Response by Challenger Energy Group to Predator Oil and Gas's Announcement

Source: 6/8/2022, Location: South America

Challenger Energy (CEG), the Caribbean and Atlantic-margin focused oil and gas company, with oil production, appraisal, development and exploration assets across the region, notes the announcement issued by Predator Oil and Gas Holdings Plc ("Predator") regarding its alleged intention to initiate a litigation process regarding the Inniss-Trinity Well Participation Agreement ("WPA") between FRAM Exploration Trinidad Ltd. ("FRAM"), a wholly owned subsidiary of Challenger Energy, and Predator.

FRAM denies that any amount is owing to Predator pursuant to the WPA, and considers the various assertions made by Predator in yesterday's announcement to be devoid of any technical justification or legal basis. Accordingly, FRAM will vigorously defend any legal proceedings should they be issued by Predator, and will seek recovery of any costs incurred by FRAM in doing so.

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