Challenger Energy Group PLC - Isle of Man-based company with assets in the Caribbean and Atlantic Margin - Reports net petroleum revenue for the six months to June 30 of USD2.3 million versus none a year ago. However, pretax loss widens to USD11.8 million from USD2.2 million on sharply higher finance costs. "In financial terms, the company's activities through the first half of 2021 have not produced the positive, value-creating outcome hoped for," Challenger says. "Quite simply, technical results below expectation on two successive wells in The Bahamas and Trinidad (and substantial cost increases), coupled with inherited debts from Columbus has placed the company in a stressed financial position." Estimates it needs funding of USD15 million to continue meeting obligations.
Current stock price: 0.83 of a pence, down 28%
Year-to-date change: down 96%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Challenger Energy (CEG)