NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) yesterday announced that it has officially changed its name to Challenger Energy Group PLC, a move that coincided with the company raising nearly $10 million through a share offering.
According to the company, the name change was legally adopted yesterday as the result of its expanding commercial portfolio, which includes a diversified range of energy industry assets located in Suriname, Uruguay and Trinidad and Tobago, alongside their Bahamas licenses.
After 11 years, CEO Simon Potter will cease in the role of chief executive officer of the company effective May 27 to become a non-executive director of the company.
Incoming CEO Eytan Uliel has been BPC’s long-time commercial director.
Uliel said: “With the commencement of the highly-anticipated Saffron-2 appraisal well in Trinidad over this coming weekend, we are pleased that in addition, we had a 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 Group, which has now taken effect.
“As Challenger, our immediate strategic priority is to drive production and cash flow 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.”