Uruguay

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