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Operations Commence at Triple Crown

Operations Commence at Triple Crown Rig and equipment mobilizing to location at Triple Crown Operations to commence this week 10 October 2011 Challenger Energy Ltd (Challenger) is pleased the following update on its operations at the Triple Crown Prospect. As of Monday 10th of October, all of the equipment required for the planned operations is currently being mobilised to the site. On Tuesday (US time) a Cement Bond Log (CBL) will be conducted to test the integrity of the existing casing. The Pioneer Well Services rig will then be rigged up to allow the sidetrack operations to commence later this week. The planned testing program includes a sidetrack from the existing wellbore to test the Ellenburger Formation (OGIP of 1.6 TCF) and secondly a hydraulic fracture stimulation of one of the intervals in the Hybrid Zone that demonstrated high (810%) mud log gas shows during drilling. This Hybrid Zone has been calculated to have an OGIP of 7.4 TCF. Further updates will be provided in due course. Mr Paul Bilston Managing Director P 0402 060 405 About Challenger Challenger Energy Limited is a public company listed on the Australian Stock Exchange (CEL) with a growing portfolio of exciting Oil and Gas exploration opportunities in South Africa and the USA. Challengers strategy is to utilise its network of global contacts to identify and acquire material upstream oil and gas exploration opportunities at a low entry cost which enables it to focus its exploration expenditure on drilling wells and other direct expenditure. Challenger is targeting opportunities where it can act as operator, and which have significant scale and materiality (more than 1 TCF of gas or 10 Million bbl of Oil).

The scale of these opportunities provides potentially significant upside for the company..