Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) has agreed to extend the deadline for closing its previously announced asset sale, as the timeline was disrupted by a snap election in Trinidad and Tobago.
In February, it agreed to the sale of its Trinidad and Tobago operations to Caribbean Rex Limited, a joint venture between a subsidiary of Predator Oil & Gas PLC and West Indian Energy Group Limited.
The asset sale is priced at $6 million, but it can rise to $8 million, subject to the performance of the production assets. Initially, it sees Challenger receive a $1.75 million cash payment and transfer some $4.25 million of liabilities.
The deadline to complete the transaction moves to 30 August, from 30 June.
Tower noted: “The company and the buyer have made considerable progress in terms of satisfying requirements for the necessary regulatory approval, albeit the process has not fully finalised.”