Challenger Energy revenue down, maintains 'strong' outlook
Challenger Energy Group PLC on Friday reported lower revenue and earnings per share in 2024, but remained optimistic about the year ahead.
The Castletown, Isle of Man-based energy and mining company focused on the Atlantic Margin posted a 3.9% decline in net petroleum revenue, which fell to $3.5 million in 2024 from $3.6 million the year prior.
Pretax loss from continuing operations narrowed to $2.1 million from $19.5 million in 2023. However, basic loss per share widened to 0.49 US cents from 0.14 cents on-year.
Challenger continues to prioritise its hydrocarbon assets in Uruguay ‘against a backdrop of heightened industry interest in the region’, said Chief Executive Eytan Uliel. The firm anticipates the start of operations at its Area Off-1 oil prospect, a joint venture with Chevron Corp, to begin in the final quarter of this year, subject to state approval.
Trinidad and Tobago production in 2024 remained constant with the year prior on a like-for-like basis, Challenger said. Back in February, the company disclosed plans to sell all remaining assets in the Trinidad and Tobago. The disposal is expected to close by the end of June.
The company’s licences in The Bahamas require renewal if it is to continue operations in the Caribbean state. Challenger reported ‘limited’ progress in this regard in 2024.
Uliel maintained that the company’s outlook for the next two years remained ‘strong’.
Challenger shares were 10% higher at 8.00p each on Friday afternoon in London.
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