Challenger Energy Group PLC CEO Eytan Uliel talked with Proactive about the company's strategic shift following the sale of its remaining operations in Trinidad and Tobago. Uliel explained that this move allows Challenger Energy to fully focus on its high-impact offshore exploration in Uruguay, where it has a robust program planned for the next 18 months.
Discussing the deal, Uliel clarified that Challenger Energy will receive a total cash consideration of $1.75 million, with additional value from liabilities transferred to the buyer, Predator Oil & Gas PLC. There is also a potential performance-based bonus of up to $2 million, depending on future production outcomes. He described the agreement as beneficial for all parties, emphasising that the company now has no residual exposure to Trinidad and Tobago operations.
Turning to Uruguay, Uliel highlighted progress on the farm-out of Area OFF-3, following the successful farm-out of Area OFF-1 to Chevron. The company is currently reprocessing seismic data, conducting various geological studies, and aims to commence a farm-out process in July, with the goal of securing a partner by year-end.
Investor interest in Challenger Energy has grown, particularly in North America, with Morgan Stanley increasing its stake. Uliel attributed this to the company’s credibility and track record, stating, “We said we would do good quality work on OFF-1, and we did it. We said we'd get a farm-out partner of global cachet, and we did it.”
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