Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) chief executive Eytan Uliel told investors that 2025 is “progressing to plan”.
The company, in a statement, said that public consultations in Uruguay are underway for environmental permits needed for 3D seismic work on AREA OFF-1.
Seismic acquisition is expected to begin early in the fourth quarter of this year. Work on AREA OFF-3 is progressing, with technical analysis underway to support a farm-out process in the second half of 2025.
Elsewhere, the sale of Challenger’s Trinidad operations has been delayed. Completion is now expected by 30 June 2025 following a change in government after the April election.
The exploration company noted it is fully funded through 2025 and 2026.
Uliel highlighted that management is pleased with how Challenger Energy is currently positioned, and looks forward to sharing news as the rest of the year unfolds.
“One-third of the way into the year, I can report that 2025 is progressing to plan,” Uliel said.
“We're on track to see 3D seismic acquired over AREA OFF-1 later this year, on track to complete our technical work on AREA OFF-3 and launch a farm-out process for that block in the second half of the year, and we're progressing the sale of the Trinidad business.
He added: “Our balance sheet is strong, our work programs are fully funded, and we have no need for additional capital any time in the foreseeable future.”