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Challenger Energy lifts production with well recompletions

Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) told investors it has increased production by 10-15% through a quick programme of well recompletions. The Trinidad-focussed company, in a statement, said four well recompletions have been completed to date since late March. Some 40 to 60 barrels of oil per day (bopd) have been added, in aggregate, lifting overall group production to average around 400 bopd. Further production enhancement identified by the company is expected to add another 10% of production growth, Challenger noted. Moreover, infrastructure work underway in the area (due to finish in Q2) promises to open further existing well stock for potential recompletions in the future. “The turnaround of our Trinidad and Tobago business unit is proceeding according to plan, with good results seen thus far from the field work underway since the completion of the company’s restructuring and recapitalisation in March 2022,” said chief executive Eytan Uliel. “The focus at Challenger Energy remains on getting the basics right – maintaining stable baseline production, achieving incremental production growth from the existing fields, maximising sales revenues and cashflow, and continuing to evaluate opportunities to grow production through value accretive M&A opportunities.”