(NewsDirect)
Challenger Energy Group PLC CEO EytanUliel joins Proactive's Stephen Gunnion with details of a £1.5million strategic investment from Charleston Energy Partners, a NewYork-based fund connected to a family office since 2005 and involvedin energy investments since 2016.
Uliel highlighted Charleston's understanding of ChallengerEnergy’s operations and strategy. The funds are intended to supportimmediate working capital needs and enable progress on a new block inUruguay, even before a major deal with Chevron is finalized. ThisChevron partnership, pending approval by Uruguayan regulators,promises a £12.5 million influx that will sustain ChallengerEnergy’s operations for an extended period.
Uliel said Charleston Energy’scontribution extends beyond financial investment; it bringsindustry-specific knowledge and a commitment as long-term investors.Additionally, Robert Bose, Managing Member of Charleston and CEO ofSintana—another energy company with significant holdings inNamibia—will join Challenger Energy’s board, adding valuableexpertise.
The financial move isstructured as a convertible loan which will convert into anapproximately 8.5% shareholding for Charleston following a shareconsolidation.
Upcoming milestones for investors include thecompletion of the Charleston transaction and the commencement of workwith Chevron, both expected to significantly advance ChallengerEnergy’s asset development.
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