Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) CEO Eytan Uliel talked with Proactive's Stephen Gunnion about the company’s interim results and progress in Uruguay.
Uliel said the first half of the year was productive, with Challenger Energy completing the sale of its Trinidad and Tobago operations, advancing technical work on its Uruguay assets, and maintaining a strong cash balance. He highlighted the farm-out agreement with Chevron on the area OFF-1 block, noting: “That partnership is going fantastically well. Chevron… are the right choice for us.” The next milestone for OFF-1 is the start of 3D seismic acquisition, expected by year-end, pending environmental permits.
On the company’s second Uruguay block, area OFF-3, Challenger Energy has completed technical studies and identified two prospects: Benteveo and Amalia. Uliel explained that initial analysis suggests around 380 million barrels recoverable, with potential upside of up to one billion barrels. A farm-out process is now underway, with proposals expected by early next year.
Uliel said the exit from Trinidad and Tobago has simplified operations and sharpened focus on Uruguay, while confirming the company is fully funded into 2027. Key upcoming milestones include seismic commencement on OFF-1 and selection of a farm-out partner for OFF-3. Looking ahead, Uliel suggested Challenger Energy could be in a position to drill wells on both blocks within two years.
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