UK-listed Challenger Energy gains on likely offshore Uruguay licence award

Challenger Energy

05/06/2023 08:48

** Shares of Challenger Energy Group Plc  CEG.L  climb as
much as 6.3% to 0.1090p
    ** Caribbean- and Americas-focused oil and gas producer and
explorer says it expects to be awarded AREA OFF-3 licence, the
only remaining available block offshore Uruguay
    ** All other exploration licences offshore Uruguay are held
by energy majors Shell  SHEL.L , Apache and the Argentinian
national oil company YPF 
    ** Co says AREA OFF-3 block has a current estimated resource
potential of up to ~500 mln barrels of oil equivalent and up to
~9 trillion cubic feet gas from multiple exploration plays
    ** CEG says process of finalising award expected to take 3-4
weeks
    ** Stock currently up 2.4%, taking YTD gains to more than
14%

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))