Challenger Energy secures AREA OFF-3 licence for oil and gas exploration offshore Uruguay

Challenger Energy has signed the AREA OFF-3 licence for oil and gas exploration offshore Uruguay.

The licence, awarded under the Open Uruguay Round, has a four-year exploration period.

Covering an area of 13,252km², the AREA OFF-3 licence is situated in relatively shallow water depths, around 100km off the Uruguayan coast.

With a commencement date set for 7 June 2024, the licence marks a significant step in the region’s exploration activities. The block’s potential includes up to approximately two billion barrels (bbbl) of oil and nine trillion cubic feet (tcf) of gas.

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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