Challenger Energy to Present Technical Developments at BEOS Conference

Challenger Energy will present a technical update on the AREA OFF-3 block at BEOS in London on March 5, 2025. Progress includes nearly completed seismic data reprocessing showing improved quality. The Company aims to start seismic interpretation thereafter and seeks to engage a partner via a farmout process in late 2025.

Challenger Energy, listed on the AIM, has announced that Mr. Randolph Hiscock, the Company’s Managing Director for Uruguay, will present a technical update regarding the AREA OFF-3 block, located offshore Uruguay, at the Business Exploration Opportunity Summit (BEOS) in London on March 5, 2025. The presentation will be accessible on the Company’s website, www.cepgplc.com.

The update highlights that the technical work program for AREA OFF-3 is advancing efficiently, with the reprocessing of 1,250 km² of seismic data nearly complete. Preliminary results from this reprocessing indicate a notable enhancement in imaging quality and data fidelity.

Following the reception of the finalized 3D seismic data, the Company will initiate seismic interpretation alongside AVO and gather analysis, which will lead to mapping and volumetric assessments of the portfolio. Concurrently, evaluations of the existing 3D dataset for AREA OFF-3 have revealed several leads and matured prospects, highlighting new play concepts awaiting further assessment upon obtaining the reprocessed data.

Additionally, the Company has acquired several complementary technical studies, including a satellite seeps and slick study, a geochemical seabed survey, and a multibeam echosounder seabed survey. Collectively, these studies suggest the probable existence of multiple working petroleum systems within the license area, pinpointing various “sweet spots” for future exploration once the reprocessed data is available.

Looking ahead, Challenger Energy aims to engage in a formal farmout process to invite partnerships for the AREA OFF-3 block in the latter half of 2025. The Company will provide further technical and commercial updates as they become available.

In summary, Challenger Energy is making significant progress with the technical work program for the AREA OFF-3 block offshore Uruguay. The ongoing reprocessing of seismic data has produced promising initial results, alongside the introduction of complementary studies that strengthen the potential for petroleum systems. Moreover, the Company’s strategic goal to seek a partner through a farmout process by late 2025 promises to enhance the development of this promising area.

Original Source: www.energy-pedia.com