Challenger Energy Group PLC - Caribbean and Atlantic-margin focused oil and gas company - Says it has completed the formal signing of the petroleum licence offshore Uruguay, which was awarded to the company in May 2020. The AREA OFF-1 licence was awarded prior to an extended period of inactivity due to the Covid-19 pandemic. Consequently, the first 4-year exploration period under the licence has commenced, it notes.
Chief Executive Officer Eytan Uliel says: "With the licence formally signed, we are now able to begin pushing ahead with our initial low-cost work program. At the same time, over the remainder of 2022 and into 2023 we will explore partnering options that could lead to an accelerated work program - the object being to quickly and fully evaluate the licence's potential, and to thereby create what we hope will be an opportunity of great value to shareholders."
Current stock price: 0.13 pence
12-month change: down 96%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Challenger Energy (CEG)