Challenger advances in Uruguay’s frontier

The UK-listed junior’s strategy is maturing prospects and then bringing on board bigger partners to continue development

Challenger Energy has begun a farm-out process for a second licence in Uruguay’s offshore frontier zone after successfully farming out its first to Chevron late last year. While Uruguay remains the core focus, the UK-listed junior is also exploring potential opportunities elsewhere along the Atlantic Margin basin in South America and West Africa, CEO Eytan Uliel told Petroleum Economist. “We do what little oil companies do best,” Uliel said. “We get in early, do the initial work and prove up to the point that we establish materiality. Then we look to bring in a larger partner.” “The Namibia discoveries effectively de-risked the play concepts in Uruguay” Uliel, Challenger The company