–News Direct–
Challenger Energy Group PLC CEO Eytan Uliel joins Proactive's Stephen Gunnion with details of a 1.5 million strategic investment from Charleston Energy Partners, a New York-based fund connected to a family office since 2005 and involved in energy investments since 2016.
Uliel highlighted Charleston's understanding of Challenger Energys operations and strategy. The funds are intended to support immediate working capital needs and enable progress on a new block in Uruguay, even before a major deal with Chevron is finalized. This Chevron partnership, pending approval by Uruguayan regulators, promises a 12.5 million influx that will sustain Challenger Energys operations for an extended period.
Uliel said Charleston Energys contribution extends beyond financial investment; it brings industry-specific knowledge and a commitment as long-term investors. Additionally, Robert Bose, Managing Member of Charleston and CEO of Sintanaanother energy company with significant holdings in Namibiawill join Challenger Energys board, adding valuable expertise.
The financial move is structured as a convertible loan which will convert into an approximately 8.5% shareholding for Charleston following a share consolidation.
Upcoming milestones for investors include the completion of the Charleston transaction and the commencement of work with Chevron, both expected to significantly advance Challenger Energys asset development.
Contact Details
Proactive UK Ltd
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View source version on newsdirect.com: https://newsdirect.com/news/challenger-energy-secures-ps1-5m-strategic-investment-from-charleston-energy-partners-742806428
Challenger Energy Group PLC
COMTEX_451070554/2655/2024-04-19T03:06:16
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