1 June 2023

Challenger Energy Group PLC

("Challenger Energy" or the "Company")

CORY MORUGA SALE UPDATE

Challenger Energy (AIM: CEG), the Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets, provides the following update in relation to the sale of the Cory Moruga licence, onshore Trinidad.

On 8 March 2023, the Company announced that it had entered into an agreement with Predator Oil and Gas Limited pertaining to the sale of the Cory Moruga asset in Trinidad. In that announcement, it was noted that completion of the transaction was conditional on consent of the Trinidadian Ministry of Energy and Energy Industries ("MEEI") to a revised work programme for the Cory Moruga licence proposed by the Company, as well as agreement of MEEI to a revision of future fees for the Cory Moruga licence and a settlement / cancellation of past claimed dues pertaining to the Cory Moruga licence. It was further noted that the parties had agreed to work together to secure the required consents, and thus achieve completion, as soon as reasonably practicable on or before 30 May 2023, with a long stop date of 31 August 2023.

Since March 2023, the parties have worked together as required, and are engaged in a dialogue with MEEI. This is proceeding well, but the conditions for completion of the transaction have not been satisfied as at 30 May 2023. The parties remain confident, however, that appropriate consents and agreement with MEEI will be forthcoming based on dialogue with MEEI. Accordingly, the parties have mutually agreed to an extension of the 30 May 2023 target date for completion of the intended transaction, to coincide with the long-stop date of 31 August 2023.

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Notes to Editors

Challenger Energy is a Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal and exploration assets and licences, located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of Uruguay and The Bahamas. In Trinidad and Tobago, Challenger Energy has a number of producing fields and appraisal / development projects. In Suriname, Challenger Energy has on onshore appraisal / development project. Challenger Energy's exploration licences in Uruguay 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