Trinidad and Tobago

Challenger Energy has four (4) producing fields, all onshore Trinidad. Across these fields there are a total 250 wells, of which approximately 75 are in production at any given time. In addition, in June 2023, the Company was nominated as the party with whom the Trinidadian Ministry of Energy and Energy Industries (‘MEEI’) should negotiate the award of Guayaguayare, a precursor step to formal award of the licence.

Production assets

Goudron

Challenger owns and operates 100% of the Goudron field by way of an enhanced production service contract (“EPSC”) with Heritage Petroleum Company Limited (“Heritage”), the Trinidadian state-owned oil and gas company. The current term of the EPSC runs until 30 June 2030. Within the field, regular well workover operations are undertaken on the existing production well stock, including well stimulation operations, reperforations, and repairs to shut-in wells, as and when appropriate.

Inniss-Trinity

Challenger owns and operates 100% of the Inniss-Trinity field by way of an incremental production service contract (“IPSC”) with Heritage. The IPSC has been extended to 30 June 2023 on an interim basis to allow for ministerial consent required for execution of a fresh EPSC effective 1 January 2022 and expiring on 30 September 2031. Within the field, regular well workover operations are undertaken on the existing production well stock, including well stimulation operations, reperforations, and repairs to shut-in wells, as and when appropriate.

Exploration assets

Guayaguayare

CEG, via its wholly owned subsidiary, CEG Goudron Trinidad Limited (“CGTL”), had submitted a bid for the Guayaguayare block onshore Trinidad under the 2022 Onshore and Nearshore Competitive Bid Round. On 12 June 2023, the Group was advised by MEEI that the Government of Trinidad has authorised MEEI to enter into negotiations with CGTL for the grant of an Exploration and Production (Public Petroleum Licence) for the Guayaguayare block (the “Licence”), following a successful bid for that Licence by CGTL. Formal grant of the Licence presently remains subject to negotiations and finalisation of Licence terms with MEEI.

The Guayaguare block is located in South-East Trinidad. It is one of the largest onshore exploration and production blocks in Trinidad (approximately 306 km2), and is strategically and operationally synergistic with the CEG’s core Trinidadian production business, in that the Licence wholly encloses the CEG’s Goudron licence area, and is adjacent to the Inniss-Trinity licence area.

“Option” and non-core assets

SWP

The SWP contains the Bonasse and Icacos producing oilfields, in which Challenger Energy Group holds a 100% operated interest via a number of private leases covering the Bonasse, Cedros and Icacos licence areas. Similar to other fields, regular well operations are undertaken on the existing production well stock and repairs to shut-in wells, as and when appropriate.

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29/02/2024

0.13

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