Challenger Energy Group PLC GUAYAGUAYARE LICENCE - TRINIDAD (6737C)
14 June 2023 - 4:00PM
UK Regulatory
TIDMCEG
RNS Number : 6737C
Challenger Energy Group PLC
14 June 2023
14 June 2023
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
GUAYAGUAYARE LICENCE - TRINIDAD
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 advise that CEG
Goudron Trinidad Limited ("CGTL"), a wholly owned Trinidadian
subsidiary, has been notified by the Trinidad and Tobago Ministry
of Energy and Energy Industries ("MEEI") that the Government of
Trinidad and Tobago has authorized MEEI to enter into negotiations
with CGTL for the grant of an Exploration and Production (Public
Petroleum Rights) Licence for the Guayaguayare block (the
"Licence"), following a successful bid for that Licence by
CGTL.
The Guayaguayare block is located onshore in south-east
Trinidad. It is one of the largest onshore exploration and
production blocks in Trinidad (approximately 306 km(2) ), and is
strategically and operationally synergistic with the Company's core
Trinidadian production business, in that the Licence wholly
encloses the Company's Goudron licence area, and is adjacent to the
Company's Trinity-Inniss licence area (refer to the Appendix to
this RNS).
The Company considers the Guayaguayare block to be highly
prospective, being amongst the largest remaining underexplored /
undrained contiguous onshore areas in Trinidad. Additionally, the
block contains approximately 65 historic wells, a few of which are
active, but most of which are currently shut-in / suspended /
abandoned, and many of which the Company believes can be
reactivated and serviced from existing operations, thus offering
the opportunity for near-term production uplift at minimal
incremental cost.
The Company will advise the terms and conditions of the Licence,
including the Company's agreed work obligations, on completion of
negotiations with MEEI.
Eytan Uliel, Chief Executive Officer of Challenger Energy,
said:
"Late last year, we advised of our Trinidad strategic focus,
which was to concentrate on the south-east of Trinidad, where we
have most of our existing production and operations, and thus a
competitive advantage. Recognising the strategic and operational
synergies available, we submitted only one bid as part of MEEI's
2022 Onshore and Nearshore Competitive Bid Round, for the
Guayaguayare licence - one of the largest available onshore
licences in Trinidad, and a block that is fully aligned to our
strategy. We are thus extremely pleased to have now been selected
by Cabinet as the party with whom MEEI is to negotiate licence
terms, and we look forward to working with MEEI on this process. We
are enthusiastic about the prospects this block offers for CEG in
Trinidad - both in terms of near-term production gains, and
long-term exploration upside."
For further information, please contact:
Challenger Energy Group PLC Tel: +44 (0) 1624 647
Eytan Uliel, Chief Executive Officer 882
WH Ireland - Nomad and Joint Broker Tel: +44 (0) 20 7220
Antonio Bossi / Darshan Patel / Enzo 1666
Aliaj
Zeus - Joint Broker Tel: +44 (0) 20 3829
Simon Johnson 5000
Gneiss Energy Limited - Financial Tel: +44 (0) 20 3983
Adviser 9263
Jon Fitzpatrick / Paul Weidman / Doug
Rycroft
CAMARCO Tel: +44 (0) 20 3757
Billy Clegg /Hugo Liddy / Sam Morris 4980
Notes to Editors
Challenger Energy is a Caribbean and Americas focused oil and
gas company, with a range of oil production, development,
appraisal, and exploration assets in the region. The Company's
primary assets are located in Uruguay, where the Company holds high
impact offshore exploration licences, and in Trinidad and Tobago,
where the Company has a number of producing fields and
earlier-stage exploration / appraisal projects.
Challenger Energy is quoted on the AIM market of the London
Stock Exchange.
https://www.cegplc.com
ENDS
APPENDIX: CEG T&T LICENCES, WITH GUAYAGUAYARE
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPUQCQUPWUAC
(END) Dow Jones Newswires
June 14, 2023 02:00 ET (06:00 GMT)
Challenger Energy (AQSE:CEG.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Challenger Energy (AQSE:CEG.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024