Challenger Energy secures £1.5m strategic investment from Charleston Energy Partners
London, UK
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April 19, 2024 03:00 AM Eastern Daylight Time
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 Energy’s 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 Energy’s operations for an extended period.
Uliel said Charleston Energy’s 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 Sintana—another energy company with significant holdings in Namibia—will join Challenger Energy’s 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 Energy’s asset development.
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