Challenger Energy Group ( (GB:CEG) ) has shared an announcement.
Challenger Energy Group PLC has announced an Extraordinary General Meeting to seek shareholder approval for the sale of its entire business operations in Trinidad and Tobago. This move is part of a strategic shift to focus on its high-value exploration assets in Uruguay, as the Trinidad operations have been loss-making and are not aligned with the company’s core business strategy. The disposal will mark a significant change in the company’s business operations, as the Trinidad assets currently account for all of Challenger Energy’s revenue. The board recommends shareholders vote in favor of the transaction, which is seen as beneficial for the company’s future focus and profitability.
More about Challenger Energy Group
Challenger Energy is an energy company focused on the Atlantic-margin, with significant operations in Uruguay. The company holds two offshore exploration licenses in Uruguay, covering a total of 19,000 square kilometers, and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is listed on the AIM market of the London Stock Exchange.
YTD Price Performance: 48.00%
Average Trading Volume: 864,052
Technical Sentiment Consensus Rating: Hold
Current Market Cap: £22.73M
See more data about CEG stock on TipRanks’ Stock Analysis page.