Summary Information

Asset OFF-1
Location Offshore, Uruguay
Ownership 100%
Operator Challenger Energy
Stage Exploration
Licence size 15,000 km2
Asset Type Production Sharing Contract
Anticipated Resource 1 billion bbl (estimate)
Fiscal Regime Cost recovery and R-factor based production sharing
Tenure Pending formal signing



Exciting New Exploration Province

  • Schedule: Initial 4-year exploration term
  • Challenger Energy Estimated Resource: >1 billion barrels. ANCAP (State-owned company) independently identified Lenteja Prospect 1.4 billion barrels recoverable
  • Commitments: Purchase, reprocessing and reinterpretation of existing 2D seismic data –no drilling required in initial exploration term

Exploration Potential

Multiple exploration plays and leads in modest water depths with significant running room

  • Licence play systems analogous to prolific Cretaceous discoveries currently being evaluated/developed offshore Guyana and Suriname
  • Adjacent licence activity in Uruguay and Argentina
  • Comparable to the “low cost option” represented by Challenger Energy’s licences in the Bahamas when first awarded
    • Modest work commitment that secures a sizable, technically high quality, frontier play
    • Historic well data and regional seismic available
    • Exciting exploration upside


You can find more information at:

OFFSHORE URUGUAY: Geology and Prospectivity

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