Challenger Energy Group is the 100% holder of four conjoined exploration licences offshore The Bahamas. The Perserverance-1 well was drilled in the licence area in early 2021, and did not result in a commercial discovery at the drill location. However, a number of other structures and drill targets remain prospective across the licence areas, and the technical findings from Perseverance-1 indicate the potential of deeper Jurassic horizons.

In March 2021, CEG notified the Government of The Bahamas of its intent to renew the licences into a third 3-year exploration period- this renewal remains pending, and the Group is engaging with the Government on the renewal process. At the same time, CEG is engaging with the Government and various third-party consultants on a joint initiative seeking to monetise the asset via an alternative approach based around carbon credits.