Source - Alliance News

Challenger Energy Group PLC - Caribbean and America-focused oil and gas company - Updates in relation to the AREA OFF-1 block, offshore Uruguay. Says volumetric assessment of AREA OFF-1’s three primary prospects - Teru Teru, Anapero, and Lenteja - has been completed with an assessed estimated recoverable resource of around 2.0 billion barrels (Pmean, unrisked), and over 4.9 billion barrels in an upside case (P10, unrisked). Ongoing technical work has also identified additional new leads and prospects, which once evaluation is complete, are expected to add to the overall AREA OFF-1 resource and prospect inventory. Eytan Uliel, Chief Executive Officer says: ‘A farm-out process has now commenced, with very strong initial indications of interest received from multiple major oil companies.’ Continues: ‘Our target is to complete a farm-out transaction by year end, so that we can continue to rapidly progress work on the block, and thereby generate value for shareholders.’

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