Challenger Energy will present updates on the AREA OFF-3 block at BEOS in London on March 5, 2025. Key highlights include advances in seismic data processing, improved imaging quality, and additional studies that support the presence of petroleum systems in the area. The company plans to find a partner for the block by late 2025.
Challenger Energy, listed on AIM, announced that Mr. Randolph Hiscock, the Managing Director for Uruguay, will deliver a technical update on the AREA OFF-3 block at the 2025 Business Exploration Opportunity Summit (BEOS) in London on March 5, 2025. The presentation details are available on the Company’s website.
In his presentation, Mr. Hiscock will highlight the progress of the technical work program for AREA OFF-3, which includes near completion of full depth reprocessing for 1,250 km² of seismic data. Early results indicate a substantial improvement in imaging quality and data fidelity.
Following the completion of the reprocessed 3D seismic data, the Company will initiate seismic interpretation and analyze AVO (Amplitude Versus Offset) data, proceeding to mapping and volumetric assessment. Meanwhile, the evaluation of an existing 3D dataset has revealed prospects and new play concepts for further study.
Additionally, Challenger Energy has acquired several relevant studies such as a satellite seeps and slick study, a geochemical seabed survey, and a multibeam echosounder survey. These findings suggest the presence of multiple petroleum systems in the license area, indicating potential “sweet spots” to target after receiving the reprocessed seismic data.
The Company intends to pursue a formal farmout process to find a partner for the AREA OFF-3 block in the latter half of 2025 and will provide further technical and commercial updates as they become available.
Challenger Energy is making substantial progress in the AREA OFF-3 block offshore Uruguay, with significant improvements in seismic data quality. The Company’s strategy includes enhancing their data analysis and seeking partnerships to capitalize on potential oil reserves, as evidenced by comprehensive technical studies. These efforts indicate robust prospects for future developments in the region.
Original Source: www.energy-pedia.com
