Update: Cash injection helps while licence application progresses
On 25 November 2014, Challenger Energy (CEL) announced it had raised A$1.2m in a private placement, mostly from existing shareholders. The funds will be used to support the company’s ongoing activities as it progresses its licence application in South Africa’s Karoo basin. On 26 October 2014, Challenger’s application was allowed to proceed, along with those of its neighbours. A licence award, expected in mid-2015, could pave the way for a farm-out, which is required to fund a large portion of CEL’s A$20-25m initial appraisal programme. CEL has previously stated it is in ‘advanced’ farm-in discussions. A licence award and farm-out could lead to a near-term re-rating, with longer-term upside based on drilling success.Challenger Energy is engaged in the exploration and production of oil and gas. Co. is also engaged in securing, finding, developing, producing and selling of hydrocarbons.
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