Predator Oil & Gas and West Indian Energy to acquire the Trinidad and Tobago operations from Challenger Energy for $8m.

Predator Oil & Gas and West Indian Energy, two oil and gas companies, agreed to acquire the Trinidad and Tobago operations from Challenger Energy, an energy company, for $8m. "As previously advised, for some time we have been considering the future for our business in Trinidad and Tobago, ultimately concluding that our capital and efforts can be better deployed. Through this Transaction we receive both upfront and deferred consideration, we retain an ability to benefit from future upside performance of the assets sold, we remove various liabilities, provisions and exposures from our balance sheet, and we streamline our activities. Most importantly, exiting from Trinidad and Tobago allows full focus on our core assets in Uruguay, where we believe the opportunity to create near-term value for our shareholders is considerably greater, as we execute on our busy work programme in both AREA OFF-1 and AREA OFF-3 in 2025. We look forward to updating the market in due course," Eytan Uliel, Challenger Energy CEO.