Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF), the Caribbean and Americas-focused oil and gas company, has announced that the award of the AREA OFF-3 licence, offshore Uruguay, has been formally approved by Uruguayan national regulatory agency the Administración Nacional de Combustibles Alcohol y Pórtland.
This follows the company's announcement on 5 June that its bid had been received and that the company expected formal approval of the award of the licence to take three to four weeks.
Challenger expects that the remaining process for all remaining approvals, finalisation and formal signing of the licence documentation will take approximately three to four months, at which point the initial four-year exploration period of the licence will commence.
Additional details on the AREA OFF-3 block and the key terms of the licence were included in the 5 June regulatory statement.