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CEG Challenger Energy Group Plc

5.55
0.00 (0.00%)
13 Sep 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Challenger Energy Group Plc LSE:CEG London Ordinary Share IM00BPLZ1D89 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 5.55 164,564 08:00:02
Bid Price Offer Price High Price Low Price Open Price
5.30 5.80 5.55 5.55 5.55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs USD 4.02M USD -13.42M USD -0.0639 -0.87 11.65M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:09:34 O 36,000 5.5125 GBX

Challenger Energy (CEG) Latest News

Challenger Energy (CEG) Discussions and Chat

Challenger Energy Forums and Chat

Date Time Title Posts
07/9/202407:57challenger energy group21,631
07/3/202414:24CEG-Official Thread64
15/2/202406:28No Insulting CEG thread.32
09/5/200908:42Education is the future2
19/8/200814:59Corsie Group PLC179

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Posted at 15/9/2024 09:20 by Challenger Energy Daily Update
Challenger Energy Group Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker CEG. The last closing price for Challenger Energy was 5.55p.
Challenger Energy currently has 209,881,322 shares in issue. The market capitalisation of Challenger Energy is £11,648,413.
Challenger Energy has a price to earnings ratio (PE ratio) of -0.87.
This morning CEG shares opened at 5.55p
Posted at 07/8/2024 10:25 by arrynillson
Disgraced Compulsive Liar 12bn - saved you the bother of dusting off your old posts:-

arrynillson15 Jun '24 - 16:14 - 21442 of 21582 Edit
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Disgraced Compulsive Liar 12bn here’s a selection of your posts which suggest more than a passing interest in a 0.04p share price - including one urging holders to ` get out while they can ’ !

After all these years you still haven’t explained why you want people you don’t know not to buy shares in this company and that holders should sell seemingly irrespective of the company prospects!

Note you got it completely wrong about the JV with Chevron - where was the dilutive cash raise 12bn?

12bn
19 Feb '24 - 12:06 - 20419 of 21440
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Oh dear,how low can she go? All the way back to 0.04p?

12bn
28 Feb '24 - 07:42 - 20484 of 21440
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IMO this will return to the 0.04p once funding news arrives,which I expect very soon.


CEG is a serial loss maker of around $175k-$200k a month (see results) and the question holders should have is 'how can they survive without raising cash?' The answer is they cannot,even with a JV for Uruguay (which I doubt they will get since one hasn't arrived in nearly a year of looking for one),CEG will have to raise cash via dilution just to pay its bills/salaries/etc. Imo it is not 'if' dilution comes but 'when' will it come? My guess is very soon.

12bn
31 Jan '24 - 13:43 - 20268 of 21440
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IMO the share price could return to 0.04p very quickly after funding news,holders should get out while they can, as after funding news the share price drop will make it virtually impossible to get out at a decent price,all imo. :)
Posted at 01/8/2024 09:13 by 12bn
NO boomboy,I have watched the share price drop after the other two consolidations (Cerp,20:1 and 10:1) and was happy not to be a holder then. This company loses $1m every 5 months ($200k a month)and all it really has is HOPE that large amounts of oil will be found if/when drilling commences. The only certainty is that CEG will raise cash via dilution and that imo the dilution will crash the share price Just imo. :)
Posted at 30/7/2024 15:42 by bigsi2
Results of AGM and Share Capital ConsolidationThe Company is pleased to announce that at the Company's Annual General Meeting held today, all resolutions were passed. Consequently, the Company will proceed with the share consolidation as advised in the Company's Notice of Annual General.All resolutions were passed, with the poll results as follows: ResolutionFor%Against%Withheld%13,181,122,524 87.52%420,497,81511.57%33,323,5760.92%23,198,616,72788.00%421,435,21611.59%14,891,9720.41%33,196,795,27487.95%421,943,57811.69%16,205,0630.45%43,594,537,62998.89%27,455,4610.76%12,950,8250.36%53,123,486,00885.93%475,943,39913.09%35,514,5080.98%63,181,210,39287.52%420,927,85311.58%32,805,6700.90% As a result of Resolution 4 having been passed at the AGM, shareholders have approved the reduction in the number of Ordinary Shares by way of a consolidation on the basis of 50 Ordinary Shares into one new ordinary share of 1p each ("New Ordinary Share") (collectively the "Consolidation"). The Consolidation will become effective and CREST accounts updated at 6 p.m. (UK time) on 6 August 2024. At the Record Date, being 6 p.m. on 6 August 2024, the 10,494,066,144 Existing Ordinary Shares will be consolidated into 209,881,332 New Ordinary Shares. Application has been made for 209,881,332 New Ordinary Shares to be admitted to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8:00 a.m. on 7 August 2024 under new ISIN IM00BPLZ1D89 and SEDOL BPLZ1D8 ("New Ordinary Share Admission"). Certificates in respect of the New Ordinary Shares are expected to be issued by 21 August 2024. Following New Ordinary Share Admission, the share capital of the Company will be comprised of 209,881,332 New Ordinary Shares of which no shares are held in treasury. Therefore, the total number of voting rights in the Company is 209,881,332. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules. A fractional entitlement will arise as a result of the Consolidation unless a holding of Ordinary Shares prior to the Consolidation is exactly divisible by 50. For example, a shareholder holding 1,006 Ordinary Shares would be entitled to 20 New Ordinary Shares and a fractional entitlement of 0.12 of a New Ordinary Share after the consolidation of shares. Any fractional entitlements arising from the Consolidation will be aggregated and sold in the market. The costs, including the associated professional fees and expenses, that would be incurred in distributing such proceeds are likely to exceed the total net proceeds. The Board is therefore of the view that, as a result of the disproportionate costs in such circumstances, it would not be in the Company's best interests to distribute such proceeds. The proceeds will instead be retained for the benefit of the Company in accordance with the resolution. Following the Consolidation, save for any adjustment resulting from fractional entitlements, all shareholders will retain the same percentage interest in the Company's issued ordinary share capital as that held immediately prior to the implementation of the Consolidation. Shareholders holding fewer than 50 Ordinary Shares immediately prior to the Consolidation will cease to be shareholders of the Company
Posted at 19/7/2024 09:04 by 12bn
CEG loses $2.4m a year,$200k a month,no wonder the share price falls. My guess is the 50:1 consolidation followed by a new issue of shares will drop the share price to 0.12p again or even lower. AVOID imo.
Posted at 02/7/2024 07:23 by 12bn
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.
Posted at 27/6/2024 07:38 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"):Resolution One: As an ordinary resolution, that the Directors' Report and the Financial Statements for the year ended 31 December 2023, together with the Independent Auditor's Report, be received.Resolution Two: As an ordinary resolution, that Mr. Eytan Uliel, who retires by rotation and, being eligible, offers himself for reappointment, be reappointed as a director of the Company.Resolution Three: As an ordinary resolution, that Mr. Robert Bose, who was appointed by the directors during the year pursuant to Article 87 of the Company's Articles of Association, be reappointed as a director of the Company. 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, as if the pre-emption provisions contained within Article 6.3 of the Company's Articles of Association did not apply to such allotment and issue, such authority to expire on 31 December 2025 but that authority shall extend to the making, before such expiry, of an offer or agreement which would or might require ordinary shares to be allotted after such expiry and the Directors may allot ordinary shares in pursuance of such an agreement as if the authority conferred hereby had not expired.Resolution Six: As an ordinary resolution, that Grant Thornton [[C of 13-18 City Quay, Dublin, D02 ED70, Ireland, be appointed as auditors of the Company to hold office until the conclusion of the next general meeting at which accounts are laid, and to authorise the directors to determine their remuneration.EXPLANATORY STATEMENTSBOARD STATEMENT / RESOLUTION FOUR (SHARE CONSOLIDATION)The Board is of the view that it would benefit the Company and shareholders at this time to reduce the number of ordinary shares in issue with a resulting adjustment in the market price of such shares (the "Share Consolidation").The ordinary shares of the Company have recently been trading at a market price of less than one penny, and the Company has a large number of ordinary shares in issue. Going forward, the Directors believe that the existing share capital structure is no longer appropriate, as the high number of shares in issue, combined with the relatively low par value per share, is thought to result in excess volatility and reduced liquidity in the Company's shares. The relatively low share par value is also a bar to investment in the Company by a number of parties, including in particular many institutional investors, given that a number of leading global share custodians are not permitted in accordance with their custody rules to hold shares in the Company given its share trading value is below 1 pence per ordinary share.By proceeding with the Share Consolidation, the Directors therefore anticipate that a higher trading value per share will improve the marketability of the Company and could increase interest from institutional investors in the UK and overseas which should improve the liquidity of the Company's shares. This is also expected to assist in reducing the volatility in the Company's share price and enable a more consistent valuation of the Company, thus making the Company's shares more attractive to long-term institutional shareholders whilst not impacting overall liquidity. Furthermore, conversion of the £1.5m loan from Charlestown Equity Partners LLP, which was announced on 18 April 2024, into a shareholding in the Company is conditional on the Share Consolidation.Pursuant to the Share Consolidation it is proposed that the existing 10,494,066,144 issued ordinary shares of 0.02 pence per share will be subject to a 1 for 50 consolidation, resulting in the total number of ordinary shares in issue being reduced to 209,881,322 ordinary shares with a new ISIN of IM00BPLZ1D89 and SEDOL of BPLZ1D8, with a nominal value of 1 pence each.As all ordinary shareholdings in the Company will be consolidated, the number of ordinary shares held by each Shareholder will reduce, but the proportion of the total issued ordinary share capital of the Company held by each Shareholder immediately before and following the Share Consolidation will, save for fractional entitlements, remain unchanged. Apart from having a different nominal value, each ordinary share will carry the same rights as set out in the Company's Articles of Association that currently attach to the ordinary shares.Fractional entitlements arising from the Share Consolidation will be aggregated and sold in the market and, in accordance with the Articles, be retained for the benefit of the Company. The value of any one Shareholder's fractional entitlement will not exceed the value of one ordinary share post the Share Consolidation.The Company's Articles of Association provide, in Article 43, that the Company may consolidate its share capital by way of an ordinary resolution. Accordingly, Resolution Four will be proposed as an ordinary resolution at the AGM.Subject to the passing of Resolution Four, all outstanding options and warrants to subscribe for ordinary shares in the Company will be correspondingly adjusted (in accordance with their respective terms of conditions), such that the number of ordinary shares the subject of the respective option or warrant will be reduced on a 1 for 50 basis, and the strike price of the respective option of warrants will be increased by 50 times.BOARD STATEMENT / RESOLUTION FIVE (GENERAL ISSUANCE AUTHORITY)In accordance with Article 6.8 of the Company's Articles of Association, the Board unanimously recommends Resolution Five. The share allotment authorities granted to the Board by the shareholders on 15 August 2023 have not been fully utilised to date, and the board considers it prudent to have in place an authority to enable the Company to quickly and flexibly secure funding necessary for the development of its project portfolio over the course of 2024 and 2025, and/or to consider transactional opportunities that may arise from time to time. However, to the extent Resolution Four is passed and the Company's shares are consolidated, the existing authority in place granted on 15 August 2023 would likewise need to be reduced and refreshed - Resolution Five essentially provides for this. The amount that would be received by the Company on exercise of such authority is presently unable to be determined, as it will depend on the terms and conditions governing any such allotment, the number of shares issued in any such allotment, and the price of the shares so allotted, at the time of allotment.The Directors consider the approval of the resolutions to be proposed at the Annual General Meeting to be in the best interests of the Company and its Shareholders as a whole and, accordingly, unanimously recommend Shareholders to vote in favour of all of the resolutions, as they and their associated parties intend to do in respect of their beneficial holdings, which in aggregate total 779.2 million ordinary shares (on a pre-consolidation basis), representing approximately 7.4 per cent. of the current issued share capital.This Notice of Annual General Meeting will be dispatched to Shareholders by no later than 30 June 2024 and has on 27 June 2024 been posted on the Company's website (www.cegplc.com). Copies can also be obtained in person at the Registered Office.Dated 27 June 2024 BY ORDER OF THE BOARDJonathan Gilmore Company Secretary EXPECTED TIMETABLE OF PRINCIPAL EVENTSEventTime and/or date(1)(2)Publication and posting of this DocumentBy 30 June 2024Latest time for receipt of proxy appointments in respect of the Annual General Meeting11.00 a.m. on 26 July 2024Annual General Meeting11.00 a.m. on 30 July 2024Record Date in respect of the Share Consolidation6.00 p.m. on 6 August 2024Admission to AIM of New Ordinary Shares8.00 a.m. on 7 August 2024Date CREST accounts credited with New Ordinary Shares8.00 a.m. on 7 August 2024Expected date of dispatch of share certificates in respect of any New Ordinary Shares held in certificated form by21 August 2024 Notes:(1) All of the times referred to in this Document refer to London time, unless otherwise stated.(2) Each of the times and dates in the timetable is subject to change. If any of the times and/or dates change, the revised times and/or dates will be notified to Existing Shareholders by an announcement through a Regulatory Information Service.(3) The current number of ordinary shares in issue (pre-consolidation) is 10,494,066,144 with ISIN IM00BN2RD444. Following the proposed 50:1 share consolidation the number of shares will be 201,881,322 with ISIN IM00BPLZ1D89.Notes:1. Any Shareholder attending the AGM has the right to ask questions. The Company must cause to be answered any such question relating to the business being dealt with at the AGM but no such answer need to be given if: (a) to do so would interfere unduly with the preparation for the AGM or involve the disclosure of confidential information; (b) the answer has already been given on a website in the form of an answer to a question; or (c) it is undesirable in the interests of the Company or the good order of the AGM that the question be answered.2. Shareholders, or their proxies, intending to attend the AGM in person are requested, if possible, to arrive at the AGM venue at least 30 minutes prior to the commencement of the meeting at 11.00 British Summer Time on 30 July 2024, so that their shareholding may be checked against the Company's Register of Members and attendances recorded.3. Shareholders are entitled to appoint another person as a proxy to exercise all or part of their rights to attend and to vote on their behalf at the AGM. A Shareholder may appoint more than one proxy in relation to the AGM provided that each proxy is appointed to exercise the rights attached to a different ordinary share or ordinary shares held by that Shareholder. A proxy need not be a shareholder of the Company.4. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company's Register of Members in respect of the joint holding (the first named being the most senior).5. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. If no voting indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the AGM.6. Unless otherwise indicated on the Form of Proxy, CREST, Proxymity or any other electronic voting instruction, the proxy will vote as they think fit or, at their discretion or withhold from voting.7. You can appoint a proxy to vote on your behalf either:· online via the Link Investor Centre. Link Investor Centre is a free app for smartphone and tablet provided by Link Group (the company's registrar). It allows you to securely manage and monitor your shareholdings in real time, take part in online voting, keep your details up to date, access a range of information including payment history and much more. The app is available to download on both the Apple App Store and Google Play, or by scanning the relevant QR code below. Alternatively, you may access the Link Investor Centre via a web browser at: https://investorcentre. linkgroup.co.uk/Login/Login;· by requesting a hard copy form of proxy directly from the registrars, Link Group by emailing shareholderenquiries@linkgroup.co.uk or calling 0371 664 0300. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09.00 - 17.30 (GMT), Monday to Friday excluding public holidays in England and Wales; or· in the case of CREST members, by utilising the CREST electronic proxy appointment service in accordance with the procedures set out below.· if you are an institutional investor you may also be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 11.00 a.m. on 26 July 2024 in order to be considered valid or, if the meeting is adjourned, by the time which is 48 hours before the time of the adjourned meeting. Before you can appoint a proxy via this process you will need to have agreed to Proxymity's associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. An electronic proxy appointment via the Proxymity platform may be revoked completely by sending an authenticated message via the platform instructing the removal of your proxy vote.8. In order for a proxy appointment to be valid a form of proxy must be completed. In each case the form of proxy and any power of attorney or other authority under which it is signed (or a notarially certified copy of such authority) must be received by Link Group, PXS1, Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL by no later than 11.00 a.m. (GMT) on 26 July 2024.9. If you return more than one proxy appointment, either by paper or electronic communication, the appointment received last by the registrars before the latest time for the receipt of proxies will take precedence. You are advised to read the terms and conditions of use carefully. Electronic communication facilities are open to all Shareholders and those who use them will not be disadvantaged.10. The return of a completed form of proxy, electronic filing, any CREST Proxy Instruction (as described in note 11 below) or appointment of a proxy via Proxymity will not prevent a Shareholder from attending the Meeting and voting in person if he/she wishes to do so.511. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the AGM (and any adjournment of the AGM) by using the procedures described in the CREST Manual (available from www.euroclear.com). CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.12. In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a 'CREST Proxy Instruction') must be properly authenticated in accordance with Euroclear's specifications and must contain the information required for such instructions, as described in the CREST Manual. The message must be transmitted so as to be received by the issuer's agent (ID RA10) by 11.00 a.m. (GMT) on 26 July 2024. For this purpose, the time of receipt will be taken to mean the time (as determined by the timestamp applied to the message by the CREST application host) from which the issuer's agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.13. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system provider(s) are referred, in particular to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 18(a) of the Uncertificated Securities Regulations 2005 of the Isle of Man (SD No. 754/05).14. Completion and return the Form of Proxy will not prevent a member from attending the Annual General Meeting and voting in person.15. If you have any questions relating to return of the Form of Proxy, please contact the Company's registrars via email at shareholderenquiries@linkgroup.co.uk or on 0371 664 0300. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09.00 - 17.30 (GMT), Monday to Friday excluding public holidays in England and Wales. Calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the proposals described in this circular nor give any financial, legal or tax advice.16. Every member who (being an individual) is present in person or (being a corporation) is present by a duly authorised representative (not being himself a member entitled to vote), shall on a show of hands have one vote and on a poll every member present in person or by proxy or (being a corporation) by a duly authorised representative shall have one vote for each share of which he is the holder. An ordinary resolution is passed either (i) on a show of hands by a majority of more than 50 per cent. of the votes cast by such members as are present and eligible to vote at the relevant meeting; or (ii) on a poll of members of the Company by a majority of more than 50 per cent. of the votes cast by members present and eligible to vote at the meeting.17. Pursuant to Regulation 22(1) of the Uncertificated Securities Regulations 2005 of the Isle of Man (SD No. 754/05), the Companyhas specified that only those members registered on the register of members of the Company at close of business on 26 July 2024 shall be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at that time. Changes to the register of members after close of business on 26 July 2024 shall be disregarded in determining the rights of any person to attend and vote at the meeting.18. Where a corporation is to be represented at the Annual General Meeting by a personal representative, such personal representative must, if requested, provide a certified copy of the resolution of its directors or other governing body authorising the appointment of the representative before being permitted to exercise any power on behalf of the corporation, and the Company has determined that for these purposes such copy of the resolution must be deposited at the Company's registered office address not later than 48 hours before the time appointed for the Annual General Meeting.19. If the Chairman of the Annual General Meeting, as a result of any proxy appointments, is given discretion as to how the votes the subject of those proxies are cast and the voting rights in respect of those discretionary proxies, when added to the interests in the Company's securities already held by the Chairman, result in the Chairman holding such number of voting rights that he has a notifiable obligation under the Disclosure Guidance and Transparency Rules, the Chairman will make the necessary notifications to the Company and the UK Financial Conduct Authority ("FCA"). As a result, any member holding 3 per cent. or more of the voting rights in the Company who grants the Chairman a discretionary proxy in respect of some or all of those voting rights and so would otherwise have a notification obligation under the Disclosure Guidance and Transparency Rules, need not make a separate notification to the Company and the FCA.20. As at 30 June 2024, being the last practicable date prior to the printing of this Notice of Annual General Meeting, the Company's issued share capital consisted of 10,494,066,144 ordinary shares carrying one vote each.21. Terms defined in the document of which this Notice form part have the same meaning when used in the Notice including these notes.22. You may not use any electronic address provided in either this Notice or any related documents (including the form of proxy) to communicate with the Company for any purposes other than those expressly stated.A copy of this Notice and supporting information can be found on the Company's website at www.cegplc.com.
Posted at 15/6/2024 16:14 by arrynillson
Disgraced Compulsive Liar 12bn here’s a selection of your posts which suggest more than a passing interest in a 0.04p share price - including one urging holders to ` get out while they can ’ !

After all these years you still haven’t explained why you want people you don’t know not to buy shares in this company and that holders should sell seemingly irrespective of the company prospects!

Note you got it completely wrong about the JV with Chevron - where was the dilutive cash raise 12bn?

12bn
19 Feb '24 - 12:06 - 20419 of 21440
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Oh dear,how low can she go? All the way back to 0.04p?

12bn
28 Feb '24 - 07:42 - 20484 of 21440
0 0 0
IMO this will return to the 0.04p once funding news arrives,which I expect very soon.


CEG is a serial loss maker of around $175k-$200k a month (see results) and the question holders should have is 'how can they survive without raising cash?' The answer is they cannot,even with a JV for Uruguay (which I doubt they will get since one hasn't arrived in nearly a year of looking for one),CEG will have to raise cash via dilution just to pay its bills/salaries/etc. Imo it is not 'if' dilution comes but 'when' will it come? My guess is very soon.

12bn
31 Jan '24 - 13:43 - 20268 of 21440
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IMO the share price could return to 0.04p very quickly after funding news,holders should get out while they can, as after funding news the share price drop will make it virtually impossible to get out at a decent price,all imo. :)
Posted at 26/4/2024 04:22 by arrynillson
12bn24 Apr '24 - 08:56 - 21218 of 21232
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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
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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 18/4/2024 07:50 by 12bn
18 April 2024

Challenger 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 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.
Challenger Energy share price data is direct from the London Stock Exchange

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