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.