Gneiss Energy is pleased to have acted as financial adviser and placing agent to Challenger Energy Group PLC (AIM: CEG) on its successful financial restructuring and £7.3 million placing.
Challenger Energy Group is an AIM-listed oil and gas company focused on the Caribbean and Atlantic margin. The company has five producing fields and two appraisal/development projects in Trinidad and a wider exploration portfolio in Trinidad, Uruguay, and The Bahamas.
The net proceeds of the fundraising allow for the completion of CEG’s financial restructuring as well as providing funds for a low-risk development work programme in Trinidad and Suriname in 2022 and into 2023.
Gneiss worked with CEG to successfully reduce the total creditor and liability exposure of the company from approximately $23 million to approximately $2.5 million and helped the company raise new equity to provide funds to grow the production base. Additionally, Iain McKendrick has joined CEG as Non-Executive Chairman and Tim Eastmond as CFO. The result of the above places CEG on a firm financial footing with a new leadership team to drive value in the assets going forward.
At Gneiss Energy we work with our clients to deliver results in challenging environments. To find out more on how we can help your business contact us here.
For more details, contact:
CEG @ Challenger Energy Group
Paul Weidman- Paul Weidman – Gneiss Energy