Client NewsChallenger Energy Group PLC: Heads of Terms for the Sale of Cory Moruga; future EOR collaboration and settlement agreement with Predator Oil & Gas Holdings Plc
Challenger Energy (AIM: CEG), the Caribbean and Americas focused oil and gas company, with oil production, appraisal, development and exploration assets across the region, is pleased to announce that it has entered into a binding heads of terms (the “Term Sheet”) with Predator Oil & Gas Holdings Plc and relevant subsidiary entities (“Predator”), providing for (i) the conditional sale of the Company’s interest in the non-producing Cory Moruga licence in Trinidad, (ii) a framework for future CO2 collaboration between the Company and Predator, and (iii) a mutually agreed settlement in relation to all matters relating to the Inniss-Trinity CO2 enhanced oil recovery (“EOR”) pilot project previously carried out by Predator at the Company’s Inniss-Trinity block (in aggregate, the “Transaction”).
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