Challenger Energy Group (CEG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

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

Bahamas Petroleum Company preparing to drill Saffron 2

By Josh White

Date: Thursday 06 May 2021

LONDON (ShareCast) - (Sharecast News) - Caribbean and Atlantic margin-focussed oil and gas producer Bahamas Petroleum Company updated the market on upcoming drilling of the Saffron #2 well in Trinidad and Tobago on Thursday, reporting that rig mobilisation to the field would begin on 9 May, targeting the start of Saffron-2 drilling on or around 23 May.
The AIM-traded firm said all equipment, including various reusable items from Perseverance-1, had been mobilised to Trinidad, along with necessary contractor personnel.

It said the design of the Saffron-2 well included a production completion, allowing for immediate oil production and sales on a successful well, with anticipated rates of 200 to 300 barrels of oil per day, which it estimated would provide more than $1.8m of cash flow per annum to the company.

Based on those pre-drill estimates, Saffron-2 would have a payback of 12 to 18 months, and a return on investment of over 200%.

Following a successful Saffron-2 well, a further five to nine production wells were planned to be drilled in the second half of 2021, as part of an overall field development of up to 30 wells.

Bahamas Petroleum said those further wells were projected to deliver average daily production of up to 1,000 to 1,500 barrels of oil per day, which it was estimated would provide $8m to $12m of annual cash flows going forward, based on an oil price of $60 per barrel.

At 1520 BST, shares in Bahamas Petroleum Company were up 8.57% at 0.34p.

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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 0.52p
Change Today 0.000p
% Change 0.00 %
52 Week High 24.17
52 Week Low 0.45
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

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