Challenger Energy Group (CEG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

6.33p
   
  • Change Today:
    -0.17p
  • 52 Week High: 8.30
  • 52 Week Low: 1.88
  • Currency: UK Pounds
  • Shares Issued: 209.88m
  • Volume: 135
  • Market Cap: £13.29m
  • RiskGrade: 73

Challenger Energy makes progress in Uruguay

By Josh White

Date: Thursday 14 Dec 2023

LONDON (ShareCast) - (Sharecast News) - Caribbean and Americas-focussed Challenger Energy updated the market on its Uruguayan assets on Thursday, having submitted geotechnical reports for AREA OFF-1 to ANCAP, the Uruguayan regulator, fulfilling its minimum work program obligation on 11 December.
The AIM-traded firm said the reports were now subject to ANCAP's final review and approval.

It said the submission marked the completion of the minimum work programme for the first exploration period of the AREA OFF-1 licence, which began in August 2022 and extended until August 2026.

Additionally, Challenger Energy said it had undertaken discretionary work items to enhance technical understanding.

On 12 December, contracts for four offshore exploration licences in Uruguay - AREAs OFF-2, OFF-5, OFF-6, and OFF-7 - were executed at a signing ceremony in Montevideo.

The licences were awarded to Shell, YPF, and APA Corporation, and Challenger Energy was invited to and attended the event.

ANCAP indicated that the contract for AREA OFF-4, an APA-Shell consortium block adjacent to AREA OFF-1, was expected to be signed shortly.

The contract for Challenger Energy's AREA OFF-3 licence, the last remaining offshore block awarded to the company in May, was also expected to follow soon.

Challenger said the minimum work programmes for the newly awarded licences would involve a significantly more extensive scope and cost than the AREA OFF-1 and AREA OFF-3 blocks.

That would include 3D seismic acquisition and reprocessing and, in the case of APA Corporation's OFF-6 block, one deepwater exploration well.

Signing the contracts would allow seismic acquisition companies to begin permitting and approval processes for potential 3D seismic acquisition programmes in Uruguay.

Pending permitting and approvals, such surveys could start as early as late 2024 or early 2025.

"This week has been extremely significant for the emerging Uruguayan offshore exploration sector, and highlights how exciting we think the next few years will be," said chief executive officer Eytan Uliel.

"Challenger has now completed AREA OFF-1's minimum work programme well ahead of schedule.

"At the same time, the finalisation of contracts with global industry heavyweights for multiple offshore blocks has defined Uruguay's operator landscape, provided certainty as to their upcoming, substantial exploration programmes, and has also laid out the pathway to a potential 3D seismic shoot in late 2024 [or] early 2025, including coverage of prospects of interest on AREA OFF-1.

"These are all important commercial, technical and operational inputs relevant to our ongoing AREA OFF-1 farm-in process which, given developments this week, we now expect to be able to successfully conclude in the first quarter of 2024."

At 1220 GMT, shares in Challenger Energy Group were down 5% at 0.11p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CEG Market Data

Currency UK Pounds
Share Price 6.33p
Change Today -0.17p
% Change -2.56 %
52 Week High 8.30
52 Week Low 1.88
Volume 135
Shares Issued 209.88m
Market Cap £13.29m
RiskGrade 73

CEG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
49.15% above the market average49.15% above the market average49.15% above the market average49.15% above the market average49.15% above the market average
58.90% above the sector average58.90% above the sector average58.90% above the sector average58.90% above the sector average58.90% above the sector average
Price Trend
65.13% above the market average65.13% above the market average65.13% above the market average65.13% above the market average65.13% above the market average
87.18% above the sector average87.18% above the sector average87.18% above the sector average87.18% above the sector average87.18% above the sector average
Income Not Available
Growth
24.18% below the market average24.18% below the market average24.18% below the market average24.18% below the market average24.18% below the market average
24% below the sector average24% below the sector average24% below the sector average24% below the sector average24% below the sector average

CEG Dividends

No dividends found

Trades for 03-Oct-2024

Time Volume / Share Price
10:57 42 @ 6.30p
10:19 93 @ 6.30p

CEG Key Personnel

CEO Eytan Uliel

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