23 September 2024
Challenger Energy Group
PLC
("Challenger Energy" or the "Company")
Uruguay AREA OFF-1 farm-out
update
On 6 March 2024, Challenger Energy
(AIM: CEG) announced that it had entered into a farmout agreement
for the AREA OFF-1 licence in Uruguay with Chevron. Completion of
the farmout is subject to required regulatory approvals in
Uruguay.
The Company is pleased to announce
that on 19 September 2024, the Board of Directors of ANCAP (the
Uruguayan state-owned oil company with regulatory responsibility
for offshore licences) approved the farmout. Following this
approval, and in accordance with Uruguayan legal requirements, the
process has progressed to its final stage, which consists of the
farmout being notified to the Uruguayan Ministry of Industry,
Energy and Mining, and at the same time the requisite Consortium
Agreement between the Company and Chevron being submitted to the
Uruguayan Ministry of Economy and Finance for registration. Once a
20-day notification period has elapsed and the Consortium Agreement
is registered, the farmout can be completed.
Eytan Uliel, Chief Executive
Officer of Challenger Energy, said:
"The farmout of our AREA OFF-1 block in Uruguay is
transformational for Challenger Energy. Since entering into the
farmout agreement we have been diligently working through various
regulatory approval processes, culminating in ANCAP now having
formally approved the farmout, which is the key approval required.
We do not anticipate that remaining procedural processes will take
long to complete, so we expect full completion of the farmout
within the next four to eight weeks. This in turn will enable
Chevron, as incoming operator of the block, to move forward with 3D
seismic acquisition on an accelerated basis, targeting commencement
in early 2025. The coming months will thus be a busy and exciting
time for our Company - we will keep shareholders advised of
continued progress."
--
This announcement contains inside
information for the purposes of Article 7 of EU Regulation
596/2014, which forms part of United Kingdom domestic law
by virtue of the European Union (Withdrawal) Act 2018 (as
amended).
For further information,
please contact:
|
Challenger Energy Group PLC
Eytan Uliel, Chief Executive
Officer
|
Tel: +44 (0) 1624 647 882
|
|
Zeus Capital Limited - Nomad and Broker
Simon Johnson / Antonio Bossi /
Darshan Patel / Isaac Hooper
|
Tel: +44 (0) 20 3829 5000
|
|
Gneiss Energy Limited - Financial Adviser
Jon Fitzpatrick / Paul Weidman /
Doug Rycroft
|
Tel: +44 (0) 20 3983 9263
|
|
CAMARCO
Billy Clegg / Hugo Liddy / Sam
Morris
|
Tel: +44 (0) 20 3757
4980
|
Notes to
Editors
Challenger Energy is an
Atlantic-margin focused energy company, with production,
development, appraisal, and exploration assets in the region. The
Company's primary assets are located in Uruguay, where the Company
holds high impact offshore exploration licences. Challenger Energy
is quoted on the AIM market of the London Stock
Exchange.
https://www.cegplc.com
ENDS