Challenger Energy Group soliciting proposals after securing access to 3.3mln

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Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) CEO Eytan Uliel speaks to Proactive's Thomas Warner after announcing the establishment of a 3.3 million convertible loan note funding facility with a UK-based alternative asset management and investment firm. Uliel explains the decision to secure a convertible loan note facility, highlighting that conventional equity raises demanded more capital than necessary and would likely have come with significant discounts, which weren't attractive to the company.

In contrast, convertible facilities allow for smaller, more strategic funding, with the potential for a premium conversion. He emphasises the company's strong confidence in their assets, particularly the AREA Offshore License in Uruguay. Recent technical work highlighted the license's substantial resource potential, attracting interest from numerous international oil companies. Uliel reveals what Challenger is looking for in a partner at the Project, which includes the desire to make a deal by year-end, seeking upfront cash with a view to undertaking 3D seismic work in 2024. He suggests this would unlock tremendous value and boost both the company's reputation and share price.

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Proactive UK Ltd

+44 20 7989 0813

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Challenger Energy Group PLC

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