Challenger Energy Group PLC announced a private placement to issue loan for the gross proceeds of £1.5 million on April 18, 2024. The transaction will include participation from new investor Charlestown Energy Partners LLC. Upon closing of the AREA OFF-1 farm-out to Chevron and subject to prior completion of an agreed share consolidation shall convert at a fixed price of £0.168 per share, being a 20% premium to the current share price.

This will result in Charlestown holding a 8.7% shareholding in Challenger Energy, thus making Charlestown one of the Company's largest shareholders