Challenger Energy Group plc (LON:CEG) has advised that, following completion of the farmout to Chevron of a 60% interest in the AREA OFF-1 block (refer to the Company’s announcement of 29 October 2024), an updated corporate presentation has today been posted to its website:
Challenger Energy updates corporate presentation
- Written by: Amilia Stone
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Challenger Energy Group PLC has agreed to an all-share acquisition by Sintana Energy Inc. through a court-sanctioned scheme of arrangement. Challenger shareholders will receive 0.4705 new Sintana shares for each Challenger share, valuing the deal at about £45 million and giving them a 25% stake in the combined group.
Challenger Energy has completed the first phase of its technical work on AREA OFF-3 in Uruguay, identifying multiple new anomalies with estimated recoverable resources of up to 980 million barrels.
Challenger Energy has published its Interim Results for the six months to 30 June 2025. The period saw progress in Uruguay, with Chevron assuming operatorship of the AREA OFF-1 block and preparations advancing for 3D seismic acquisition, while technical work on AREA OFF-3 was largely completed ahead of a farm-out process.
Challenger Energy Group has finalised the sale of its entire business in Trinidad and Tobago to Steeldrum Ventures Group. The $1.75 million deal, now fully approved by regulators, has been adjusted so all remaining payments will be made in cash. The company said the sale enables it to focus on its core exploration assets in Uruguay.
Challenger Energy has advanced the environmental permitting for its AREA OFF-1 licence in Uruguay, keeping the project on track for 3D seismic acquisition in the fourth quarter of 2025.
Challenger Energy has extended the closing date for its Trinidad divestment to August, as final regulatory approvals near and preparations for operational transfer accelerate.
