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Challenger Energy Group PLC

01 September 2025

1 September 2025

Challenger Energy Group PLC

Trinidad Sale Completion

Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) ("Challenger" or "the Company") is pleased to advise that the transaction for the sale of the entirety of its business and operations in Trinidad and Tobago has been completed. The Company and the purchaser have agreed to a minor variation of the payment terms (but not overall payment quantum) to allow for remaining payments to be in cash and not shares.

Eytan Uliel, CEO of Challenger Energy, said:

"I am pleased to report that we have completed the sale of our business in Trinidad and Tobago. This allows full focus on our core assets in Uruguay, where we have a compelling opportunity to create near-term value for our shareholders".

Details

· The sale of 100% of the Company's St Lucia domiciled subsidiary company, Columbus Energy (St. Lucia) Limited ("CEG Trinidad"), which in turn holds various subsidiary entities that collectively represent all of the Company's business, assets and operations in Trinidad and Tobago, has completed effective 29 August 2025 ("Completion").

· Completion follows receipt of requisite regulatory approvals in Trinidad and Tobago.

· The purchaser is Steeldrum Ventures Group (Trinidad) Limited (formerly Caribbean Rex Limited), an entity jointly owned by T-Rex Resources (Trinidad) Limited (51%), a wholly owned subsidiary of Predator Oil & Gas Holding Plc ("POGH"), and the West Indian Energy Group Limited (49%), a Trinidadian company active in the domestic oil industry ("WEIGL").

· Reflective of the longer than anticipated time taken to secure regulatory approvals, the Company and the purchaser have agreed to a variation of the payment terms (but not overall payment quantum, which remains $1.75m in total), to allow for all remaining payments to be in cash (and no further POGH shares) as follows:

§ at the time of entering into the transaction (February 2025), the Company received an initial deposit of $0.25 million in POGH shares (4,411,641 POGH shares were issued to the Company);

§ as at Completion, the Company has been paid a further $0.5 million in cash; and

§ the Company will be paid a further $1 million in deferred consideration, all in cash - $0.5 million on 31 Augusts 2026, $0.25 million on 31 December 2026, and $0.25 million on 31 December 2027.

· Effective from completion WEIGL has assume all liabilities, provisions and potential exposures of the business, assets and operations in Trinidad and Tobago (which for the purposes of the transaction were agreed to be $4.25 million), with the effect that from Completion the Company has no residual exposure to the business and operations in Trinidad and Tobago, and all associated assets, liabilities and exposures reflected in the Company's financial statements have been eliminated. Seller's warranties under the sale and purchase agreement remain applicable

Paul Griffiths, Chief Executive Officer of Predator, commented:

"We are pleased to have successfully completed the acquisition of three new producing assets with an immediate generation of revenues for the Company from the Completion Date.

The agreement executed with NABI relieves the Company of the burden of funding minimum work obligations and field operating costs.

The arrangement also ensures that an aggressive heavy workover and infield drilling programme will be executed over the next 24 months to address over-looked opportunities with potential to enhance oil production. It provides multiple newsflow opportunities.

The revenue-sharing agreement with NABI may be regarded as a form of royalty that guarantees positive cash flow for the Company without exposure to operational risks.

The consolidation of the Trinidad business structures within the overall Company management structure ensures that our long-held principles of minimising administrative costs and not entering into interest-bearing loan arrangements but retaining exposure to potentially higher reward drilling opportunities are maintained.

The timing of Completion of the acquisition is particularly noteworthy given the recent reports from Trinidad of ExxonMobil entering the Trinidad offshore with a committed expenditure of US$ 42.5M and a reported speculative US$16.4 to 21.7B spend on development if initial seismic and other technical studies are successful. This will ensure that Trinidad will be a centre of attention in the oil and gas sector over the next few years.

We have focused on getting the Trinidad acquisition over the line whilst we have a short operational hiatus in Morocco. In September we will review the data for the perforated MOU-3 "A" Sand interval and prepare to plan for the next phase of operations."

My personal take is that any delays in an AGM is a positive!

Certainly a share to hold!

Thank you Yuri1

If we were to take your mid estimate;

"That becomes 408 bopd = US$28,160 per day = US$10.3 million per year"

What do we think we would be the looking at, regarding share price, if all goes to plan and we are making 10 mil per year? Certainly more than the current share price.

There is much going on in the land of the Predator.

I will wait for news.

It will come....

I filtered the 'not trustworthy James" guy a long time ago. He bleats that he has legitimate reasons to post his criticism and of course he does.

I'm all for free speech.

Most comments have a place.

However you quickly find out that every post of his is an attack on Predator. Occasionally there are a few positives but mainly it's negative. So I filter.

What I don't understand (other than trolling for financial gain) is: if Predator is that bad why are you hanging around and filling up this board with your none stop moaning?

Jimmy, is another one who's agenda is plain to see.

Along with most of the LTH on here, I am fully reaserched and understand this risks. I have always voiced my concerns in missed targets and bad communication. Despite the history I still believe that this share will show a good return for those willing to hold.

Lots of clues and potential. The gas is there.

We will probably need a fund raise but many ways to do that.

We need to put all the lessons learnt into successfully drilling and testing Mou-6. We have a good team in place and the end game is near

Meanwhile Mou-3 is work in progress, as is Trinidad and Ireland.

Long live the filter !

The sell off continues and yet the share price is up today 😂.

I have the fake news guy on filter.

Did he really say the gas has all evaporated? Maybe you should tell our partner who is waiting in the wings. Do you have insider knowledge that they don't ? Or have you just made it up ?

Do your research before writing as you make yourself look like an idiot.

It's certainly amusing to read such idiotic comments.

And.....

If you believed that then why have you created a new account and writing endless dross?

If you don't like this share then sell up an P off......

At some point we will need additional funding. We all know that. It could be via a placement, money from Trinidad, money from Ireland or money from a new partner. All are possible.

Meanwhile I will enjoy the Spanish summer, beach days and long lunches.

I see one of our more moronic poster has returned with yet another name. We see through you.

Filter …….

I’m content to wait and will not be selling.

Even with a placing this share should give a handsome return.

I hold because of the potential.

History is included in my risk/reward.

I also know this will take time.

We have gas and almost certainly helium.

We now have experience on how to successfully get the gas to flow. Experience is not always easily gained. In Predator's case it has been slow and painful. But I believe we are almost there.

We have a partner in the wings who will help fund the future development. They know that the gas is there. So do the Government.

We have very experienced team working for predator.

We have a government that wants to have their own locally produced gas and helium.

Our funding is just about there and if need be we can have another small fund raise.

We will learn from the overbalanced drilling of previously wells.

It's possible that Mou-6 still does not get the correct balance however the chances are way higher, than on previous wells, of getting the gas to flow. It's just a numbers game of fine tuning the mud balance. We will also only be using the bigger guns. At some point we will get the gas to flow. Then we will start to see a true value.

Once we finally achieve success we will find that our partner will start adding funding to look for new sweet spots with 3D testing . This will start to grow the business with new wells and funding that can be achieved in multiple ways. Or, we sell all or part of our asset. What will the price be then?

The main issue now is time. Everything else is very encouraging.

PG actually sounds really positive and I, for one, also feel that, other than time scale, we are almost there.

We are creating a safety net with out Trinidad operations and this will soon be adding real value with oil production with the wax treatment and workovers etc. As to the exact value we are still left somewhat in the dark but hopefully Predator will start to inform us later in the year.

Ireland is still a viable money raiser.

To the none stop moaning trolls I say . If you don't feel that Predator will make you money then sell up and go away. It's certainly a great entry level and the choice is your own. The share price has reached it's lowest level.

Good fortune for all those that have the patience and ability to see this through!

Nothing will happen on Mou- 6 until next year (around six months to wait).

Trinidad is for later in the year.

I will continue to hold.

The removal of funds and lower share value is to be expected. Of course I'm frustrated but that's the risk with shares like this.

The is also a risk of another small fund raise.

It's a strange situation to be in as Predator has massive potential but due to the history, confidence is low.

Along with many seasoned investors I believe that Predator is getting very near to achieving success. They have an enormous amount of data and information now.

This vastly increases the chance of success.

Just my view of course but I feel confident.

The gas is certainly there as is helium. It's a learning curve/ numbers/ finance/ time scale game. The numbers are looking good. The finance is not that far out. The time scale is the current killer. The experience gained is the key to unlocking the potential.

I see the troll are once again out and as some point we will reach a share price that represents the lack of progress with our five wells. As I'm not selling it is nothing more than a frustration.

I will comment that Ireland can, at any time, instantly change the share price.

Mou-3 shallow sands still has the potential to clean up and this would also effect the share value. The gas is there and they are trying to overcome the formation damage.

Understand the clues...

Follow the breadcrumbs... ...

Look at the probability factor.....

And filter the dross ....

A very relaxed Paul and he once again confirmed that there is gas there. I think it highly unlikely that we will do any other well workovers until Mou-6. We just need to be extremely patient and keep a lid on finance.

I think that Mou-5 also has the same formation problem.

Formation damage was the problem, however valuable data and an understanding on how to move forward has been established. We understand the mud issue. We also know know that we need to use the big guns. Unfortunately they will take a while to order and get through customs, around a six month wait.

Encourage talk of partners.

Trinidad is moving through the permissions stage.

There is a chance that Mou-3 will clean up but I don't realistically hold out too much hope.

Ireland is still possible.

To sum up Trinidad will start rewarding but probably not until later this year . Morocco is exciting but will mean holding for around another 6 months.

I'd really like to get to an end game stage, hopefully that will start early next year. The time scale is what it is!

I will hold and wait.

Remember the prize is still there for though who are willing to wait.

PG is a geologist and for many years he has known about the potential in Morocco. He eventually managed to purchase a sizeable area that is now called Guercif. He assembled a drilling team lead by drilling expert Lonny B.

They drilled Mou-1 but for some reason they decided to not test this well. Instead they continued with a second well, Mou-2. Unfortunately they encountered mud issues and were unwilling to drill the last part of the well. They then carried on with Mou-3 that appeared to show massive gas potential in both lower and upper sands. They decided to not test this well and carried on with Mou-4, this well also showed massive potential.

Around this time many testing opportunity and dates got missed and a new type of testing was recommended, a sand jetting team was then commissioned in place of conventional methods. The lower sands on Mou-3 were tested but formation damaged stopped the gas from flowing. The well engineer said that with addition works this well had the potential to flow. It was decided to plug the lower sections and go back to conventional methods.

Meanwhile yet another round of fund raising occurred. Around that time our well expert, Lonny left. Alarm bells rang, we were left in the dark about WTF was actually going on.

Predator hinted that, all the data accumulated over the first 4 wells, indicated that we had an increased chance of success with Mou-5. We then drilled this well but the results were surrounded in a cloak of secrecy. Will they inform us as promised?

Today, we have been informed that the formation damaged in the upper sands of Mou-3 is stopping the flow of gas. We are also told that only big guns are suitable.

This is really disappointing and the learning curve has really been hard to take. Why has it taken this long to gain an understanding of the sands?

Do we have formation damage in all our wells? This would explain the departure of Lonny. It is looking pointless to attempt to revisit any of our past wells.

I take a few positives and they are massive.

There is gas and probably helium.

They have managed to stay solvent and debt free.

We have an opportunity to put everything right with Mou-6.

We have Ireland and Trinidad.

Here’s hopping that with all the accumulated knowledge and with the correct team in place Predator will finally managed to reward shareholders with a commercially viable Mou-6.

I like this part:

Under the new model, ONHYM will be allowed to form subsidiaries and take part in the capital of other companies.

The have recently advertised for new experts in the field of oil and gas

ONHYM must have a detailed understanding of what Predator have. I'm sure negotiation are at an advanced stage as we start to prove up what we have.

To have a strong hand we need to show that we can turn the potential into reality!

MOU-3 is the starting point in Predator'd end game.

Almost there!

It's been a long time coming and hopefully our patience will be rewarded !

The current price will re-rate soon.

Fingers crossed 🤞

If good it will really start the ball rolling. Nothing is certain but we have a good team in place.

Meet in Spain would be fun !

Placing to substitute cash for shares on Completion of the acquisition of CEG Plc's business interests and operations onshore Trinidad

“Completion of the transaction to acquire Challenger Energy Group's business interests and operations in Trinidad is expected to occur shortly. The Company is electing to settle the balance of the Consideration due at Completion in cash rather than through the issue of shares at a time when we are focussed on our strategically important operations in Morocco.”

 

With this moneys we can finalise the legal side of the CEG buyout . Once government permissions are in place we can start advancing Trinidad.

Funds to start EIA and advance design of optimum MOU-3 gas development facilities based on the Collaboration Agreement with our local partner

“Additional funds will help drive the next stage of our operations in Morocco focussed on the optimum gas development option under the terms of our collaboration agreement for gas marketing with our local partner.”

 

*EIA and Front End Engineering Design for gas processing and distribution facilities for a potential gas development at MOU-3 well site

 

*Place Purchase Order for the import of large perforating guns for MOU-1 and MOU-4 rigless testing l

We would not be raising this money unless we were confident of getting the gas to flow. There is also a strong indication that a local partner is in place, subject to the gas flowing. We are also looking at Mou-1 and 4 rigless testing.

Additional funds are also being assigned to accelerating the maintenance overhaul of an in-country rig suitable for drilling the Snowcap-3 Appraisal well in Trinidad.

“Completion of the transaction to acquire Challenger Energy Group's business interests and operations

Additional funds are also being assigned to accelerating the maintenance overhaul of an in-country rig suitable for drilling the Snowcap-3 Appraisal well in Trinidad. This option will significantly reduce well costs

Money well spent to advance Trinidad.

Last week the share price was around 2.5p. At 5p the impact, of what is a small raise, will not do any real harm.

The benefits are enormous!

Commencement of MOU-3 well intervention and rigless testing operations

Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations and production focussed on Morocco and Trinidad announces that rigless testing operations have commenced at the MOU-3 well at Guercif in Morocco.

The planned operations have been scheduled to be executed over a period of ten days.

The programme will complete the perforating and testing of the shallow "A" Sand.

For further information visit www.predatoroilandgas.com

Upper sands only !

Round 1

Do we trust the research and availability data and why the radio silence for the last year?

Round 2

Will we ever make money?

Round 3

Is there finance available to carry on and are we likely to get additional funding and how will that materialize?

Round 4

Will there be a placement?

( I do a 50/50 )

Round 5

Does our asset have gas/ Helium?

Round 6

Why did Lonny go?

Round 7

Will we be subject to a hostile takeover or be screwed by the powers to be?

Round 8

Will Mou-3 shallow sands be successful and how will that affect the share price?

Round 9

What is the next step after the shallow sands, farm out, or/and sell up all of part of our asset ?

(Ask the audience in the chat room )

Round 10

What is the most likely final return and how long to this becoming a possiblity?

( Phone a friend )

Congratulations for taking part in who wants to be a millionaire!

After 6 years my time to live the real life "who wants to become a millionaire" approaches!

Will the fat lady sing or will I continue to endlessly dream ?

The shallow sands, if successful, will prove that there is gas!

This in turn will open up the rest of our asset.

We know the lower sands of Mou-3 have an abundance of gas.

There is also gas in our other previously drilled wells.

Mou-2 and 5 also have massive potential.

And there is Helium.

This is not just about a smaller amount of gas that we are just about to prove up. It's about the potential.

It's been a long and often stressful wait and with an average of 9.9p I've been underwater for a long time.

The information that has come from Flagstaff has shown a confidence that has been missing for far too long. They have been allowed to do this because management have sanctioned it.

The ducks are aligned.

Will the year of silence finally be over?

Share price is optimistic!

Looking forward to seeing what happens next!

Have a great weekend everyone!