Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) CEO Eytan Uliel speaks to Proactive's Thomas Warner about how the Caribbean and Americas-focused oil and gas company performed during 2023. He says that despite missing his self-imposed deadline to finalise a farm-in agreement in Uruguay by the end of 2023, Ulliel remains optimistic about completing it in early 2024.
He attributes the delay to the need for clarity on other players in Uruguay and their work programs, crucial for the 3D seismic acquisition partnership. Ulliel reflected on 2023 as a pivotal year for Uruguay's burgeoning oil and gas sector, with the country in the process of transforming into a global exploration hotspot. This shift has heightened industry focus on the South American continental margin, especially with recent licensing rounds in neighbouring Brazil and Argentina. Challenger Energy, holding two significant licenses in Uruguay, is poised to advance upon finalising its partnership.
Additionally, Ulliel reviewed the performance of himself and the management team, saying that although he'll be "in the dogbox" until he delivers the farm-in agreement in Uruguay, the business did deliver on its their objectives for the year. He points to successful efforts to streamline operations, exiting its license in Suriname and selling non-core assets in Trinidad.
The interview concluded with Uliel's commitment to delivering the much-anticipated farm-out in Uruguay, acknowledging shareholder patience and hinting at future success in 2024.