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Challenger Energy Group PLC - Castletown, Isle of Man-based energy and mining company - Updates on core Uruguayan assets, AREA OFF-1 and AREA OFF-3. Says first phase of the technical work programme has successfully completed at AREA OFF-3, with multiple new seismic attribute-supported anomalies identified. Findings show material aggregate resource potential from two primary prospects, comprising a best estimate of about 380 million barrels oil recoverable, and an upside case of about 980 million barrels oil recoverable. Shallow water and reservoir depths signal ‘relatively low development costs, and thus commerciality at even modest discovery volumes’. Notes considerable additional exploration potential, including possible slope turbidite and low stand fan play exposure in the north-east of the block. The farmout process for AREA OFF-3 is underway. Further, it expects to begin the 3D seismic acquisition at AREA OFF-1 in late 2025, pending final environmental permitting. Elsewhere, finalises sale of its Trinidad and Tobago business. Reports strong cash position with planned operations fully funded into 2027. ‘There is strong momentum across our business as we continue to execute our plan - advancing exploration activities in Uruguay, optimising our portfolio, and continuing to execute on our business strategy,’ says Chief Executive Officer Eytan Uliel, adding ‘the upcoming period promises to be busy and exciting for Challenger Energy’. Current share price: 8.11 pence, closed down 1.7% on Wednesday 12-month change: up 50% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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