Case study
Gneiss advises Challenger Energy Group on successful $23 million financial restructuring and £7.3 million Private Placing
New equity raised for Challenger Energy Group to grow production base and complete company financial restructuring.
Gneiss Energy is pleased to have acted as financial adviser and placing agent to Challenger Energy Group PLC 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, with 5 producing fields and 2 appraisal/development projects in Trinidad. They also have a wider exploration portfolio in Trinidad, Uruguay and The Bahamas.
We worked with CEG to successfully reduce the total creditor and liability exposure of the company from approximately $23 million to approximately $2.5 million, helping the company raise new equity that provided funds to grow its production base. The net proceeds of the fundraising allow for the completion of CEG’s financial restructuring, and will also provide funds for a low-risk development work programme in Trinidad and Suriname in 2022 and 2023.
Challenger Energy Group is an AIM-listed oil and gas company focused on the Caribbean and Atlantic margin, with 5 producing fields and 2 appraisal/development projects in Trinidad. They also have a wider exploration portfolio in Trinidad, Uruguay and The Bahamas.
We worked with CEG to successfully reduce the total creditor and liability exposure of the company from approximately $23 million to approximately $2.5 million, helping the company raise new equity that provided funds to grow its production base. The net proceeds of the fundraising allow for the completion of CEG’s financial restructuring, and will also provide funds for a low-risk development work programme in Trinidad and Suriname in 2022 and 2023.
Project team
Jon Fitzpatrick
Managing Director
Paul Weidman
Head of Oil and Gas
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