Challenger Energy Share Discussion Threads

[arrynillson] 03/7/2024 09:12

Market seems to have appreciated the Chairman’s recent 50k purchase, which our host 12bn has been very quiet about - he’s more concerned about Consolidation, even though this is facilitating a substantial new Institutional Investor, Charlestown and a new board member - says a lot for his perspective, as a non shareholding troll!

[slingerman] 02/7/2024 22:37

Strong trading today you could swear news was due....?

[arrynillson] 02/7/2024 17:35

Disgraced Compulsive Liar 12bn takes any share purchase here as a personal affront because his propaganda has failed - he’s never explained why hence the prevailing dementia theory.

[bigsi2] 02/7/2024 17:15

Well this "mugs" holding has moved comfortably into profit today - despite highest price paid of 0.19 on holding :)Gap closing at 0.12 was a gift -I very much doubt the share price will remain around these levels for much longer -Prospects for CEG remain excellent and fundamentals are strong

[arrynillson] 02/7/2024 16:53

Disgraced Compulsive Liar 12bn is a mug because he couldn’t resist temptation to lie and mislead - the facts were responsible for the share price performance - if he’d just stuck to them there’s limited opportunity for comebacks!

[bigsi2] 02/7/2024 15:22

The irony being that 12bn has now become just like one of the "mugs" he obsessively berated during the 99% drop - that would not acknowledge the risks and reasons for the drop. choosing instead to look for affirmation bias to support their own views / positions. I guess that makes him a "mug" by his own definition

[arrynillson] 02/7/2024 12:01

Disgraced Compulsive Liar 12bn obviously triggered by Chairman’s recent 50k additional share purchase- someone who clearly knows more about the company than 12!

[bigsi2] 02/7/2024 09:34

Bid now 0.1433 - and Offer is full 0.145I wouldn't be surprised to see 0.15 today

[bigsi2] 02/7/2024 08:47

SP continuing to tick up as Chevron completion could be RNSd any day now 12.5m

[bigsi2] 02/7/2024 08:18

Mr obsessive is back in full force then.Mental "challenges" obviously at play here.

[12bn] 02/7/2024 07:23

Chevron cash may happen but it is not a cert,losses here are a cert.//////////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.

[bigsi2] 01/7/2024 19:35

Consolidation was announced months ago -It makes practical / financial sense for the reasons outlined -CEG Previously had authority to issue up to 10BN shares - it did not utilise this authority. And has shown aversion to share dilution-Having the short term authority also is perfectly normal and sensible -The key here is 12.5 million inbound from chevron -Fundamentals and outlook has completely changed for CEGa director pumping in around 50k cash would clearly seem to indicate this

[jbt2007] 01/7/2024 18:08

This isn't LGO/CERP it's a completely different animal with a BPC heritage. As CEG this has exponentially more potential than previous incarnations and if you can't see that the Chevron and Charlestown deals have changed the outlook here completely, then there's no hope for you. Stop whining about the past and look forward, it must be a nightmare inside your head!

[12bn] 01/7/2024 18:04

Financial Performance

For the 2023 period under review, we recorded a loss of $13.4 million, although this includes the impact of various non-cash items, including non-cash losses arising from accounting impairments associated with the Trinidadian assets of approximately $12.9 million. Therefore, a more relevant metric to evaluate our financial performance during the period would, in my view, be a consideration of our "burn" - that is, cash used in running/sustaining our business across the period. In that respect, as noted, our Trinidadian operations operated on a largely self-sustaining basis through 2023 (thus requiring no cash support from the group), and the general and administration cost for the rest of our business was reduced to under US$200,000 per month ////// $200k a month of losses plus a big yearly loss,jam tomorrow promises company imo.

[12bn] 01/7/2024 17:58

In summary therefore, insofar as our business in Trinidad is concerned, I can report that 2023 was a mixed year. We largely met our core objectives of achieving cashflow breakeven operations and selling non-core assets. But, we did not turn a profit, and we did not "crack the code" as to how, in the longer term, we can transform the Trinidad business into a profitable production base of greater scale.

[12bn] 01/7/2024 17:54

Yep,a rinse and repeat performance,since LGO/CERP days this will be the 3rd consolidation followed by a big share issue. (The other two being a 20:1 and a 10:1),the share price did collapse after both of those.

[blind man] 01/7/2024 15:22

After consolidation 200 million shares with 100% share issue on the books

[12bn] 01/7/2024 08:48

Resolution Four: As an ordinary resolution, that every fifty (50) of the ordinary shares of 0.02 pence each in the issued and unissued share capital of the Company be consolidated into one (1) ordinary share of 1 pence each, such shares having the same rights and being subject to the same restrictions (save as to nominal value) as the existing ordinary shares of 0.02 pence each in the capital of the Company as set out in the Company's articles of association for the time being.
Resolution Five: As a special resolution,
subject to and conditional on the passing of Resolution Four, that any existing authority for the allotment of shares be revoked, and the Directors be granted new authority for the allotment, pursuant to Article 6.7 of the Company's Articles of Association, of up to 200,000,000 new ordinary shares of 1 pence each in the capital of the Company, //////////// So 50:1 consolidation followed by new share issuances,nothing much changes here does it?

[zxie] 01/7/2024 07:16

0.20p+ today

[bigsi2] 01/7/2024 07:05

Now the closer period is ended post results ... I wonder if there will be more director buys :)

[bigsi2] 01/7/2024 07:04

Healthy purchase - another up day

[bigsi2] 01/7/2024 07:03

1 July 2024Challenger Energy Group PLC("Challenger Energy" or the "Company") Director/PDMR ShareholdingChallenger Energy (AIM: CEG), an Atlantic margin focused oil and gas company, announces that Iain McKendrick, chairman of the Company, has, on 28 June 2024, purchased 35,459,902 ordinary shares in the Company at 0.1403p each. As a result of this transaction Iain McKendrick's holds a total of 85,459,902 ordinary shares representing approximately 0.8% the Company's issued share capital 1 Details of the person discharging managerial responsibilities / person closely associated a)NameIain McKendrick2Reason for the notificationa)Position/statusChairmanb)Initial notification /AmendmentInitial notification3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameChallenger Energy Group plcb)LEI2138007V1WVFQ52DLS754 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda) Description of the financial instrument, type of instrumentOrdinary shares of 0.02 pence eachIdentification codeIM00BN2RD444b) Nature of the transactionAcquisition of shares.c) Price(s) and volume(s)Price(s)Volume(s)Ordinary Shares0.1403p35,459,902d) Aggregated informationOrdinary Shares- Aggregated volume35,459,902- Price£49,750.24 e)Date of the transaction28 June 2024f)Place of the transactionLondon Stock Exchange (XLON)

[martyn9] 28/6/2024 16:53

Nice finish today,keep it up!!

[bigsi2] 28/6/2024 11:01

Re rating to a sensible market capitalisation?