Challenger Energy poised for growth phase as Saffron well advances

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  • Challenger Energy has “reinvigorated” talks with potential farm-in partners as it sifts new Bahamas well data
  • Bahamas Petroleum Co Plc shareholder Q&A
Bahamas Petroleum Company PLC -

Quick facts: Challenger Energy Group PLC

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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.

16 Aug 2021

Challenger Energy PLC () said it had “reinvigorated” talks with potential farm-in partners for its offshore acreage in the Southern Territorial Waters off the Bahamas.

It dubbed the area “highly prospective” following post-drill analysis of its first well.

While Perseverance-1 was deemed non-commercial, there was enough data to encourage the company to press the authorities to renew its licence for another three-year term.

The logs showed the presence of hydrocarbons at “various horizons” downhole to 3,905 metres.

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28 Jul 2021

() told investors the Saffron-2 well in Trinidad and Tobago is now on clean-up ahead of well testing.

The Caribbean and Atlantic margin focused oil and gas company said following the demobilisation of the drill rig some 130 feet of potential reservoir sands in the Lower Cruse sections of the well were perforated. Drilling materials and fluids are being recovered from the well, and that’s expected to continue for several days.

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14 Jul 2021

() said logging and analysis confirmed some 300 feet of net oil bearing reservoir sands in the Saffron-2 well in Trinidad and it is now being prepared for a production test later this month.

Logging measured some 1,400 feet of gross reservoir sands across the Upper, Middle and Lower Cruse formations. In the Lower Cruse, the primary reservoir of interest, the well encountered 63 feet of net oil-bearing reservoir sands and a further 70 feet is potential is also indicated.

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06 May 2021

‘s () Eytan Uliel answers shareholder questions following his presentation at the Proactive One2One Investor Conference (link below).

These questions begin with the Perseverance #1 well recently drilled in the Bahamas, with investors wanting to know why the cost ran considerably over budget, what caused the budget to overrun, how much was it, who is to pay for it and and is insurance available to cover some of the cost.

Uliel also addresses questions on the future of the licences in the Bahamas, questions about Trinidad & the upcoming Saffron #2 well, on Uruguay and about the recent board changes.

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