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It was a short but active week for the small-cap oil and gas sector.
Challenger Energy Group PLC (LON:CEG) – the company formerly known as Bahamas Petroleum - revealed results from the top section of the Saffron-2 well have been in-line with expectations.
The well has so far been completed to a depth of 1,593 feet, on time and on budget, and has encountered the Upper Cruse and upper parts of the Middle Cruse formations. Logs for the sections are ‘as prognosed’ and consistent with comparable logs from Saffron-1, the company noted.
Drilling will now progress deeper to evaluate the deeper Middle Cruse, and then the Lower Cruse.
Follow Jamie on:
It was a short but active week for the small-cap oil and gas sector.
Challenger Energy Group PLC (LON:CEG) – the company formerly known as Bahamas Petroleum - revealed results from the top section of the Saffron-2 well have been in-line with expectations.
The well has so far been completed to a depth of 1,593 feet, on time and on budget, and has encountered the Upper Cruse and upper parts of the Middle Cruse formations. Logs for the sections are ‘as prognosed’ and consistent with comparable logs from Saffron-1, the company noted.
Drilling will now progress deeper to evaluate the deeper Middle Cruse, and then the Lower Cruse.
Challenger Energy, formerly Bahamas Petroleum, has commenced drilling of the Saffron-2 appraisal well, onshore Trinidad and Tobago. The objectives of the well are to provide immediate production and cash flow and to inform the most efficient way to develop the Saffron field.
Bahamas Petroleum, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, is pleased to announce that, further to the passing of all resolutions at the Company s Extraordinary General Meeting on 17 May 2021, the Company s change of name has been effected by the Isle of Man Registrar of Companies. As such, the Company s shares on AIM, as of 08:00 a.m. today, will be under its new name Challenger Energy Group PLC ( Challenger Energy ) and its new ticker of CEG .
The Company s ISIN (IM00B3NTV894) and SEDOL (B3NTV89) remain unchanged. Shareholders should note that their shareholdings will be unaffected by the change of name. Existing share certificates should be retained by Shareholders holding ordinary shares in certificated form as they will remain valid for all purposes and no new share certificates will be issued.