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 27th 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: +44 (0) 1624 647 882

Strand Hanson Limited - Nomad

Rory Murphy / James Spinney / Rob Patrick

Tel: +44 (0) 20 7409 3494

Shore Capital Stockbrokers Limited - J oint  Broker

Jerry Keen / Toby Gibbs

Tel: +44 (0) 207 408 4090

Investec Bank Plc - J oint  Broker

Chris Sim / Rahul Sharma

Tel: +4 4 (0) 207 597 5970

Gneiss Energy - Financial Adviser

Jon Fitzpatrick / Paul Weidman / Doug Rycroft

Tel: +44 (0) 20 3983 9263

CAMARCO

Billy Clegg / James Crothers / Hugo Liddy

 Tel: +44 (0) 020 3757 4980

 

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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