Challenger Energy Group (CEG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 0.52p
   
  • Change Today:
      0.000p
  • 52 Week High: 24.17p
  • 52 Week Low: 0.45p
  • Currency: UK Pounds
  • Shares Issued: 796.52m
  • Volume: 238,683
  • Market Cap: £4.10m
  • RiskGrade: 73
  • Beta: 0.83

Bahamas Petroleum given right to respond to judicial review

By Josh White

Date: Monday 25 Jan 2021

LONDON (ShareCast) - (Sharecast News) - Bahamas Petroleum Company updated the market on the court process it was going through in the Bahamas, reporting that on 22 January the Honourable Justice Petra Hanna-Adderley provided her ruling on the subject of the company being added as a primary respondent to the application brought by environmental groups against the government of the Bahamas.
The AIM-traded firm said the application was seeking a judicial review of various decisions taken by the government in relation to Bahamas Petroleum Company licences, and the drilling of the Perseverance-1 well.

It said that in summary, Justice Hanna-Adderley had exercised her discretion to add the company as a respondent to the application.

As a result, Bahamas Petroleum Company was entitled to request that the applicants provide security for costs, for which a hearing had been scheduled for 17 February.

At the same time, the Justice Hanna-Adderley provided a number of procedural rulings and guidance in relation to the judicial review application, the board said.

That included establishing the dates on which the court would hear the judicial review application, which would be 29 and 30 March, with a ruling to follow at some point thereafter.

Drilling of the Perseverance-1 exploration well in the Bahamas had been underway since 20 December, with the well on track to take between 45 and 60 days from commencement to completion.

Bahamas Petroleum Company said it would provide further updates on the court process as and when there were any material developments.

"Despite numerous opportunities over many years to input constructively, environmental groups seem determined simply to derail BPC's project in the Bahamas," said chief executive officer Simon Potter.

"Attempts to secure orders from the court to this effect have not been successful, and the drilling of Perseverance-1 continues.

"Likewise, these groups have argued that Bahamas Petroleum Company should be excluded as a party to the judicial review action they have brought, despite virtually all communications and documents issued by these groups referring directly and extensively to BPC."

Potter said the company was "pleased" that the court had recognised the "inconsistency" of that position, and ruled in the company's favour.

"As a respondent to the application BPC will have full standing on the matter in court, and in a cost sense, the applicants can be held financially accountable if their action turns out to have been without merit.

"BPC thus welcomes the ruling."

At 1141 GMT, shares in Bahamas Petroleum Company were down 7.56% at 2.2p.

Email this article to a friend

or share it with one of these popular networks:


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 0.52p
Change Today 0.000p
% Change 0.00 %
52 Week High 24.17p
52 Week Low 0.45p
Volume 238,683
Shares Issued 796.52m
Market Cap £4.10m
Beta 0.83
RiskGrade 73

CEG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
50.22% above the market average50.22% above the market average50.22% above the market average50.22% above the market average50.22% above the market average
68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average
Price Trend
99.9% below the market average99.9% below the market average99.9% below the market average99.9% below the market average99.9% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CEG Dividends

No dividends found

Trades for 07-Dec-2021

Time Volume / Share Price
15:51 27,003 @ 0.50p
15:38 30,000 @ 0.45p
15:07 3,564 @ 0.50p
13:28 44,249 @ 0.50p
13:12 110 @ 0.50p

CEG Key Personnel

CEO Eytan Uliel

Top of Page