Last checked at 15 Jul 2022 16:53
15 July 2022
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
Resignation of CFO
Challenger Energy (AIM: CEG) announces that Mr Timothy Eastmond has resigned as a Director and the Chief Financial Officer of the Company. Mr Eastmond has resigned for personal reasons, and his resignation will take effect immediately.
The Company's Chief Commercial Officer, Mr Gagan Khurana, will assume the role of Acting Chief Financial Officer, pending an executive search for a suitable permanent replacement. Mr Khurana already possesses a deep knowledge of the Company's assets and commercial / financial functions, and has over 20 years of relevant work experience, holds an MBA from the National University of Singapore and is a fellow member (FCCA) of the Association of Chartered Certified Accountants, UK, and CA (Singapore), having previously worked at PricewaterhouseCoopers, a leading global accounting firm. Mr Khurana will not join the board of the Company as a result of becoming Acting Chief Financial Officer.
Mr Eastmond currently holds 160 million options over ordinary shares issued under the Company's executive option plan (in four tranches, on terms and conditions as advised by RNS dated 7 March 2022). As at the date of this announcement, the performance criteria for the vesting and exercise of each tranche of these options have not been met, and the options have thus not been exercised, and will therefore lapse on cessation of Mr Eastmond's employment.
Iain McKendrick, Chairman of Challenger Energy, said:
"We wish Tim well in his future endeavours, and we thank him for his service in his time at Challenger. We are pleased to have someone of Gagan's caliber on staff who can capably step into the CFO role on an acting basis. His primary task in this role, while we work on recruiting a permanent replacement, will be to ensure a smooth process in relation to the finalisation of the Company's ongoing group audit and annual reporting process - as advised by RNS on 14 June 2022, this timeline for completion of this work is the end of September 2022. Further announcements will be made in due course."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
For further information, please contact:
Challenger Energy Group PLC Eytan Uliel, Chief Executive Officer | Tel: +44 (0) 1624 647 882 |
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Rob Patrick | Tel: +44 (0) 20 7409 3494 |
Arden Partners plc - Broker Simon Johnson | Tel: +44 (0) 20 7614 5900
|
CAMARCO Billy Clegg / James Crothers / Hugo Liddy | Tel: +44 (0) 20 3757 4980 |
Notes to Editors
Challenger Energy is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad and Tobago, Challenger Energy has five (5) producing fields, two (2) appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. In Suriname, Challenger Energy has on onshore appraisal / development project. Challenger Energy's exploration licences in Uruguay, the South West Peninsula of Trinidad, and The Bahamas offer high-impact value exposure within the overall portfolio value.
Challenger Energy is quoted on the AIM market of the London Stock Exchange.
https://www.cegplc.com
ENDS