Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) has received a £1.5 million investment from Charlestown Energy Partners.
This previously announced investment brings Robert Bose, managing member of Charlestown, onto Challenger's board as a non-executive director.
Charlestown's loan to Challenger Energy will convert into new ordinary shares at a fixed price of 0.168p per share following the farm-out of the Uruguay AREA OFF-1 licence to Chevron and the completion of a share consolidation.
The conversion will result in Charlestown holding an approximate 8.7% interest in Challenger, making it one of the largest shareholders.
Charleston’s investment will support the accelerated commencement of technical activities on Challenger Energy’s AREA OFF-3 licence offshore Uruguay.
Eytan Uliel, chief executive of Challenger, stated: "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."