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Challenger Energy Group PLC - Caribbean and Atlantic margin focused oil & gas company - Says produced 64,319 barrels of oil from January to May 2021, generating gross revenues of USD3.3 million. Adds, in the five months to the end of 2020, its five assets in Trinidad produced 64,088 barrels of oil, for gross revenue of USD2.3 million. Notes cost cutting initiative savings of around 15% of annual recurring group overhead. At May 31, Challenger had unrestricted cash and cash equivalent of USD10.7 million.
Chief Executive Eytan Uliel says: "In April we laid out a plan to 'reset' this company, focused around the core strategic objective of growing production and cash flow. I can report that we are making solid progress against this goal. Operationally, we will shortly complete and production test the Saffron-2 well in Trinidad, we are looking toward commencing drilling in Suriname as soon as circumstances allow, and we are maintaining production from existing fields."
Adds, Weg Naar Zee project in Suriname drilling delayed to late August or early September due to the global pandemic.
Current stock price: 2.71 pence, down 2.6% on Tuesday
Year-to-date change: down sharply from 20.78p
By Scarlett Butler; scarlettbutler@alliancenews.com
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