Whoever is still in CEL realise the significant value of the gas...

Whoever is still in CEL realise the significant value of the gas rich assets they are sitting on. Current Government delays and red tape are unfortunately impeding us of the opportunity to exploit these assets.

If the South African government continues to procrastinate CEL will probably end up at 1.5c as you suggest. At the end of the day no matter how good the ground is, if you don't have access you don't really have anything.

Fortunately for CEL - South Africa is a country that NEED new energy supply. They have a huge energy crisis which is costing the Government billions and stalling already stagnant GDP growth. Their energy problem is a huge economic issue not just a political one. It appears as though South Africa have a president that realises the answer to this energy problem is sitting in their own backyard. While we holders wish this had happened last year as expected, ultimately it appears the South African government are slowly moving towards issuing licences. Some recent activity from the annual report:

February 2015
 Following stakeholder consultation process, Bundu submits updated Environmental
Management Programme (EMPr), commencing EMPr approval process.
 President Zuma’s State of the Nation Address and Finance Minister Nene’s 2015
Budget Speech
o June 2015
 Much anticipated Technical Regulations for Petroleum Exploration and Production
gazetted by the Minister of Mineral Resources.
o August 2015 (Post reporting period)
 President Zuma states “We will soon be issuing licenses for the exploration of shale
gas drilling through hydraulic fracturing…”

If Zuma and his government are true to their word Challenger Energy may shortly be receiving an Exploration Licence. From here my expectation is a farm-out agreement will be finalised which should inject some cash into Challenger and bring significant interest back to the stock. Considering there is only about $20k of stock available under 6c it won't take much volume at all to see this thing worth 10c+. The stock was 3.6c in April. 5 Weeks later it hit 8c. CEL has always had big moves on light volume so things can and have turned pretty quick in both directions in the past.

If President Zuma and his cabinet don't come through with the goods than we may very well continue to drift. You can hardly blame existing holders for losing patience with the story. However if we do see licenses issued I see this thing back at 10c pretty quick. With a formalised farm out agreement this could be a 20c+ stock in my opinion which would be a market cap of only around $60m.

Hopefully as President Zuma alludes to the licences will be issued soon and CEL can start heading North again. If not you may be correct with your 1.5c call. This one is really in the hands of the Government so ones opinion vs another on hot copper doesn't count for a lot. Unless one of you guys are Zuma in disguise...