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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Challenger Energy Group Plc | CEG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 9.25 | 14:01:09 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 9.25 | 9.125 | 9.25 | 9.25 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 05/3/2025 22:41 by roughandtumbleone https://cegplc.com/w |
Posted at 25/2/2025 21:01 by arrynillson Yes Disgraced Compulsive Liar 12bn- read those prices and weep - for anyone who took your advice to sell their shares at 2p ( 0.04p in pre consolidation money ) on the basis YOU didn’t believe the Chevron farm out would happen, based on your trolling instinct !Often 2/3 posts per day trolling CEG - where are you now 12bn? |
Posted at 18/2/2025 07:07 by bigsi2 18 February 2025Challenger Energy Group PLC("Challenger Energy" or the "Company") Sale of Trinidad and Tobago OperationsChallenger Energy (AIM: CEG) is pleased to announce that it has entered into a transaction for the sale of all of the Company's remaining business in Trinidad and Tobago (the "Transaction"), for a total transaction value to the Company of $6 million (which could increase to up to $8 million under certain future production criteria). The Transaction represents a complete exit of the Company from its operations in Trinidad and Tobago, including from all liabilities and potential exposures associated with those operations.The Transaction constitutes a fundamental change of business pursuant to AIM Rule 15 and is contingent upon obtaining the consent of the Company's shareholders at a general meeting. A circular to shareholders (the "Circular") is expected to be posted in due course containing details of the disposal and notice convening the general meeting.Eytan Uliel, Chief Executive Officer of Challenger Energy, said:"As previously advised, for some time we have been considering the future for our business in Trinidad and Tobago, ultimately concluding that our capital and efforts can be better deployed. Through this Transaction we receive both upfront and deferred consideration, we retain an ability to benefit from future upside performance of the assets sold, we remove various liabilities, provisions and exposures from our balance sheet, and we streamline our activities. Most importantly, exiting from Trinidad and Tobago allows full focus on our core assets in Uruguay, where we believe the opportunity to create near-term value for our shareholders is considerably greater, as we execute on our busy work programme in both AREA OFF-1 and AREA OFF-3 in 2025. We look forward to updating the market in due course."Details of the Transaction· The Company has agreed to sell 100% of its St Lucia domiciled subsidiary company, Columbus Energy (St. Lucia) Limited ("CEG Trinidad"), which in turn holds various subsidiary entities that collectively represent all of the Company's business, assets and operations in Trinidad and Tobago.· The purchaser is Caribbean Rex Limited, an entity jointly owned by T-Rex Resources (Trinidad) Limited (51%), a wholly owned subsidiary of Predator Oil & Gas Holding Plc ("POGH"), and the West Indian Energy Group Limited (49%), a Trinidadian company active in the domestic oil industry ("WEIGL").· Consideration represents a total transaction value of $6 million, whereby:o the Company will receive cash and liquid securities of $1.75 million, to be applied to general working capital and further strengthening the Company's balance sheet:§ an initial deposit of $0.25 million in POGH shares (approximately 4.4 million POGH shares to be issued to the Company);§ $0.75 million on completion - $0.25 million in cash and $0.5 million in POGH shares (the number of POGH shares to be issued will be based on the exchange rate and market price of POGH shares at the time of completion); and§ $0.75 million, in cash, in three equal instalments at year-end 2025, 2026 and 2027; ando on completion WEIGL will assume all liabilities, provisions and potential exposures of the business, assets and operations in Trinidad and Tobago, which for the purposes of the proposed Transaction are agreed to be $4.25 million.· At year-end 2027, an additional contingent payment of potentially up to $2 million is also available, under certain conditions linked to production exceeding 750 bopd.· Completion is subject to prior approval of (i) the Company's shareholders (as the disposal represents all of the Company's present revenue and thus constitutes a fundamental change of business pursuant to AIM Rule 15), and (ii) appropriate regulatory approval in Trinidad and Tobago, with both approvals to be obtained prior to 30 April 2025 (or such later date as the parties may agree).· The sale reflects a complete exit of the Company from Trinidad and Tobago. For the year to 30 June 2024, CEG Trinidad made a loss of approximately $0.6 million. As at 30 June 2024, CEG Trinidad had total net assets of approximately $5.8 million. Proceeds received from the Transaction will be used for general working capital in the Company's operations. In respect of POGH shares received as part of the consideration, the Company's intention is to liquidate those shares for cash, but in an orderly fashion and at a time of the Company's choosing. Further details of the effect of the operational and financial impacts of the Transaction on the Company will be included in the Circular related to the general meeting to be convened for the purpose of approving the sale. |
Posted at 10/2/2025 19:59 by arrynillson BigSi2- Eytan stated interest was recent which coincides with “ drill baby drill “ campaign in USA. Prior to that USA government wasn’t keen, as evidenced by last ditch Biden move for total USA offshore bans.As Bahamas only 50 miles from Florida US political climate would not have been encouraging for US based companies to consider opportunities so close to USA . I do recall talk of US concerns being raised at time of CEG drill. I’ve no reason to believe Eytan was not telling the truth about the interest but if it makes you more comfortable it was merely uttered as an obiter dictum - IMO he wasn’t attempting to make much of it. I’d definitely recommend all people who follow CEG to actually watch the video and decide for themselves. Can’t remember now if it was the Malcy effort or the Proactive one with Eytan in the CEG polo shirt - both worth watching especially for you BigSi2 as one of the more vocal shareholders. |
Posted at 02/1/2025 12:41 by dannymaz89 https://www.share-ta |
Posted at 18/12/2024 20:26 by bigsi2 The maths ....AREA OFF-1 READ-THROUGH VALUE FOR AREA OFF-1 Chevron is a quality partner of choice with full operating capability Validation of CEG's work, and technical / aboveground merits of the asset Immediate value realised and significant value and optionality retained Material upfront cash: $12.5m Substantial working interest retained: 40% Sizeable carry through an accelerated work program Full carry-on 3D seismic campaign (up to $15m net to CEG = up to $37.5m total seismic costs) 50% carry on initial exploration well if drilled (up to $20m net to CEG = up to $100m total well cost) A high value transaction that has not been fully priced in to market value Interest acquired by Chevron Interest retained by CEG Cash on completion 60% 40% $12.5m Firm seismic carry (net to CEG) Contingent well carry (net to CEG) Total payments and funding to CEG Implied value paid for 100% of block Implied value for 40% retained interest Value of cash + carry + retained interest (net to CEG) Farm-in contemplates up to $50m spend (initial entry + 3D seismic) and potentially a further $100m (initial exploration well) in respect of a 60% working interest Implied read-through value for AREA OFF-1 only: ~$79m = ~25p per share |
Posted at 04/12/2024 07:45 by arrynillson in4cedrosPosts: 6,009 Price: 5.375 No Opinion RE: RE: $12.5M banked3 Dec 2024 00:26 GarryGraham - many thanks indeed for your enquiries. Your first enquiry was rather strangely worded as you’re asking me to confirm when shareholders will be receiving a dividend from the share of the $12.5 million. I haven’t previously indicated dividends will be paid hence the strangeness of asking me to confirm ‘ when ‘. I do not foresee CEG will commence payment of a dividend for many years to come, even if the Uruguay drill is a big success! If this company continues to trade successfully with a succession of positive RNS I expect the share price to rise to reflect those achievements. If the share price does not rise to reflect the true value of the underlying assets the company will become vulnerable to a Takeover bid from another company who have appreciated the value and believe they can convert that for their own shareholders. A T/O bid is a very common way of dealing with smaller companies. At the moment CEG have the $12.5 million but, as I suggested previously, it’s likely they’ll spend some of this on developing OFF- 3 as that’s obviously sensible and would be fully understood by most shareholders. I’d also speculate some cash will be spent on Trinidad as I believe it’s likely they will have a priority list of projects that have been discussed for years and agreed as being very worthwhile on ROI basis - just waiting for the cash to fund it. Before readers become alarmed I must stress this is merely my own opinion - I have no evidence from CEG to back it up so it could be complete tosh! If they can increase bopd from Trinidad by say 200 it would likely make the company profitable, including BOD expenses, whereas, at the moment there is a monthly drain of around $1800. Regarding the humongous additional benefits to shareholder value I’m referring to the Chevron deal - the main financial benefits I’ve cut and pasted from the RNS:- · 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. As the current market capitalisation of CEG is just over £13 million and the recent banked cash is $12.5 million I don’t believe I’m outrageously ramping this in suggesting that the share price doesn’t reflect the value of the Chevron additional benefits plus the value of Trinidad assets together with any value for OFF- 3 ! If the Seismic is favourable and Chevron confirm they will drill OFF- 1 the pre drill value of CEG will increase as minds of investors become more focused on the potential benefits of success- it’s a phenomenon that’s pretty common in Oil Exploration. In that scenario those shareholders who don’t want to take the risk of the drill may well find they can exit the share at a good profit, thereby benefiting from the humongous additional benefits of the Chevron deal, without oil being discovered! As I have mentioned previously I watched a video from Eytan post Chevron where he ventilated the idea that CEG would have the option to sell part of their 40% interest in return for a free carry on the drill costs. If that happened and for example Company XYZ agreed such a deal for say 20% it would be apparent to the market what the cash value of CEG remaining interest was - it would be equivalent to the cash sum Chevron billed CEG for the total 40% interest drill cost. Outside investors note these details and do their own calculations on CEG NAV - should logically lead to a substantial pre - drill share price increase. Glad to have this opportunity to explain this concept to you Garry - I suspect you weren’t the only one who couldn’t understand the exciting potential here in the pre - drill phase! I’m thinking this is quite a revelation for you as it seems like you’ve invested in this share on a shyte or bust basis - It occurs to me this may make you more comfortable with your shares but, as always, DYOR Garry! |
Posted at 26/4/2024 03:22 by arrynillson 12bn24 Apr '24 - 08:56 - 21218 of 212320 0 0 So everything depends on the Chevron deal completing in SEVERAL months time. This may not complete at all if Chevron decide the 3D seismics don't warrant a completion. This means your shares could end up with very little value at all and several months time things could change a lot. RISKY. arrynillson24 Apr '24 - 10:26 - 21219 of 21232 Edit 0 0 0 Disgraced Compulsive Liar 12bn - there you go again with your lying - why make up this shyte ! The Chevron deal is subject to approval from Uruguay Government, that much is true but why make up that it’s also dependent on seismic ? Always the same 12bn - when you’re on the ropes you become more and more desperate - people on here know that - it’s why you’ve got a FILTER LIST LONGER THAN SCHINDLER! I’m posting up below relevant paragraphs from the RNS dealing with the Chevron deal. The cost of 3D seismic is clearly not cheap, up to $15 million mentioned in the RNS. Try and follow the logic here 12bn, BEFORE Charlestown financing announcement you were telling us daily, sometimes multiple times daily, that CEG were rapidly running out of money. How did you think that CEG would complete 3D seismic, before completion of the Chevron deal LOL!!!!!! · 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. |
Posted at 24/4/2024 09:26 by arrynillson Disgraced Compulsive Liar 12bn - there you go again with your lying - why make up this shyte !The Chevron deal is subject to approval from Uruguay Government, that much is true but why make up that it’s also dependent on seismic ? Always the same 12bn - when you’re on the ropes you become more and more desperate - people on here know that - it’s why you’ve got a FILTER LIST LONGER THAN SCHINDLER! I’m posting up below relevant paragraphs from the RNS dealing with the Chevron deal. The cost of 3D seismic is clearly not cheap, up to $15 million mentioned in the RNS. Try and follow the logic here 12bn, BEFORE Charlestown financing announcement you were telling us daily, sometimes multiple times daily, that CEG were rapidly running out of money. How did you think that CEG would complete 3D seismic, before completion of the Chevron deal LOL!!!!!! · 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. |
Posted at 09/4/2024 13:15 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. |
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