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Challenger Energy Group PLC on Wednesday said it has almost entirely addressed the ‘clean up’ of various legacy items following its exit from Trinidad and Tobago, as it reported a narrowing of its interim loss. The Castletown, Isle of Man-based energy and mining company focused on the Atlantic Margin narrowed its loss before tax to $1.3 million in the first half of 2025, from $2.1 million a year earlier. Challenger Energy reported no net petroleum energy revenue, down from $1.8 million a year earlier. The company said the sale of its business in Trinidad and Tobago meant that all income, assets and liabilities associated with that business were reclassified for accounting purposes as assets held for sale. ‘As a result, the financial statements for the period show no revenue, given that all previous revenues were attributable to the now reclassified Trinidad business.’ the company said Owing to this Challenger Energy reported no cost of sales, down from $1.9 million. Administrative expenses improved 7.3% to $2.1 million from $2.2 million. The company reported ‘steady progress’ during the interim period for its core Uruguayan assets, AREA OFF-1 and AREA OFF-3. It noted that the farm out for 60% of AREA OFF-1 was completed back in November last year, with the handover to Chevron Corp occurring in the first half of this year. ‘It is gratifying to report that the working relationship with Chevron through the period has been excellent, very much reaffirming our choice of Chevron as the right partner for us on this block,’ said the company. With regard to AREA OFF-3, Challenger Energy said it made ‘rapid progress’ on its planned technical work programme, with this ‘substantially completed in August.’ Shares in Challenger Energy rose 5.0% to 8.40 pence on Wednesday morning in London. Chief Executive Eytan Uliel commented: ‘With the exit from Trinidad and Tobago completed, we have now addressed almost entirely the ’clean-up’ of various legacy items relevant to our company - a process that has been ongoing for several years. In the process, we have dramatically simplified our business, thereby enabling us to focus almost entirely on Uruguay. At the same time, we have emerged from a period of rebuilding with a lean overhead, a great team, and a solid cash position that should carry us forward well into the foreseeable future. ‘I am incredibly excited about what our company might achieve in the coming 12-24 months.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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