Challenger Energy Group plc (LON:CEG), the Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets, has announced that the award of the AREA OFF-3 licence, offshore Uruguay, has been formally approved by the Administración Nacional de Combustibles Alcohol y Pórtland (ANCAP), the Uruguayan national regulatory agency.
This follows the Company’s announcement on 5 June 2023 that its bid had been received and that the Company expected formal approval of the award of the licence to take 3-4 weeks. The Company expects that the remaining process for all remaining approvals, finalisation and formal signing of the licence documentation will take approximately 3-4 months, at which point the initial 4-year exploration period of the licence will commence. Further updates will be provided as appropriate.
Additional details on the AREA OFF-3 block and the key terms of the licence were included in the Company’s RNS of 5 June 2023.
