Challenger Energy is clearing the decks for growth as nearly every shareholder has backed its decision to exit Trinidad & Tobago, unlocking new momentum in Uruguay. The move streamlines operations and signals a sharp pivot to more lucrative opportunities in frontier offshore basins, where 2025 is shaping up to be a pivotal year.
Challenger Energy has confirmed it received overwhelming shareholder approval—99.93%—to sell its Trinidad & Tobago assets in a deal worth $6 million. The transaction, first announced in February, involves divesting three small onshore fields—Goudron, Innis-Trinity and Icacos—to Caribbean Rex. Subject to final clearance from Trinidad’s national oil company, Heritage Petroleum, the deal is expected to close by 30 April.
This strategic realignment allows Challenger to concentrate its full attention on its high-potential offshore acreage in Uruguay, where it holds two licences: Area OFF-1 and Area OFF-3. With a robust exploration programme scheduled for 2025, the company believes these assets hold significantly greater near-term value than its legacy positions in the Caribbean. The decision also leaves Challenger with four offshore permits in the Bahamas, further underscoring its Atlantic-margin focus.
Chief executive Eytan Uliel described the exit as a necessary and forward-looking step, reinforcing the company’s ambition to prioritise assets with transformational potential.
Challenger Energy Group Plc (LON:CGE) is an Atlantic-margin focused energy company, with production, development, appraisal, and exploration assets in the region. Challenger Energy’s primary assets are located in Uruguay, where the Company holds two high impact offshore exploration licences, totalling 19,000km2 (gross) and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM market of the London Stock Exchange.
