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 makes progress in Bahamas and Uruguay

By Josh White

Date: Wednesday 24 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Caribbean and Atlantic-focussed oil and gas company Bahamas Petroleum (BPC) updated the market on its high-impact exploration assets in the Bahamas and Uruguay on Wednesday, reporting that since it completed drilling on Perseverance #1, it had held discussions with industry counterparties over a potential farm-out of its licences in the Bahamas.
The AIM-traded firm said it was working to formalise an "entirely new" farm-out process, and as a result, it was intending to renew the four southern licences in the Bahamas into a third, three-year 'drill or drop' exploration period.

It said the final cost of drilling at Perseverance #1 was expected to be about $45m, compared to its pre-drill estimate of $35m, with additional costs of $10m said to be the result of heightened Covid-19 procedures of $3m, and side-tracking operations related to mechanical debris in the well of $7m.

In Uruguay, a formal contract execution for the Off-1 block was expected in the second quarter, with independent technical work undertaken by the national oil company ANCAP indicating a P50 estimated ultimate recovery volume of 1.34 billion barrels at the Lenteja prospect.

Bahamas said it had around $13m of cash on hand as at 1 March, including unconditionally committed convertible notes.

It expected additional capital requirements in 2021-2022 across the business of between $25m and $40m.

"The company expects to more than cover the difference from various potential funding sources," the board said in its statement.

At 1237 GMT, shares in Bahamas Petroleum were down 3.11% at 0.48p.

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 0.14p
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

Top of Page