Challenger Energy Group Plc (LON:CEG) has announced its audited Annual Results for the year ended 31 December 2024.
The 2024 Annual Report and Financial Statements will be posted to shareholders by 18 June 2025 along with the notice of the Company’s Annual General Meeting to be held on 24 July 2025 at 11.00 a.m. British Summer Time at The Engine House, Alexandra Road, Castletown, Isle of Man IM9 1TG.
Chairman’s Letter to the Shareholders
Dear Shareholders,
It is my pleasure to report to you as Chairman of your Company.
In my last report I commented on our considerable progress with regard to our strategic objectives. Again I am pleased to report that through 2024 and the early part of 2025 we have continued to deliver considerable value to shareholders, which has been partially reflected in our market capitalisation: adding value for our Uruguay AREA OFF-1 and AREA OFF-3 licences, announcing the sale of our business in Trinidad and Tobago, exposing the Company to the wider and deeper US investment market, and all whilst maintaining a stringent cash policy resulting in capital requirements being funded for our foreseeable work programmes.
In Trinidad and Tobago, we announced a sale of the Company’s subsidiary companies that consist of our whole business in that country. Assuming a successful completion of that transaction in 2025, we will have made the Company entirely focused on Uruguay. It is a credit to our team in Trinidad and Tobago that we continue to have safe and sustained operations whilst the sale progresses, and I take this opportunity of thanking that team on behalf of shareholders and the Board for their continued hard work and diligent approach in a period of change.
In Uruguay, we completed the farm-out of AREA OFF-1. We have worked extensively and proactively with Chevron since then to continue the pace of work on that block, and look forward to a successful start of seismic operations later this year. The technical work on AREA OFF-3 continues to progress as planned and the Company anticipates results of that work in Q3 2025, enabling us to commence a farmout process on that block. Overall, 2026 is shaping up to be a hugely exciting year for Challenger Energy in respect of our Uruguayan position. We remain unique as the only smaller cap company present in that region, holding substantial acreage positions in our blocks. Eytan gives far more detail on our plans in his CEO Report.
In May 2024, we reported on the strategic investment by Charlestown Energy in the Company. Robert Bose has proven to be a great addition to the Board. In addition, we have exposed our Company to the US investment market by listing on the OTCQB Venture Market in April 2025. Initial results show considerable interest in the Company.
Finally, and as always, I thank the staff of Challenger Energy for their efforts last year, the Board for their guidance and insight and, of course, our shareholders for their continued support.
Iain McKendrick Chairman
12 June 2025
