Company
LON:CEG
Challenger Energy Group PLC is an Atlantic-margin focused energy company, with production, development, appraisal, and exploration assets in the region. The company's primary assets are located in Uruguay, where it holds two high impact offshore exploration licences, totalling 19,000km2 (gross) and is partnered with Chevron on the AREA-OFF 1 block.
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Oil price, Challenger, Scirocco. And finally… WTI $67.54 +$1.90, Brent $71.05 +$2.30, Diff -$3.51 +40c, NG $3.90 -5c, UKNG 114.6p +7.4p Oil price My comments yesterday on the vaccine, Mexico and the weaker dollar all contributed to another
“We are already selling the oil being produced, so for the immediate future the plan is to maximise production revenues," said chief executive Eytan Uliel
Its licence sits in the Southern Territorial Waters off the Bahamas
Clean-up is expected to last a few days before testing operations step up
The well could add 200 to 300 barrels of oil per day, according to pre-drill estimates
Production testing is scheduled to start on 23 July
The firm will shortly complete and production test the Saffron-2 well in Trinidad
Drilling is continuing to a target depth of 4,557ft, at which both Lower Cruse sections will be logged
It was another active week in the small-cap oil and gas sector.
“Drilling continues towards the primary Lower Cruse reservoir targets, where the ultimate producibility of the well will be determined,” said Eytan Uliel.
The top and middle sections of the well have so far met expectations, and, drilling it now continuing in the intended lower section of the well.
It was a short but active week for the small-cap oil and gas sector.
“Thus far, everything is as we would have hoped it would be, both geologically and operationally," said Eytan Uliel.
“We are making steady progress on our plan to reset the company both strategically and corporately, with a view to positioning the business for future growth," said Eytan Uliel.
“This is an exciting start for Challenger Energy Group, as we take the first step in our longer-term strategy," said Eytan Uliel.
The company said its shares began trading under the new name and ticker at 8am on Friday
Ahead of the Saffron well new shares are being sold at a price of 0.35p
Trinidad is becoming increasingly important to the company, not least because of the imminent spudding of the Saffron well
The company - soon to be renamed as Challenger Energy Group - is slated to start drilling at Saffron on or around May 23
It was another active week in the small-cap oil and gas sector.
