Challenger Energy wraps up raising, awaiting shale gas exploration license

Challenger Energy (ASX:CEL) has binding agreements in hand to raise $1 million by placing 16,666,667 new fully paid ordinary shares at an issue price of $0.06 per share to existing shareholders.

Challenger is understood to be the only ASX small cap with an exposure to South African shale gas and is waiting on word of award of exploration license for ~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.