Board Changes

RNS Number : 3880A

Challenger Energy Group PLC

01 June 2021

 

1 June 2021

Challenger Energy Group PLC

("Challenger Energy" or the "Company")

Board Changes

Challenger Energy (AIM:CEG), the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and exploration assets across the region, announces, further to the announcement of 23 April 2021 , the appointment of Eytan Uliel and Stephen Bizzell to the Company's board of directors (the "Board"), with immediate effect.

Board Changes

Mr Eytan Uliel, the Company's Chief Executive Officer designate, has now formally been appointed as Chief Executive Officer of the Company. Following Eytan's appointment, Simon Potter, the Company's previous Chief Executive Officer since 2011, has stepped down from this role but will remain with the Company as a Non-Executive Director, with a remit to provide ongoing transitional support to the Company's executive team.

Mr Stephen Bizzell has been appointed to the Board as a Non-Executive Director. Subsequent to the appointment of Stephen Bizzell, Mr Ross McDonald, Non-Executive Director of the Board, has stepped down from his role.

The Board now comprises William Schrader (Non-Executive Chairman), James Smith (Deputy Non-Executive Chairman), Simon Potter (Non-Executive Director), Stephen Bizzell (Non-Executive Director) and Eytan Uliel (CEO).

As previously advised, the appointment of Mr. Robert Riley to the Board as non-executive director will take effect at such time as customary onboarding processes for new directors are completed, and a further announcement will be made at that time. As previously advised, the Company will also consider the potential for the appointment of additional Non-Executive Directors in the future, as may be deemed appropriate.

Eytan Uliel, Chief Executive Officer, commented:

"I am delighted to have formally assumed the role of CEO of Challenger Energy. We are making steady progress on our plan to reset the Company both strategically and corporately, with a view to positioning the business for future growth. I and the executive team will be working closely with our re-organised Board in implementing a strategy focussed on creating shareholder value through production and cashflow growth across our portfolio. I look forward to engaging over the coming months with our shareholders and stakeholders, and providing regular updates on our progress."

Additional Information

The following additional information is provided in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies.

Mr Eytan Michael Uliel (aged 49)

Current Directorships	Past Directorships (last five years)
BPC Managements Services Ltd	UIA Investment Holdings (No.1) Pte Ltd
BPC Goudron Trinidad Ltd	UIA Healthcare Holdings Pte Ltd
BPC Icacos Trinidad Ltd	Apos Asia Holdings Pte Ltd
BPC South Erin Trinidad Ltd	Apos Singapore Pte Ltd
Cory Moruga Holdings Ltd	Eight Ball Investments Pty Ltd
Steeldrum Petroleum Group Ltd
BPC Inniss-Trinity Trinidad Ltd
T-Rex Resources Trinidad Ltd
BPC Bonasse Trinidad Ltd
Uliel Investments Pte Ltd
Hameitar Pty Ltd
Kinneret Pty Ltd
Knock n Lock Ltd
Man Mission Nominees Pty Ltd
Mitchells Holdings (Asia) Pte Ltd
Mitchells Worldwide Marketing Pte Ltd
Alceon Funds Management Pty Ltd
Alceon Australian Real Estate Corporate Senior Loan Master Fund
Alceon Real Estate Corporate Senior Loan Master Fund
Armour Energy Limited
Armour Energy (Victoria) Pty Ltd
Armour Energy (Surat Basin) Pty Ltd
Armour Energy International Pty Ltd
Armour Energy (Qld) Pty Ltd
Ripple Resources Pty Ltd

Mr Uliel is interested in 10,373,962 ordinary shares in capital of the Company and has options over 4,250,000 ordinary shares in the capital of the Company at strike prices ranging from 22.2 pence per share to 28 pence per share.

Mr Stephen Grant Bizzell (aged 53)

Current Directorships	Past Directorships (last five years)
Armour Energy Limited	Aegpas Pty Ltd
A.C.N. 601 276 886 Pty Ltd	Belview Coal Pty Ltd
Agate Creek Holdings Pty Ltd	Cape Range Energy Pty Ltd
Armour Energy (Victoria) Pty Ltd	Coera Pty Ltd
Armour Energy (Surat Basin) Pty Limited	Comet Coal & Coke Pty Limited
Armour Energy (Qld) Pty Ltd	Diversa Pty Ltd
Armour Energy International Pty Ltd	Emerald Coal Pty Ltd
BBW Funds Pty Ltd	Kerlong Coking Coal Pty Ltd
BCP Alpha Investments Pty Ltd	Mackenzie Coal Pty Limited
BCP Alpha Management Pty Ltd	New Cambria Pty Ltd
BCP Equities Pty Ltd	PB Energy No 1 Pty Ltd
Bizzell Asset Management Pty Ltd	Ripple Resources Pty Ltd
Bizzell Capital Partners Pty Ltd	Stanmore Coal Custodian Pty Ltd
Bizzell Nominees Pty Ltd	Stanmore Resources Limited
Centec Securities Pty Ltd	Strike North West Pty Ltd
E-1 Nominees Pty Ltd	Sub161 Pty Ltd.
Enthalpy Pty Ltd	UIL Canning Basin Pty Ltd
International Justice Fund Pty Ltd	UIL Energy Pty Ltd
Laneway Resources Limited
Maas Group Holdings Limited
Pine Mountain Pty Ltd
Renascor Resources Limited
Renison Coal Pty Ltd
Strike Energy Limited
Wavebreak Ventures Pty Ltd

Mr Bizzell had an interest in £ 151,000 worth of convertible notes issued by the Company which, on 27^th May 2021 converted into 4,314,286 ordinary shares (post share consolidation) in the capital of the Company. In addition, Mr. Bizzell holds an interest in £ 200,000 worth of convertible notes issued by the Company, which remain on issue in accordance with the terms and conditions of those notes, as previously disclosed (and, if converted in full, would represent an interest in a further 2,500,000 ordinary shares.    Mr Bizzell also has an interest in options over 300,000 ordinary shares in the capital of the Company at a strike price of 20 pence per share.

Mr Bizzell was previously a Non-Executive Director of Titan Energy Services Limited, which entered voluntary administration in December 2015. The administration came to an end in June 2016 and the company has subsequently been renamed Aumake Limited.

Other than the information contained within this announcement, there is no further information required to be disclosed pursuant to Schedule 2(g) of the AIM Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

For further information, please contact:

Challenger Energy Group PLC Eytan Uliel, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Rob Patrick	Tel: [phone]
Shore Capital Stockbrokers Limited - J oint  Broker Jerry Keen / Toby Gibbs	Tel: [phone]
Investec Bank Plc - J oint  Broker Chris Sim / Rahul Sharma	Tel: [phone]
Gneiss Energy - Financial Adviser Jon Fitzpatrick / Paul Weidman / Doug Rycroft	Tel: [phone]
CAMARCO Billy Clegg / James Crothers / Hugo Liddy	Tel: [phone]

Notes to Editors

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 licence in each of Uruguay and The Bahamas are highly prospective, and 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

 

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