Challenger Energy adds to multiple holdings in coveted exploration frontier

Independent oil junior Challenger Energy has been awarded another exploration licence offshore Uruguay, where the developer has been expanding its interest in search for undiscovered resources in the Latin American frontier.

Headed by chief executive Eytan Uliel, Challenger announced on Monday that its application Area for OFF-3 licence has been formally approved by Uruguayan national regulatory agency ANCAP.

All remaining approvals, including signing of the licence paperwork, should take another three to four months, Challenger estimates, after which the four-year permit will kick off.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

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