Bahamas Petroleum Company, an oil and gas company focused on the Caribbean and Atlantic margin, which earlier this year failed to unearth commercial quantities of oil from the closely watched Perseverance well offshore the Bahamas, is changing its name.
The company, which is now focused on increasing production and cashflow from its onshore assets in Trinidad and Tobago and Suriname, said Friday the company's name change to Challenger Energy Group had taken effect, and that its shares on AIM would trade under the new ticker of "CEG."
"Shareholders should note that their shareholdings will be unaffected by the change of name. Existing share certificates should be retained by Shareholders holding ordinary shares in certificated form as they will remain valid for all purposes and no new share certificates will be issued," the company said.
The company is gearing up to spud the Saffron-2 appraisal well in Trinidad and Tobago in the next few days.
The design of the Saffron-2 well includes a production completion, allowing for immediate oil production and sales on a successful well, with anticipated rates of 200 - 300 bopd, which it is estimated would provide more than US$1.8 million per year of cash flow to the Company. Based on these pre-drill estimates, Saffron-2 would have a payback of 12-18 months and an ROI of in excess of 200 percent, the company recently said.
Eytan Uliel, Challenger Energy CEO Designate, said: "With the spud of the highly anticipated Saffron-2 appraisal well now just days away, we are pleased that in addition to the successful completion of our fundraising as announced on 20 May 2021, shareholders at the EGM supported all of our broader corporate reset objectives, including the change of name of the company to Challenger Energy, which has now taken effect.
"As Challenger Energy, our immediate strategic priority is to drive production and cashflow growth, through intelligent management and deployment of our resources. Our change of name, and the broader corporate reset currently underway, is in support of this strategic priority, which we see as the lynchpin for shareholder value growth both in the near-term and in the years ahead. All of us at Challenger Energy look forward to beginning the next chapter."