Challenger Energy Group (CEG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.14p
   
  • Change Today:
      0.003p
  • 52 Week High: 0.16
  • 52 Week Low: 0.038
  • Currency: UK Pounds
  • Shares Issued: 10,494m
  • Volume: 61,669,266
  • Market Cap: £14.69m
  • RiskGrade: 73

Bahamas Petroleum on track for first well in 2020

By Josh White

Date: Wednesday 21 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Oil and gas explorer Bahamas Petroleum Company has entered into a series of agreements as part of a coordinated approach toward drilling its first exploration well in the Bahamas in 2020, it announced on Wednesday.
The AIM-traded firm said it was on course to see the drilling of an initial exploration well in the first half of 2020, with an agreement reached with Seadrill for the provision of a sixth-generation drilling rig, consisting of \"key commercial parameters\", including the day rate.

It said it had also appointed a \"leading\" international contractor, Halliburton, as its integrated well services provider, with BakerHughes GE appointed to provide a range of well-related equipment.

The board confirmed a downward-revised estimate for the initial exploration well cost of between $25m (£19.79m) and $30m, or less than $50m for a concurrent two-well campaign if funding permitted.

A conditional agreement had been reached for a convertible loan investment of £10.25m, which was approximately half the anticipated cost of a single well, the board added.

Proposals had been received for other financing alternatives, with farm-out discussions continuing.

The board called an annual general meeting for 17 September, to approve the convertible note investment, a proposed expanded share issuance authority, a proposed cancellation of existing options to be replaced with the issue of revised new options, and the approval of the payment of deferred remuneration via the issue of new ordinary shares once the initial well was fully-funded.

\"Following our licences being extended to the end of 2020 by the Government of the Bahamas earlier this year, rapid progress has been made across our business,\" said Bahamas Petroleum chief executive officer Simon Potter.

\"Today we are pleased to update shareholders on a series of coordinated steps that the company has taken toward drilling of an initial exploration well during 2020, consistent with our licence obligations.

\"This includes a framework agreement for a rig, appointments for essential well services with leading global oil services companies, as well as considerable progress on financial arrangements to fund the drilling, whether that be via a farm-in on acceptable terms, or by other means, whichever is in the best interests of the company.\"

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CEG Market Data

Currency UK Pounds
Share Price 0.14p
Change Today 0.003p
% Change -1.75 %
52 Week High 0.16
52 Week Low 0.038
Volume 61,669,266
Shares Issued 10,494m
Market Cap £14.69m
RiskGrade 73

CEG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
85.71% above the market average85.71% above the market average85.71% above the market average85.71% above the market average85.71% above the market average
81.58% above the sector average81.58% above the sector average81.58% above the sector average81.58% above the sector average81.58% above the sector average
Price Trend
95.54% above the market average95.54% above the market average95.54% above the market average95.54% above the market average95.54% above the market average
97.56% above the sector average97.56% above the sector average97.56% above the sector average97.56% above the sector average97.56% above the sector average
Income Not Available
Growth
4.04% above the market average4.04% above the market average4.04% above the market average4.04% above the market average4.04% above the market average
9.43% below the sector average9.43% below the sector average9.43% below the sector average9.43% below the sector average9.43% below the sector average

CEG Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
17:08 15,000,000 @ 0.14p
16:41 2,500,000 @ 0.14p
16:35 2,821,429 @ 0.14p
16:35 21,429 @ 0.14p
16:35 1,503,571 @ 0.14p

CEG Key Personnel

CEO Eytan Uliel

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