Challenger Energy Group PLC - Atlantic margin-focused oil and gas development - Moves ahead on its work programme for the Area Off-3 block, following the farmout of Area Off-1, both offshore Uruguay. Challenger enters a licence agreement for historic 3D seismic data of Area Off-3 for reprocessing. It expects early outputs from this work by the end of the year, with the work completed in the second quarter of next year. Challenger will pay licence fees of $1.0 million to $1.5 million.
Last week, Challenger said it had completed the farmout of a 60% interest in the Area Off-1 block, also offshore Uruguay, to a subsidiary of Chevron Corp, receiving $12.5 million in cash, while retaining a 40% non-operating interest.
On Friday, Challenger said Gagan Khurana resigned as chief financial officer for ‘personal reasons’, effective immediately. Jonathan Gilmore, the company’s finance manager & company secretary, will step up to CFO.
Current stock price: 5.71 pence
12-month change: up 76%
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