Challenger Energy Group Progresses in Uruguay Offshore Exploration

As the offshore oil and gas exploration mission continues in Uruguay, the Isle of Man-headquartered oil and gas company Challenger Energy Group (CEG) is moving forward with its plans to make its assets drill-ready. The firm has confirmed the identification of prospects in one block and is preparing for a 3D seismic acquisition campaign in another block ahead of the anticipated drill or drop decision.

3D Seismic Data Acquisition in Uruguay

Several offshore exploration license operators in Uruguay are seeking to undertake 3D seismic data acquisition in the next available season in late 2025/early 2026. This includes the planned campaign over AREA OFF-1, where Chevron (60%) is the operator with Challenger (40%) as its partner.

The Uruguay Ministry of Environment is conducting public consultations ahead of issuing environmental permits for seismic vendors. Challenger is progressing well with the environmental permitting process, with seismic acquisition on AREA OFF-1 expected to begin in Q4 2025.

Update on AREA OFF-3

Challenger Energy is the operator with 100% interest in the offshore license AREA OFF-3. The reprocessing of 3D seismic data was recently completed, along with geochemical studies and seabed surveys. The company is now engaged in mapping and interpretation to establish a portfolio of leads for further evaluation.

Preliminary technical results on AREA OFF-3 are encouraging, with several new prospects identified. One of the most promising prospects, named ‘Benteveo,’ extends beyond the 3D seismic data set. Challenger expects to open the virtual data room for the planned AREA OFF-3 farm-out process in September 2025.

CEO Statement

Eytan Uliel, CEO of Challenger Energy, commented on the progress in Uruguay, stating, “For AREA OFF-1, we remain on track to commence 3D seismic acquisition in Q4, a value-additive component of the geotechnical work. Early results from our interpretation of the reprocessed 3D seismic on AREA OFF-3 are encouraging, positioning us for a busy and exciting period through the second half of 2025 and the first half of 2026.”

Challenger Energy Group is making significant strides in its offshore exploration efforts in Uruguay, with both AREA OFF-1 and AREA OFF-3 showing promising prospects. The company’s commitment to environmental permitting and technical evaluation underscores its dedication to responsible exploration in the region.