Challenger Energy Group PLC Resignation of CFO (7073S)
15 Julio 2022 - 10:53AM
UK Regulatory
TIDMCEG
RNS Number : 7073S
Challenger Energy Group PLC
15 July 2022
15 July 2022
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
Resignation of CFO
Challenger Energy (AIM: CEG) announces that Mr Timothy Eastmond
has resigned as a Director and the Chief Financial Officer of the
Company. Mr Eastmond has resigned for personal reasons, and his
resignation will take effect immediately.
The Company's Chief Commercial Officer, Mr Gagan Khurana, will
assume the role of Acting Chief Financial Officer, pending an
executive search for a suitable permanent replacement. Mr Khurana
already possesses a deep knowledge of the Company's assets and
commercial / financial functions, and has over 20 years of relevant
work experience, holds an MBA from the National University of
Singapore and is a fellow member (FCCA) of the Association of
Chartered Certified Accountants, UK, and CA (Singapore), having
previously worked at PricewaterhouseCoopers, a leading global
accounting firm. Mr Khurana will not join the board of the Company
as a result of becoming Acting Chief Financial Officer.
Mr Eastmond currently holds 160 million options over ordinary
shares issued under the Company's executive option plan (in four
tranches, on terms and conditions as advised by RNS dated 7 March
2022). As at the date of this announcement, the performance
criteria for the vesting and exercise of each tranche of these
options have not been met, and the options have thus not been
exercised, and will therefore lapse on cessation of Mr Eastmond's
employment.
Iain McKendrick, Chairman of Challenger Energy, said:
" We wish Tim well in his future endeavours, and we thank him
for his service in his time at Challenger. We are pleased to have
someone of Gagan's caliber on staff who can capably step into the
CFO role on an acting basis. His primary task in this role, while
we work on recruiting a permanent replacement, will be to ensure a
smooth process in relation to the finalisation of the Company's
ongoing group audit and annual reporting process - as advised by
RNS on 14 June 2022, this timeline for completion of this work is
the end of September 2022. F urther announcements will be made in
due course."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, which forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal)
Act 2018 (as amended).
For further information, please contact:
Challenger Energy Group PLC Tel: +44 (0) 1624 647
Eytan Uliel, Chief Executive Officer 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Rob Patrick 3494
Arden Partners plc - Broker Tel: +44 (0) 20 7614
Simon Johnson 5900
CAMARCO Tel: +44 (0) 20 3757
Billy Clegg / James Crothers / Hugo 4980
Liddy
Notes to Editors
Challenger Energy is a Caribbean and Atlantic margin focused oil
and gas company, with a range of exploration, appraisal,
development and production assets and licences, located onshore in
Trinidad and Tobago, and Suriname, and offshore in the waters of
The Bahamas and Uruguay. In Trinidad and Tobago, Challenger Energy
has five (5) producing fields, two (2) appraisal / development
projects and a prospective exploration portfolio in the South West
Peninsula. In Suriname, Challenger Energy has on onshore appraisal
/ development project. Challenger Energy's exploration licences in
Uruguay, the South West Peninsula of Trinidad, and The Bahamas
offer high-impact value exposure within the overall portfolio
value.
Challenger Energy is quoted on the AIM market of the London
Stock Exchange.
https://www.cegplc.com
ENDS
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END
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July 15, 2022 11:53 ET (15:53 GMT)
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