Jun 13

Can Challenger Energy renew leases before paying for the old leases?

Challenger Energy Group (formerly BPC*) continues assert its intent to drill another oil well in the waters of the Bahamas. Their current exploration licenses require payment of exploration license fees annually and if oil is found, they have a 30 year production right (per their website on June 13 2021).

Eytan Uliel, the new CEO has replaced Simon Potter and has said in the past that they have “the right to drill for oil”.

However, their constant financial challenges and lack of transparency throughout the process, beg the question “Have they actually fully paid for their leases thus far?” If not, are they even eligible for renewal?

See further news coverage here.

*BPC officially changed their name to Challenger Energy Group on May 21st and have updated their website address.

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