Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) chief executive Eytan Uliel highlighted 'clear value-creation milestones' ahead, as the explorer on Wednesday releases interim results for the six months ended 30 June.
It was a key period for Challenger as its transformation into a high-impact explorer continued, including the exit from its interests in Trinidad and Tobago.
In Uruguay, the core focus, joint venture partner Chevron assumed operatorship of the AREA OFF-1 block during the half, and, now, 3D seismic acquisition is expected to begin later this year.
Challenger also noted the completion of technical work on its separate AREA OFF-3 asset, for which a new farmout process is expected to launch later this month.
"With the exit from Trinidad and Tobago completed, we have now addressed almost entirely the clean-up of various legacy items relevant to our company - a process that has been ongoing for several years," chief executive Eytan Uliel said.
"In the process, we have dramatically simplified our business, thereby enabling us to focus almost entirely on Uruguay."
"Clear value-creation milestones lie on the horizon ahead of us."
Ulliel added:" I am incredibly excited about what our company might achieve in the coming 12-24 months. The hard work of the past few years has put solid foundations in place, and the task now is to capitalise on the opportunity we've created so as to realise the value potential embedded in our assets."