Challenger Energy Group (CEG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.14p
   
  • Change Today:
      0.005p
  • 52 Week High: 0.16
  • 52 Week Low: 0.038
  • Currency: UK Pounds
  • Shares Issued: 10,494m
  • Volume: 35,274,108
  • Market Cap: £14.47m
  • RiskGrade: 73

Bahamas Petroleum confirms restart of Covid-postponed drilling

By Josh White

Date: Friday 25 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Caribbean and Atlantic margin-focussed oil and gas company Bahamas Petroleum has been notified by Stena Drilling that the 'Stena IceMAX' was the intended drill rig for the upcoming 'Perseverance 1' drilling campaign.

The AIM-traded firm said it also indicated the start of the contracted window, which starts on 15 December, as the approximate time for the arrival of the drill ship in the field, with an expected well spud date some three to four days later, once the rig is on station.

It said the Perseverance 1 well was targeting recoverable P50 oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.

The board described the Stena IceMAX as "one of the most advanced" drillships in existence, designed specifically for safe and efficient operations in a wide variety of drilling conditions.

It said the drillship facilities include a managed pressure drilling system integrated into the ship, to maximise the safety integrity of operations and optimise the pace of drilling through anticipated reservoir formations.

Given confirmation of the anticipated arrival time for the IceMAX in the field, project implementation, which had been previously defined and was ongoing in March prior to the Covid-19-related postponement of work, would now be reactivated to align with a spud in around three months.

Bahamas Petroleum said its logistics plans had also been reactivated, with previously-delivered critical path and long-lead items inspected pending mobilisation from warehouses.

Covid-19 impact mitigation plans were also being implemented, with final revisions to cost estimates made.

"In March 2020, the company was within weeks of commencing the drilling of the Perseverance 1 well when compelled to defer operations due to the anticipated impacts of the Covid-19 pandemic," said chief executive officer Simon Potter.

"As might be expected when such an advanced well plan is halted so close to final implementation, major elements were already in train or sufficiently well established such that reactivation is a relatively straightforward matter.

"With the clarity of the anticipated delivery date of the Stena IceMAX into the field this work can now be reactivated against a detailed timetable and progressed."

At 1009 BST, shares in Bahamas Petroleum Company were up 23.45% at 2.9p.

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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 0.005p
% Change -3.26 %
52 Week High 0.16
52 Week Low 0.038
Volume 35,274,108
Shares Issued 10,494m
Market Cap £14.47m
RiskGrade 73

CEG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
85.94% above the market average85.94% above the market average85.94% above the market average85.94% above the market average85.94% above the market average
76.32% above the sector average76.32% above the sector average76.32% above the sector average76.32% above the sector average76.32% above the sector average
Price Trend
95.09% above the market average95.09% above the market average95.09% above the market average95.09% above the market average95.09% 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
4.11% above the market average4.11% above the market average4.11% above the market average4.11% above the market average4.11% 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
12:55 1,154,385 @ 0.14p
12:33 1,418,440 @ 0.14p
11:21 5,000,000 @ 0.14p
12:18 500,000 @ 0.14p
12:17 100,000 @ 0.14p

CEG Key Personnel

CEO Eytan Uliel

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