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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
|
|
|---|---|---|---|---|
| 0.02 | 0.36% | 5.50 | 15:07:10 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 5.375 | 5.375 | 5.50 | 5.50 | 5.48 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
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 01/11/2024 10:52 by 12bn Group PLC("Challenger Energy" or the "Company") New Share & Option Issuance On 29 October 2024, Challenger Energy (AIM: CEG), the Atlantic margin focused energy company, announced the closing of the farmout of a 60% interest in the AREA OFF-1 block to Chevron (the "Farmout"). Consequent on closing of the Farmout, new shares and options will be issued (the "Share Issuance" and "Option Issuance", respectively). Details are set out below. Iain McKendrick, Non-Executive Chairman of Challenger Energy, said: "Over the past three years the team has completely transformed the Company, migrating its exploration focus to Uruguay, securing quality assets of global interest as validated by the successful farmout of AREA OFF-1 to Chevron, and it is now looking forward to upcoming value-adding activity across that portfolio. The Company has also attracted new investors who understand our potential and who are committed to Challenger Energy for the long-term. We're fully funded, with a strong balance sheet and no debts or unfunded obligations, and therefore no need for any additional capital in the foreseeable future. Thus, whilst the share and option issuances detailed are administrative, they're also a milestone, in that they represent the definitive conclusion of the transition of our Company to where we are today. The runway ahead is clear, opportunities lie before us, and the Challenger Energy team is fully committed to exploiting this position of strength for the benefit of all shareholders". Conversion of Charlestown Loan On 18 April 2024, the Company announced a strategic investment in the Company by Charlestown Energy Partners LLC ("Charlestown"), under the terms of which Charlestown invested £1.5m in the Company, initially in the form of a loan, but which upon closing of the Farmout (and subject to prior completion of a share consolidation) would convert into shares in the Company, on a pre-agreed basis. The requisite share consolidation was completed on 7 August 2024, and the Farmout was completed on 28 October 2024. Accordingly, Charlestown's loan, along with accrued interest, will now convert into 20,000,000 ordinary shares, and the loan from Charlestown will be fully extinguished. These ordinary shares will be issued from the Company's standing share issuance authority, and will be issued to Charlestown and various associated entities and investment partners of Charlestown. Service Provider Share Issuance in Lieu of Fees, and issues of Fee Options Parties that have provided services to the Company over the past 12 months, including in particular various advisory services in respect of the Farmout, have indicated a desire to receive part of their fees, otherwise payable in cash, in the form of shares in the Company. The Company considers that this demonstrates a high degree of confidence in the Company, and also enables the Company to maximise cash reserves. The Company has thus agreed to issue 12,000,000 new ordinary shares to service providers in lieu of cash fees. These will be issued from the Company's standing share issuance authority. Additionally, as part of agreed fees to financial advisers in respect of services provided, the Company will also issue a total of 3,800,000 options over ordinary shares, exercise price of 5p per share, valid for 3 years from date of issue. Share Issuance to the CEO The Chief Executive Officer is entitled to a bonus related to the successful closing of the Farmout, which the CEO has agreed to receive in the form of shares in the Company, inclusive of the proviso that none of these shares can be sold within two years from the date of closing of the Farmout. The Company considers the willingness of the CEO to forego cash compensation, and instead increase his shareholding in the Company and to hold those shares for an extended period of time, to be a sign of confidence in the Company and its prospects, which not only retains and incentivises him but at the same time aligns his interests even further with that of all other shareholders. Accordingly, the CEO will be issued with 3,000,000 new ordinary shares from the Company's standing share issuance authority. Following this issuance, the CEO's shareholding in the Company will be a total of 15,122,432 shares, and will represent approximately 6.2% of the issued share capital. Option Issuance to the CEO and Mr Robert Bose 600,000 options in each tranche of the Company's approved option plan (refer to the Company's announcement of 7 March 2022) will be issued to the CEO as part of his agreed compensation arrangements consequent on successful completion of the Farmout, and 360,000 in each tranche will be issued to non-executive director Mr. Robert Bose, thus providing him with an option holding equal to other non-executive directors. The terms and conditions applicable to the new options to be issued to the CEO and Mr Bose will be as per the Company's announcement of 7 March 2022, but (i) exercise prices applicable to these options have been increased as described in Table A below, and (ii) only half will be exercisable immediately (subject to vesting hurdles), with the balance exercisable only after 1 March 2026. The increased exercise prices for each tranche of options represent significant premiums to the current share price, such that the ability to benefit is only possible if there is a material increase in the Company's market value from current levels. Total Voting Rights In respect of the new shares to be issued as a result of the foregoing, application has been made for admission to trading on the AIM of a total of 35,000,000 new ordinary shares of 1p each. Admission is expected on or around 8 November 2024. On admission the new ordinary shares will rank pari passu with the Company's existing ordinary shares. Following admission, the Company's issued share capital will consist of 244,881,322 ordinary shares, with each ordinary share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. This figure of 244,881,322 ordinary shares may therefore be used by shareholders in the Company, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. Total Options & Warrants on Issue Following the Option Issuances, the total number of options and warrants over ordinary shares in the Company, and the terms of those options and warrants, will be as follows: TABLE A: Consolidated Statement of Options and Warrants on Issue Holder Options and/or Warrants Held Iain McKendrick - Non-Executive Chairman 560,000 in each of Tranche A, B, C and D(1) Stephen Bizzell - Non-Executive Director 370,000 in each of Tranche A, B, C and D(1) Simon Potter - Non-Executive Director 370,000 in each of Tranche A, B, C and D(1) Robert Bose - Non-Executive Director 370,000 in each of Tranche A, B, C and D(2, 3) Eytan Uliel -Executive Director and CEO 1,700,000 in each of Tranche A, B, C and D(1) and 600,000 in each tranche on revised terms(2, 3) Executives and Staff (4) 1,800,000 in each of Tranche A, B, C and D(1) "In the money" advisor options 21,931,189(5) "Out of the money" advisor options 24,000(6) Notes: All share and option figures are stated on a post share consolidation basis, reflective of the 50:1 share consolidation that occurred on 8 August 2024. (1) Terms and conditions of Board & Executive / Staff Options were set out in the Company's announcement of 7 March 2022, and which are restated here for shareholder information, as follows: - Tranche A: exercise price 5p per share; exercise period of 5 years from grant; vested. - Tranche B: exercise price 7.5p per share; exercise period of 5 years from grant; unvested, will vest once a share price of 7.5p per share achieved and sustained for a period of 10 consecutive trading days. - Tranche C: exercise price 11.25p per share; exercise period of 5 years from grant; unvested, will vest once a share price of 11.25p per share achieved and sustained for a period of 10 consecutive trading days. - Tranche D: exercise price of 15p per share; exercise period of 5 years from grant; unvested, will vest once a share price of 15p per share achieved and sustained for a period of 10 consecutive trading days. If all Board & Executive / Staff Options that are currently "in the money" were exercised, a total of 4,800,000 ordinary shares would be issued (approximately 1.91% of the Company on a fully diluted basis), and in return for which the Company would receive cash proceeds of approximately £240,000 / US$320,000. (2) Exercise prices of these options have been increased as follows: - Tranche A: exercise price 8p per share (increased 60% from 5p per share) - Tranche B: exercise price 12p per share (increased 60% from 7.5p per share) |
Posted at 14/10/2024 06:11 by bigsi2 Stifel's operations in Europe are headquartered in London and Frankfurt, with offices in France, Germany, Switzerland, and Italy. We employ over 500 debt and equity professionals in key European markets and offer equity research coverage on more than 850 European companies.Stifel's growth in Europe has focused on building a Trans-Atlantic advisory, debt and equity powerhouse concentrated in small and mid cap companies for institutional investors |
Posted at 27/6/2024 06:38 by bigsi2 NOTICE OF ANNUAL GENERAL MEETING ("AGM")Notice is hereby given that the Annual General Meeting (the "Meeting" or "AGM") of Challenger Energy Group PLC ("CEG" or the "Company") will be held at the Company's registered office at The Engine House, Alexandra Road, Castletown, Isle of Man IM9 1TG on Tuesday 30 July 2024 at 11.00 a.m. British Summer Time, for the purpose of considering and, if thought fit, passing the following resolutions ("Resolutions"):Reso |
Posted at 13/5/2024 07:52 by bigsi2 Read the thread and then the CAPS will become obvious-Correcting the inaccurate (on multiple counts) nonsense posted by another party individual.CEG has around 60% free float currently-And it is not 90% institutionally owned.If you want to ignore wildly inaccurate and misleading posts as they suit your position then that's your prerogative. - also to correct your statement- ALL INVESTORS ARE NOT RELEVANT - to the SAME DEGREE - - perhaps you would say ALL INVESTORS were relevant to a company like BIDS?- the day before it subsequently went bust ? Yes the PIs were relevant to an extent- but had absolutely no relevance to BIDS prospects - and bankruptcy |
Posted at 13/5/2024 07:35 by alhambra1 Not an institutional investor - in CAPS !!!WHY post the bleeding obvious? ALL investors are relevant.... |
Posted at 12/5/2024 19:29 by willec1979 84.67% of shares owned by long term investors, not included Charleston. So with so little tradable float (15.33%) soon to be lower once Charleston is involved any news and this will fly with so little tradable float and how many long term private investors will be willing to sell shares so cheap, so in escence less than the 15.33% tradable float may even be under 10%. When this goes it will go big. |
Posted at 18/4/2024 06:50 by 12bn 18 April 2024Challenger Energy Group PLC ("Challenger Energy" or the "Company") STRATEGIC INVESTMENT BY CHARLESTOWN ENERGY Challenger Energy (AIM: CEG), the Atlantic margin focused energy company, is pleased to announce that it has entered into a legally binding term sheet for an investment by Charlestown Energy Partners LLC (together with its affiliates and assignees "Charlestown"). 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 · Charlestown's investment ensures the Company's ability to commence technical work on AREA OFF-3 at the earliest opportunity by underpinning the licence requirement to place cash on restricted deposit, ahead of the anticipated completion of the AREA OFF-1 farm-out to Chevron at which time the Company will receive $12.5 million in cash proceeds. Thereafter, Challenger Energy is expected to be fully funded for the foreseeable future, with no need for additional capital, whether equity or debt Eytan Uliel, Chief Executive Officer of Challenger Energy, said: "The strong progress of our business in Uruguay has seen a noted increase in interest from investors familiar with the E&P space who appreciate the value potential of our assets. We are pleased to advise of today's agreement with Charlestown, a specialist energy investor with an enviable track record of successful cornerstone investments in various listed and unlisted E&P companies, including being an early investor in the success story that the Namibian conjugate margin now represents. 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. Charlestown's investment, coupled with our low overhead and the attractive carry arrangements in the Chevron farm-out, puts us in an excellent financial position, with no need for further capital for the foreseeable future. As part of their strategic investment, Charlestown's Managing Member Mr. Robert Bose will be joining our board, and together we will be working to ensure that Challenger Energy provides Charlestown, alongside all shareholders, with the same outstanding return that their investment in the Namibian conjugate margin has". Robert Bose, Charlestown Managing Member, said: "I am very pleased to be joining the Challenger Energy board. Charlestown Energy Partners has been an active investor in global exploration opportunities, including in Namibia where we have developed significant insights into the conjugate margin's opportunity through our exposure to multiple blocks in the Orange and Walvis offshore basins, including PEL83 which is home to the recent multi-billion-barrel light oil discoveries by Galp Energia. We believe over time these results should translate across to the Uruguay conjugate margin. Challenger Energy's unique position in Uruguay, capital strength and upcoming catalysts position the Company for significant growth and value creation over the coming years. We are extremely excited to be part of the Challenger Energy story." About Charlestown: Charlestown is a specialist energy investor that is associated with Charlestown Capital Advisors, a family office founded in New York in 2005. Charlestown has been making investments globally in E&P since 2016 and has been the cornerstone shareholder in Sintana Energy Inc ("Sintana"), a TSX-listed exploration company since 2019. Sintana maintains an indirect interest in a portfolio of exploration licenses in Namibia including in the emerging Orange Basin, where several multi-billion-barrel discoveries have been made by Shell, TotalEnergies and Galp Energia. As a result of its early entry and the subsequent exploration success, Sintana's share price has appreciated more than six-fold in the past two years. Principal Terms: The principal terms of the agreement entered into between Charlestown and Challenger Energy are: · On closing, Charlestown will advance a loan of £1.5m to the Company (the "Loan"). · The Loan will have a maximum term of 12 months. · The Loan will accrue interest at the rate of 1% per month, with all principal and interest to be repaid in full at conclusion of the term, unless repaid earlier. · The Loan will be unsecured. · Funds from the Loan are to be applied by the Company for: o the requirement to place US$500,000 on restricted deposit in support of commencement of work on the newly awarded AREA OFF-3 block, and o general working capital purposes, including, in particular, meeting the Company's funding needs through to completion of the previously announced farm-in by Chevron to the AREA OFF-1 block in Uruguay (the "Chevron Farm-in"). · At any time during its term, either Charlestown or the Company can elect for early repayment of the Loan (plus interest), to be made by way of conversion of the Loan into newly issued ordinary shares in the Company, but only if the following conditions have first been satisfied: o the Chevron Farm-in has completed (this is anticipated once Uruguayan regulatory approvals are finalised, which is expected will be in the next 2-3 months; on completion of the Chevron Farm-in, as previously advised, the Company will receive US$12.5 million in gross cash proceeds); and o the Company's shareholders have approved, and the Company has thereafter undertaken, a share consolidation on the basis of at least 50:1 (this being a necessary requirement to enable Charlestown's share custodian to hold shares in the Company). · Assuming the above-noted conditions are satisfied and the Loan (plus interest) is repaid early in the form of newly issued ordinary shares, those will be issued to Charlestown at a price, on a pre-consolidation basis, of 0.168 pence per share, representing a premium of approximately 20% to the current share price, and ordinary shares would be issued to Charlestown representing an equity interest of approximately 8.7% in the Company. This would have the effect of making Charlestown a major shareholder and cornerstone financial investor in the Company. · The Company will issue warrants to Charlestown in respect of provision of the Loan, valid for 24 months from the date of their issue (which will be on or around financial close of the Charlestown investment), which will entitle Charlestown to subscribe for an additional 105 million ordinary shares in the Company at a subscription price of 0.2 pence per share (pre consolidation). This represents a premium of approximately 45% to the current share price. These warrants, if all exercised, would result in the Company receiving total additional proceeds of approximately £215,000, and would result in Charlestown's shareholding in the Company increasing to approximately 9.5%. · The agreement entered into between Charlestown and the Company is in the form of a legally binding Term Sheet. Completion of the transaction with Charlestown will require the parties to enter into full-form legal documentation by 30 April 2024, with financial close to follow by 15 May 2024 (and with a long-stop date of 31 May 2024). · Following financial close, and so as to facilitate the desired cornerstone investment from Charlestown, the Company will proceed to convene a shareholder meeting for the purposes of proposing a share consolidation. It is expected that documentation will be despatched to shareholders in early June 2024, and with the shareholder meeting to follow approximately four weeks thereafter. Intended Board Appointment Commensurate with the intended long-term cornerstone shareholding in the Company by Charlestown, Mr. Robert Bose will be invited to join the Board. Mr. Bose has been the Managing Member of Charlestown since 2016, having joined Charlestown Capital Advisors as a principal in 2014. Prior, he spent 17 years in the Global Investment Banking Group at the Bank of Nova Scotia, most recently as Managing Director and Head of the Power & Utilities Group, with a specifical focus on the energy and power sectors. Mr. Bose is currently also serving as Chief Executive Officer of Sintana, which as noted represents a significant holding in Charlestown's current portfolio. Mr. Bose has an Honors Degree in Economics from Queen's University in Kingston, Ontario and is a CFA Charterholder. Subject to completion of usual onboarding processes, Mr. Bose's appointment will take effect at such time as funding is advanced by Charleston, anticipated in mid-May 2024. Additional details pertaining to his appointment will be provided at that time. |
Posted at 05/9/2023 12:09 by 12bn IndustriesMedia Production Company size 11-50 employees Headquarters London Type Privately Held Founded 2016 Specialties Investment Banking, Investor Relations, Financial Reports, Investment Reporting, Fund Managers, Equity, Stock Markets, Research, Analysis, Institutional Investors , Stock Reports, Investing, Investor News, Equity Research, Expert Analysts, Charting and Company Content, Proactive Investors, Reporting, Financial Reporting, investor services, Investment Research, and Research |
Posted at 17/5/2023 07:44 by 12bn Challenger Energy Group PLC17 May 2023 17 May 2023 Reach Challenger Energy Group PLC ("Challenger Energy" or the "Company") PUBLICATION OF EQUITY RESEARCH REPORTS INVESTOR RELATIONS PROGRAM Challenger Energy (AIM: CEG), the Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets, is pleased to provide the following update. Broker Research The Company's joint brokers have both recently published equity research reports on the Company. WH Ireland has published an initiating Equity Research Report on the Company, which is available only to eligible investors via the WH Ireland portal, at hxxps://www.whirelan Zeus Capital has published an updated research note on the Company. This is available only to eligible investors at hxxps://zeuscapital. Investor Relations Program Following the Company's RNS dated 4(th) May 2023, which provided a technical work progress update in relation its Uruguay AREA OFF-1 licence, the Company has engaged in various investor relations activities, which has resulted in a number of recent presentations, media articles and interviews being released by various media houses. A listing of these, as well as details of upcoming investor relations events, is set out in the Appendix to this RNS. |
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