Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Challenger Energy Group Plc (LON: CEG) shares surged 900% after the company unveiled a new corporate identity as an oil exploration and production company with 13 licenses and assets in four countries.
The company was previously known as Bahamas Petroleum Company PLC with a single exploration asset in the Bahamas before redefining its identity by merging with another company in mid-2020.
Bahamas Petroleum is in the process of rebranding into Challenger Energy and now has both exploration and production assets making it a full-cycle producer. The company now has cash flow producing assets and a clear path to growing its cash flow and overall production.
Challenger Energy’s Saffron project in Trinidad and Tobago is one of its production assets, with the Suriname project being another cash flow generating asset.
Its competitive edge lies in its production assets and its vast portfolio of development assets with significant future revenue potential underpinned by its experienced management team with proven industry experience.
Today’s rally is directly attributable to Challenger Energy’s investor presentation at the UK Investor Magazine Virtual Conference held on 25th May.
Investors were pleased to learn of the company’s new strategy and corporate identity, hence, today’s rally.
I wouldn’t buy the company’s shares at current prices since they are pretty extended, but I could buy them later when the price drops.
*This is not investment advice.
Challenger Energy share price.
Challenger Energy shares surged 900% to trade at 3.00p, rallying from Thursday’s closing price of 0.3p.
Challenger Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Challenger Energy shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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