Assets & Operations

Challenger Energy portfolio of assets is located in multiple jurisdictions across the Caribbean and South America, including producing onshore oilfields in Trinidad and Tobago.

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Assets and Operations

Challenger Energy portfolio of assets is located in multiple jurisdictions across the Caribbean and South America, including producing onshore oilfields in Trinidad and Tobago.

Trinidad
  • 1 onshore licence -Weg Naar Zee PSC (100%)
  • Planning for Extended Well Test (EWT) with realised production able to be sold-success leads to early, low-cost development and reserves adds (24 mmbbl STOIIP)
Suriname
  • 1 offshore licence OFF-1 (100%); ~15,000 km 2
  • Works by the state-owned authority ANCAP has identified a single prospect (Lenteja) with an estimated resource potential of 1.4 bnbbl
  • Low-cost initial 4-year exploration period
Uruguay
  • 1 offshore licence OFF-1 (100%); ~15,000 km2
  • ANCAP (the Uruguayan state-owed oil & gas regulator) has identified a single prospect (Lenteja) on CEG’s licence with an estimated resource potential of 1.4 bnbbl
  • Low-cost initial 4-year exploration period
  • Recent conjugate margin discoveries by Shell and TotalEnergies offshore Namibia indicate presence of working petroleum systems
Bahamas
  • 4 licences (100%), all offshore (subject to renewal with 50% relinquishment from June 2021; submitted to the Bahamian Ministry)
  • Perseverance #1 well drilled in 2021 evaluated the potential Albian and Aptian reservoirs of the B North segment of the enormous B structure. Post-drill analysis indicate potential in deeper Jurassic horizons
  • Renewed farmout process commenced. ‘Drill or Drop’ by early 2023

Reserves and Resources:

An independent third-party Competent Person’s Report (CPR) from ERC Equipoise (ERCE) was commissioned to commence the process of establishing a consistent reserves and resources process across the Company’s expanding portfolio of assets and licences. 

The scope of the report focused on existing producing assets in Trinidad and Tobago, and the Company’s Web Naar Zee licence in Suriname, so as to enable the Company to then develop its work programme for 2021 and make appropriate capital allocation decisions.

Summary results from the CPR can be viewed here.

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05/10/2022

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