Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) CEO Eytan Uliel talked with Proactive about the company’s operational progress, financial position, and upcoming milestones in Uruguay.
Uliel confirmed that Challenger Energy is fully funded through 2025 and beyond, thanks to a significant cash injection from Chevron. “The cash we got from Chevron is more than enough to last us the rest of 2025 all the way through 2026 and beyond,” he stated, underlining the company's strong financial footing.
At Uruguay's OFF-1 block, Challenger is working with Chevron to prepare for a 3D seismic campaign planned for late 2025. Uliel highlighted the "daily grind" required to support this effort, including technical and regulatory preparations and public consultations in Uruguay. He noted that initial seismic results could emerge in early to mid-2026, with a key decision on potential drilling expected by the end of that year.
Uliel also provided updates on OFF-3, where reprocessing of existing 3D seismic data is nearing completion. This will soon feed into interpretation and mapping work. He indicated plans to launch a formal farm-out process in the second half of 2025, modelled after the successful Chevron farm-out on OFF-1.
Regarding the company's Trinidad asset sale, Uliel explained that regulatory delays due to a recent government change have led to a 60-day extension. However, both buyer and seller remain committed to completing the transaction.
Uliel also touched on recent US investor interest following the company’s acceptance to the OTC market in the US. He said North American institutions like Morgan Stanley have taken significant positions, and he described growing interest from oil and gas investors who understand the frontier exploration space.
To stay up to date on Challenger Energy and other developments, visit Proactive's YouTube channel. Don’t forget to like this video, subscribe, and turn on notifications for future content.
#ChallengerEnergy #UruguayOil #Chevron #SeismicSurvey #OilAndGas #EnergyInvestment #TrinidadAssets #OTCMarkets #ExplorationUpdates #OFF1 #OFF3 #ProactiveInvestors
