Eytan Uliel of Challenger Energy explains how their activity is focused on building production and generating cash flow

Eytan Uliel, Chief Executive Officer of Challenger Energy #CEG explains their activity update and work Programme which is focused on growing the core business, through building production and generating cash flow.

Highlights

· Given the current strong oil price environment, the Trinidad business unit is profitable at current production levels of 350 to 400 bopd

· Near-term upside potential from production enhancing work presently underway, that is aiming to boost production, with resulting cashflow benefits

· Balance of the 2022 work programme being finalised, including infill drilling and EOR programs in Trinidad and pilot well testing in Suriname, in support of further increasing production and cashflow 

· Appointed new Country Head in Trinidad with robust technical and production management expertise 

· Company to enter Q2 2022 substantially debt free and with cash reserves available to support ongoing operations and investment in the planned production growth focused work programme

About Challenger Energy

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.