Cindrigo Holdings Limited (CINH)

Sector:

Alternative Investment Instruments

 0.13p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.13
  • 52 Week Low: 0.13
  • Currency: UK Pounds
  • Shares Issued: 315.54m
  • Volume: 0
  • Market Cap: £0.41m

Challenger Energy recompletes four Trinidad wells

By Josh White

Date: Wednesday 20 Apr 2022

LONDON (ShareCast) - (Sharecast News) - Caribbean and Atlantic margin-focussed oil and gas company Challenger Energy updated the market on its programme recompletions of underperforming and non-producing wells in Trinidad on Wednesday, reporting that four had been completed to date.

The AIM-traded firm said those recompletions were ahead of schedule and below budget.

It said the aggregate incremental production from the four recompletions was in the range of 40 to 60 barrels of oil per day, in line with its pre-work expectations.

In total, that represented a production increase of 10% to 15%, with gross production across the company's fields now consistently averaging around 400 barrels per day.

Further near-term production enhancement activities were being prepared, the board said, with a target to increase production by a further 10% in the coming months.

In addition to the well activity, repairs to access roads, upgrades to utilities, and facilities integrity work was continuing as planned, with that work due to be completed before the end of the second quarter.

Challenger said improved access would bring additional well stock into the ongoing review process for potential future recompletions, while the facilities and infrastructure-based activity was designed to maintain baseline production on a consistent basis.

The board said the work was benefitting from the restructured Challenger Energy team, including a "greater level" of in-country presence of its leadership team, which had been constrained recently by international travel restrictions.

"The turnaround of our Trinidad and Tobago business unit is proceeding according to plan, with good results seen thus far from the field work underway since the completion of the company's restructuring and recapitalisation in March," said chief executive officer Eytan Uliel.

"The focus at Challenger Energy remains on getting the basics right - maintaining stable baseline production, achieving incremental production growth from the existing fields, maximising sales revenues and cash flow, and continuing to evaluate opportunities to grow production through value accretive merger and acquisition opportunities."

At 1223 BST, shares in Challenger Energy Group were up 3.9% at 0.1p.

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CINH Market Data

Currency UK Pounds
Share Price 0.13p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.13
52 Week Low 0.13
Volume 0
Shares Issued 315.54m
Market Cap £0.41m

CINH Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
5.57% above the market average5.57% above the market average5.57% above the market average5.57% above the market average5.57% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Value
5.57% above the market average5.57% above the market average5.57% above the market average5.57% above the market average5.57% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Income Not Available
Growth Not Available

CINH Dividends

No dividends found

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

CINH Key Personnel

CEO Lars Guldstrand
CFO Dag Andresen
CFO Simon Fawcett

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