Upstream firm Challenger Energy identified “three sizeable prospects” offshore Uruguay, citing a technically supported prospect inventory of 1-2Bb (billion barrels of oil).
Challenger holds a license for area OFF-1 and has been carrying out 2D seismic reprocessing, interpretation and mapping work under minimum work obligations.
Last year, Isle of Man-registered Challenger signed a 30-year license for the 15,000km2 block.
Company officials are looking at a farm-out.
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.