Isle of Man-headquartered oil and gas player Challenger Energy Group (CEG) has formally signed a license for a shallow water exploration block off the coast of Uruguay. Aside from embarking on technical work, the firm intends to go on the lookout for partners to enable an early farm-out.
After Challenger Energy submitted a bid for the AREA OFF-3 block offshore Uruguay as part of the Open Uruguay Round, the first instance of 2023, the Administración Nacional de Combustibles Alcohol y Pórtland (ANCAP), the Uruguayan national regulatory agency, awarded the license for the block to the company in July 2023.
This enabled the firm to expand its footprint in Uruguay to two blocks in the offshore Punta del Este and Pelotas sedimentary basins: AREA OFF-1 and AREA OFF-3. As Challenger has confirmed the formal signing of the AREA OFF-3 license, signed in Montevideo on March 7, the first exploration period will begin on June 7, 2024, and run for four years, until June 6, 2028.
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.
