In this regard, the Company's net cash spend, after adjusting for various items such as licence expenses in Uruguay and purchase of property plant and equipment in Trinidad & Tobago, was in the order of $180,000 per month. This represents the basic costs of staying in business as a junior AIM-listed company - corporate expenses, salaries, listing costs, annual audit fees, etc. We believe that this level of "burn" compares favourably with similar AIM-listed entities, is consistent with the level of net cash spend in prior periods, and meets the Company's stated objective of keeping its "burn" under $200,000 per month. |
At balance sheet date the Company had approximately $1.8m of unrestricted cash (and approximately $0.8m of cash on restricted deposit in support of work program guarantees for various licences). During the period we sought to defer expenditure and minimise cash outflows as far as possible in anticipation of completion of the AREA OFF-1 farmout. As noted, once the farmout of AREA OFF-1 is completed, Challenger Energy will receive a cash $12.5 million payment, along with Chevron being required to carry our share of certain future work programme costs. Therefore, subject to completion of the AREA OFF-1 farmout, the Company expects it will have the cash needed to fund all planned activities for the foreseeable future, without the need for additional capital |
hxxps://www.share-talk.com/malcys-blog-oil-price-arrow-exploration-corp-borders-southern-challenger-energy-group-petro-matad-petrofac-union-jack-oil-finally/ |
12bn - the Summit is preceded by a How Much Crow Can You Eat competition where you have top priority seat at the table - Humble Pie served for dessert! |
Challenger Energy Group PLC ("Challenger Energy" or the "Company") Participation in World Energies SummitChallenger Energy (AIM: CEG), the Atlantic margin focused energy company is pleased to be participating in the World Energies Summit taking place on 1st - 2nd October 2024 in London. Eytan Uliel, Chief Executive Officer, will be speaking on the "Global E&P Hotspots: The Americas" panel, where he'll discuss the Company's key assets in Uruguay, and the outlook for exploration in the region more broadly. This will take place at 4:30pm -5:30pm on 1st October 2024.He will be speaking alongside ANCAP (Uruguay's national oil company and sector regulator) President Alejandro Stipanicic, and Oil & Gas Corporation of Newfoundland and Labrador Chief Executive Officer, Jim Keating, amongst other key players |
Go on then brain of Britain, 12bn, they are about to get $12.5m from Chevron plus the £1.5m from Charlestown, so what would they need to fundraise for exactly? You complete muppet. |
Fund raising soon imo,hence the selling by those in the know. |
cat33 Couldn't read it,only gave first article, are u able to post |
At this point it's incomparably better and less risky than the "unfunded" no partner high risk low COS drill that was PV1. |
Thought it was 25p. Why is it still falling might add a few today, looks a no brainer then I remembered Bahamas |
Much as I despise the man ...https://www.malcysblog.com/2024/09/oil-price-ujo-arrow-ceg-petrofac-borders-southern-and-finally/"This is exceptionally good news for Challenger and I remain very excited indeed about its prospects under the brilliant management of Eytan Uliel and team. This is only the first of the blocks to be farmed-out and when Chevron moves into the AREA OFF-1 the CEG team will move faster on the other one although I know they are working hard already.Up until now I have been very bullish but have had no TP for CEG, I am now very confident that this deal is imminent and another one not far behind. Accordingly I am going to put a Target Price on Challenger of 25p and know that there is uber upside for the shares under this management. |
Has Malcy put a target price of 25p on CEG following todays RNS ? |
$12.5m cash in the coffers soon, not far off the entire Mcap, and with a farm out for OFF-3 on the horizon it's obvious the stock is ludicrously undervalued, but that's down to the macro environment, which will change in time, value will out, just a game of patience |
Agreed Stewart, all seems completely flat considering this news. |
$12.5 million from Chevron on completion 12bn - read the RNS you posted about Chevron deal - try not to lose ALL touch with reality! |
12bn you prat, they will be getting $12.5m shortly, they don't need a placing. You look more and more foolish every time you post. This is happening. |
Nah Brett,imo CEG will do a big discounted placing on the back of this. |
Weeping and gnashing of teeth today for Disgraced Compulsive Liar and followers! |
Terrific news and the only way ahead is up for the coming weeks. |
Significant share price rise - OFF-3 next
Before Christmas
🎅 |
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