Challenger Energy Advances Exploration in Uruguay

Challenger Energy Group (GB:CEG) has released an update.

Challenger Energy Group has secured a license for historic 3D seismic data for its AREA OFF-3 block offshore Uruguay, aiming to expedite data maturity and identify drilling prospects. The company plans to complete data reprocessing by mid-2025, enhancing a potential farmout process. This move highlights Challenger’s strategic focus on significant exploration opportunities in the Atlantic margin, with estimated costs of $1-1.5 million for the ongoing work.

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