The company said investor shareholdings will be unaffected by the name change and the company’s shares began trading under its new name and ticker from 8am on Friday morning.
“With the spud of the highly anticipated Saffron-2 appraisal well now just days away, we are pleased that in addition to the successful completion of our fundraising as announced on 20 May 2021, shareholders at the EGM supported all of our broader corporate reset objectives, including the change of name of the company to Challenger Energy, which has now taken effect,” chief executive designate Eytan Uliel said in a statement.
“As Challenger Energy, our immediate strategic priority is to drive production and cashflow growth, through intelligent management and deployment of our resources. Our change of name, and the broader corporate reset currently underway, is in support of this strategic priority, which we see as the lynchpin for shareholder value growth both in the near-term and in the years ahead. All of us at Challenger Energy look forward to beginning the next chapter,” Uliel added.
Read More: Bahamas Petroleum Company PLC resets to become Challenger Energy Group with cashflow focus