Uruguayan subsidiary, CEG Uruguay SA ("CEG Uruguay") have entered into a farm-out agreement with Chevron Uruguay Exploration Limited ("Chevron"), a wholly-owned subsidiary of Chevron Corporation (NYSE: CVX), related to a 60% interest in the AREA OFF-1 block, offshore Uruguay (the "Transaction").

The primary terms of the Transaction are:

· Chevron will acquire a 60% participating interest in the AREA OFF-1 block, and will assume operatorship of the block.

· CEG Uruguay will retain a 40% non-operating interest in the block.

· Chevron will pay to CEG US$12.5 million cash on completion of the Transaction, these funds will be used to support the further development of the Company's business.

· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay.

· Completion and financial close of the Transaction will be subject to the satisfaction of conditions precedent and customary third-party approvals from the Uruguayan regulatory authorities, which are anticipated to take several months to finalise - the parties have commenced engagement with the regulators.



Eytan Uliel, Chief Executive Officer of Challenger said:

"We are absolutely delighted to announce the farm-out of our AREA OFF-1 block in Uruguay to Chevron, a globally recognised industry leader. We firmly believe that AREA OFF-1 holds enormous potential, and this farm-out is strong validation of the high-quality technical work CEG has done to-date. Our stated strategy for AREA OFF-1 was to introduce a larger industry player as operating partner, with a view to rapidly progressing the block via an accelerated 3D seismic campaign followed by, we hope, exploration well drilling. The farm-out achieves this aim, and we look forward to continuing on our exciting journey in Uruguay, both on AREA OFF-1, now in partnership with Chevron, and also on our still wholly owned AREA OFF-3 block. We are grateful to ANCAP for the confidence shown in CEG when awarding these blocks, and we thank our stakeholders for their continuing support."



Gneiss Energy Limited acted as financial advisor to CEG on the Transaction.



ABOUT CHEVRON CORPORATION



Chevron is one of the world's leading integrated energy companies and believes that affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and the industry. Chevron aims to grow its oil and gas business, lower the carbon intensity of its operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.



ABOUT AREA OFF-1



The AREA OFF-1 block is a large offshore block covering approximately 14,557 km2, located approximately 100 kms offshore Uruguay in water depths ranging from 80 meters to 1,000 meters. The Company was awarded the AREA OFF-1 licence in June 2020 under the Open Uruguay Round process. Formal signing of the licence took place on 25th May 2022, and the licence's initial four-year exploration term commenced on 25th August 2022.



Recent conjugate margin discoveries offshore Southwest Africa have triggered renewed interest in the types of plays present in Uruguay. In particular, the data and enhanced technical understanding provided from recent discoveries offshore Namibia (Venus - TotalEnergies, Graff and Jonker - both Shell) provides greater confidence that the regional petroleum system charging those discoveries is likely to be present offshore Uruguay. As a result, new exploration plays, in addition to the Lower Cretaceous deepwater turbidites discovered by Venus and others, are believed to be present and charged by the same petroleum system and source rock.



Consequently, since the award of AREA OFF-1 to the Company, there has been considerable licencing activity in Uruguay, with all other available offshore exploration blocks now licenced to Shell, APA Corporation and YPF, with significant work program commitments including 3D seismic acquisition and new well drilling. To the south, AREA OFF-1 is adjacent to AREA OFF-4, a block jointly held by APA Corporation and Shell (APA is the operator), and where two key prospects of interest straddle both blocks. To the east, AREA OFF-1 is adjacent to AREA OFF-2, which is licenced to Shell, and to the west AREA OFF-1 is adjacent to the Argentinian maritime boundary.



The Company's minimum work commitment in the initial four-year exploration period of AREA OFF-1 required licencing 2,000 kms of legacy 2D seismic data from ANCAP (the Uruguayan national oil company and energy regulatory body), reprocessing of that 2D seismic data, and completion of a geological and resource potential study. There is no requirement to acquire 3D seismic or drill a well during the initial four-year exploration period.



As at 31 December 2023, the minimum work commitment for AREA OFF-1's initial four-year exploration period had been fulfilled by the Company. In addition, the Company also completed additional work on a discretionary basis, designed to further enhance the technical understanding of the block. This additional work included Amplitude Variation with Offset (AVO) attribute analysis of select 2023 reprocessed 2D seismic lines, seabed geochemistry analysis, and acquiring a satellite seeps and slicks imaging study.



The body of technical work undertaken by the Company led, through the course of 2023, to the identification and delineation of three primary prospects on AREA OFF-1, with total estimated recoverable resource (EUR) of ~ 2.0 billion barrels of oil equivalent (BBOE) across three prospects (Pmean, unrisked), and approximately 5.0 billion BBOE in an upside case (P10, unrisked). A table summarising the estimated recoverable resource is set out below:







AREA OFF-1 EUR (mmboe), unrisked

Prospect



P10

Pmean

P50

P90

Teru Teru

1,647

740

547

158

Anapero



1,627

670

445

88

Lenteja



1,666

576

198

17

Total



4,940

1,986

1,190

263



For the financial year ended 31 December 2023, the were no losses attributable to the asset and capitalised costs in relation to the work carried out by the Company amounted to approximately US$2.1 million.



The proposed farm-out of a 60% participating interest in the AREA OFF-1 licence to Chevron (pending regulatory approvals) aims to facilitate and fund an accelerated 3D seismic acquisition (and associated interpretation work), with the intention being that such 3D seismic acquisition will occur during the initial four-year exploration period. Further announcements will be made as appropriate.

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