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Shares of Challenger Energy Group PLC (LON: CEG) edged higher today after receiving the Safe to Work in Trinidad &Tobago (STOW-TT) two-year certification showing that it had fully complied with Health, Safety and Environmental standards.
The oil and gas company celebrated the certification, which was granted for the maximum period of two years, allowing it to keep operating in the country up to 2023. The certification is effective starting 5th August 2021.
Challenger Energy’s shares have been falling since completing a 10:1 stock consolidation to boost its share price, which hit a high of 3.4p at the time and has been falling ever since.
However, investors have a reason to smile now as the oil and gas company’s shares have rallied higher over the past four trading days, which could indicate that the 3-month downtrend may finally be over.
Challenger Energy has issued several positive updates since the May consolidation and its rebranding into a company that owns oil and gas producing assets in the Caribbean and Atlantic margin.
The company transformed into a gas and oil producer by acquiring oil protruding assets. According to its June 2021 trading update, its five producing assets in Trinidad generated 64,319 barrels of oil equivalent.
Eytan Uliel, Challenger Energy’s CEO, commented: “When we took over operating of our assets in Trinidad in August 2020, we noted that the prior operators had never successfully achieved STOW certification, and we determined to do so as a matter of priority.
“We are thus enormously proud of this achievement, which represents the culmination of more than 12 months of work by our in-country team, and provides strong validation for our commitment to and operating presence in Trinidad and Tobago.”
Investors interested in buying Challenger Energy’s shares may find its current prices quite attractive. However, there are no guarantees that the rally shall be sustained over time.
Challenger Energy share price.
Challenger Energy shares edged higher after securing the STOW certification in Trinidad & Tobago.
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