Challenger Energy's shares gain momentum http://www.proactiveinvestors.com.au/companies/news/49287/challenger-energys-shares-gain-momentum-49287.html
Challenger has unique exposure to South African shale gas and is waiting on word of award of exploration license for around 800,000 acres centred on the only well within the basin to flow significant gas to surface (Cranemere). Challenger Energy (ASX: CEL) shares closed 14.3% firmer on Friday at $0.12, which is more than double the low mid this year.
Volume on Friday was also high at 1.1 million, building on Thursday's 2.3 million and Wednesday's 1.3 million.
Challenger has unique exposure to South African shale gas and is waiting on word of award of exploration license for around 800,000 acres centred on the only well within the basin to flow significant gas to surface (Cranemere).
Shell and Falcon/Chevron are pursuing adjacent acreage, interestingly enough.
Which all goes to show interest in the stock will likely get stronger based on its shale gas aspirations in the highly prospective Karoo Basin in South Africa.
Earlier this month the South African Mineral Resources issued a statement for technical regulations on petroleum exploration and exploitation.
The ministerial announcement indicates that these new technical regulations are intended to augment South Africa's existing regulatory framework and to further address crucial elements of the hydraulic fracturing process in key areas of site assessment, selection and preparation, well design and construction, operations and management and well suspension and abandonment.
CEL Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
