REG - Challenger Energy - Uruguay Permit Update

Challenger EnergyAnnouncement

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RNS Number : 8906K  Challenger Energy Group PLC  10 December 2025

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FOR IMMEDIATE RELEASE

10 December 2025

Challenger Energy Group PLC ("Challenger")

Uruguay - Permits for Seismic Acquisition Issued

Entry to PEL 83 in Namibia by TotalEnergies

 

Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) ("Challenger" or "the
Company") is pleased to advise that the Uruguayan Ministry of Environment has
issued necessary permits to a number of applicant seismic vendors to allow for
the commencement of seismic acquisition in Uruguayan territorial waters. As
relates specifically to the Company, the permits allow for acquisition of 3D
seismic on AREA OFF-1. Further updates will be provided once the nature, scope
and timing of the intended seismic program for AREA OFF-1 is finalised. This
follows on from the recently announcement that ENI is farming-in to a 50%
stake and operatorship of YPF's AREA OFF-5 block, and indications that APA
Corporation is proceeding with plans to drill a deepwater exploration well on
its AREA OFF-6 block, potentially as soon as the second half 2026.

The Company also notes the announcement by Galp of agreements whereby
TotalEnergies will acquire from Galp a 40% stake in PEL 83 in Namibia and
assume operatorship, in exchange for 10% of PEL 56 (home to the Venus
discovery), 9.39% of PEL 91, and a funding / partial carry arrangement for PEL
83. TotalEnergies and Galp agreed to launch an exploration and appraisal
campaign on PEL 83, including three wells over the next two years, with a
first well planned in 2026, to further derisk resources and progress
diligently toward the development of the Mopane discovery. Sintana Energy, the
proposed acquiror of the Company pursuant to a scheme of arrangement announced
on 9 October 2025, holds a 4.9% indirect carried interest in PEL 83.

 

Eytan Uliel, CEO of Challenger Energy, said:

"The issue of permits for seismic acquisition in Uruguay is an important
milestone, which should be understood more generally in the context of
increasing activity and industry interest in Uruguay's offshore, and we thus
look forward to what we expect will be value-adding progress over the coming
months. This comes as we approach completion of our transformative transaction
with Sintana Energy, and we are thus equally excited by the news that
TotalEnergies will be taking a major position in PEL 83, Sintana Energy's
flagship asset in Namibia. Further updates will be provided as to progress of
the seismic campaign at AREA OFF-1, progress at PEL 83, and developments more
broadly in Namibia, Uruguay and Angola, once Challenger Energy is a part of
the broader Sintana Energy group, a process which we expect will finalise in
the near term".

 

For further information, please contact:

 

 Challenger Energy Group PLC                            Tel: +44 (0) 1624 647 882

 Eytan Uliel, Chief Executive Officer
 Zeus - Nomad and Joint Broker                          Tel: +44 (0) 20 3829 5000

 Simon Johnson / James Joyce / James Bavister
 Stifel - Joint Broker                                  Tel: +44 (0) 20 7710 7600

 Ashton Clanfield / Callum Stewart / Simon Mensley
 Gneiss Energy Limited - Financial Adviser              Tel: +44 (0) 20 3983 9263

 Jon Fitzpatrick / Paul Weidman
 CAMARCO - Financial PR                                   Tel: +44 (0) 20 3757 4980

 Billy Clegg / Georgia Edmonds / Emily Hall
 Jonathan Paterson - Investor Relations                   Tel: +1 475 477 9401

 jonathan.paterson@harbor-access.com
 (mailto:jonathan.paterson@harbor-access.com)

 

 

Notes to Editors

 

Challenger Energy is an Atlantic-margin focused energy company, with a
current high-impact position in Uruguay, where the Company holds two offshore
exploration licences, totalling 19,000km(2) (gross) and is partnered
with Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM
market of the London Stock Exchange and the OTCQB in the United States.

 

https://www.cegplc.com (https://www.cegplc.com/)

 

ENDS

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