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5 Mar 2025 07:00
5 March 2025
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
AREA OFF-3 - Technical Update Presentation at BEOS
Challenger Energy (AIM: CEG) is pleased to advise that on 5 March 2025 the Company's Uruguay Managing Director, Mr Randolph Hiscock, will be presenting an update on the ongoing technical work program for the Company's AREA OFF-3 block, offshore Uruguay, at the annual Business Exploration Opportunity Summit ('BEOS') conference in London. A copy of Mr. Hiscock's presentation has been made available on the Company's website, www.cepgplc.com.
Highlights from Mr. Hiscock's presentation are:
· The technical work program for the AREA OFF-3 block is progressing well, with the full depth reprocessing of 1,250km2 of AREA OFF-3 seismic data nearly complete. Initial outputs from the ongoing reprocessing are demonstrating a significant uplift in imaging quality and data fidelity.
· Once the final reprocessed 3D seismic data for AREA OFF-3 is received by the Company, work can commence on seismic interpretation and associated AVO and gather analysis, and thereafter on mapping and portfolio volumetric assessment.
· In parallel, the Company has evaluated the pre-existing 3D dataset for AREA OFF-3, on the basis of which a number of leads have been screened and prospects matured. This work has indicated several new play concepts for further assessment upon receipt of the reprocessed 3D seismic data.
· the Company has also purchased / obtained various complementary technical studies and datasets relevant to AREA OFF-3, namely: (i) a satellite seeps and slick study, (ii) a geochemical seabed survey, and (iii) a multibeam echosounder seabed ('MBES') survey. These studies, in aggregate, lend support to the likely presence of multiple working petroleum systems on the licence area, as well as indicating a number of "sweet spots" to focus on once the reprocessed 3D seismic is received.
The Company's intention remains to seek a partner for the AREA OFF-3 block via a formal farmout process in the second half of 2025. Additional technical and commercial updates will be provided as appropriate.
This is a Reach (i.e. non-regulatory) announcement and the information contained is not
considered to be material or to have a significant impact on management's expectations of the Company's performance
For further information, please contact:
Challenger Energy Group PLC Eytan Uliel, Chief Executive Officer | Tel: +44 (0) 1624 647 882 |
Zeus - Nomad and Joint Broker Simon Johnson/Antonio Bossi/Darshan Patel/George Duxberry | Tel: +44 (0) 20 3829 5000 |
Stifel - Joint Broker Ashton Clanfield / Callum Stewart / Simon Mensley | Tel: +44 (0) 20 7710 7600
|
Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick / Paul Weidman / Doug Rycroft | Tel: +44 (0) 20 3983 9263 |
CAMARCO - Financial PR Billy Clegg / Georgia Edmonds / Emily Hall | Tel: +44 (0) 20 3757 4980 |
Jonathan Paterson - Investor Relations jonathan.paterson@harbor-access.com | Tel: +1 475 477 9401 |
Notes to Editors
Challenger Energy is an Atlantic-margin focused energy company, with a current high-impact position in Uruguay, where the Company holds two offshore exploration licences, totalling 19,000km2 (gross) and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM market of the London Stock Exchange.
https://www.cegplc.com
ENDS
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