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RNS Number : 0622Q Challenger Energy Group PLC 28 May 2024
28 May 2024
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
COMPLETION OF INVESTMENT BY CHARLESTOWN ENERGY
NEW DIRECTOR APPOINTMENT
Challenger Energy (AIM: CEG), the Atlantic margin focused energy company, is
pleased to announce that the investment in the Company by Charlestown Energy
Partners LLC (together with its affiliates and assignees "Charlestown") has
completed on terms and conditions as previously announced, and that Mr Robert
Bose, Managing Member of Charlestown, has joined the Board of the Company.
Highlights:
· Charlestown has advanced a £1.5m loan to the Company;
· On closing of the farm-out of the Uruguay AREA OFF-1 licence to
Chevron, and subject to the prior completion of an agreed share consolidation,
this loan (and interest) shall convert ("Conversion") into new ordinary shares
in the Company at a fixed price of 0.168 pence per share, being a c. 15%
premium to the current share price;
· On Conversion Charlestown's shareholding will represent a c. 8.7%
interest in the Company, thus making Charlestown one of the Company's largest
shareholders;
· Charlestown's investment will underpin accelerated commencement of
technical activity on the Company's AREA OFF-3 licence offshore Uruguay; and
· Mr Robert Bose (a member of the Charlestown oversight committee and
currently Chief Executive Officer of Sintana Energy Inc) has been appointed as
a Non-Executive Director of the Company, with immediate effect.
Eytan Uliel, Chief Executive Officer of Challenger Energy, said:
"We are pleased to have finalised the investment from Charlestown, a
specialist investor in energy and E&P, including being a very successful
earlier-stage investor in the Namibian conjugate margin which has obvious
parallels to Challenger Energy. We also extend our welcome to Charlestown's
Managing Member, Mr. Robert Bose, who has joined our Board. Challenger Energy
is at an exciting point in its history, and we look forward to working
together with Robert to ensure that we deliver on that promise over the coming
period".
AIM disclosures:
Since 2016, Mr Bose has held sole oversight and responsibility for
Charlestown, a private investment vehicle dedicated to investments globally in
the energy and metals sectors. Mr Bose's role encompasses the origination,
diligence, execution, and oversight of both direct private equity and public
investments. Additionally, Mr Bose currently serves as Chief Executive Officer
and a Board Member of Sintana Energy Inc, a significant investment within the
Charlestown portfolio, as well as serving on the operating committee and Board
of Directors for other private and public portfolio companies. Mr Bose manages
and maintains a wide range of relationships expected to be of value to the
Company, including those with other family offices, private equity providers,
financing partners, and management teams.
The following information is disclosed relating to Mr Bose pursuant to rule 17
and Schedule Two paragraph (g) of the AIM Rules for Companies.
Mr Bose, aged 51 years, holds no shares in Challenger Energy plc but has
control over Charlestown's investment in the Company which, on Conversion,
will represent an approximately 8.7% interest in the Company's enlarged share
capital. Mr Bose is or has been a director of the following companies during
the five years preceding the date of this announcement:
Current directorships / Past directorships / partnerships within the last five years
partnerships
Auro USA Inc Buzzards Bench Holdings LLC
Black Bayou Energy Hub LLC
Charlestown Energy Partners LLC
Sintana Energy Inc
New Zealand Energy Corp
For further information, please contact:
Challenger Energy Group PLC Tel: +44 (0) 1624 647 882
Eytan Uliel, Chief Executive Officer
WH Ireland - Nomad and Joint Broker Tel: +44 (0) 20 7220 1666
Antonio Bossi / Darshan Patel / Isaac Hooper
Zeus Capital - Joint Broker Tel: +44 (0) 20 3829 5000
Simon Johnson
Gneiss Energy Limited - Financial Adviser Tel: +44 (0) 20 3983 9263
Jon Fitzpatrick / Paul Weidman / Doug Rycroft
CAMARCO Tel: +44 (0) 20 3757 4980
Billy Clegg / Hugo Liddy / Sam Morris
Tel: +44 (0) 20 3983 9263
CAMARCO
Billy Clegg / Hugo Liddy / Sam Morris
Tel: +44 (0) 20 3757 4980
Notes to Editors
Challenger Energy is an Atlantic-margin focussed energy company, with
production, development, appraisal, and exploration assets in the region. The
Company's primary assets are located in Uruguay, where the Company holds high
impact offshore exploration licences. Challenger Energy is quoted on the AIM
market of the London Stock Exchange.
https://www.cegplc.com (https://www.cegplc.com/)
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