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Challenger Energy Group PLC - Isle of Man-based oil and gas explorer and producer with assets across the Caribbean - Drilling of Perseverance-1 well in the Bahamas shows that hydrocarbons are present, but not in commercial quantities. The results are broadly indicative of increased potential for oil in the Jurassic formations underneath the well. They therefore support a forward programme to assess the merits of a further exploration well.
"It is often the case in our industry that several exploration wells are required before the potential of a frontier basin is unlocked. We had hoped for 'instant gratification' with Perseverance-1, which was not the case...Based on what we have learned we continue to believe that the licences in the Bahamas are highly prospective," Chief Executive Eytan Uliel says.
Challenger also announces that all legal challenges over Perseverance-1 have been withdrawn, consent orders have been agreed and the matter has now ended.
Current stock price: 1.75 pence
Year-to-date change: down 92%
By Ivan Edwards; ivanedwards@alliancenews.com
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