Challenger Energy CEO on 2023 progress and future plans

Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) CEO Eytan Uliel takes Proactive's Stephen Gunnion through the company's 2023 annual results, highlighting significant progress in various projects.
Uliel mentioned the market-leading farm-out deal with Chevron for the AREA OFF-1 block in Uruguay, as well as the acquisition of a second block with immense potential. The company has also made strides in Trinidad, completing asset sales and achieving a cash flow breakeven status. Uliel emphasised the strategic cost reductions and efficient cash utilisation, positioning Challenger Energy for a promising 2024 and 2025.
Regarding AREA OFF-1, Uliel discussed the upcoming 3D seismic acquisition planned by Chevron, expected to generate valuable data by mid-next year. For the second block, the company has begun reprocessing and reinterpreting legacy seismic data, aiming to initiate a formal farm-in process by early 2025.
Uliel also highlighted the company’s robust financial health, with low overheads and sufficient funding to sustain operations without external financing. This strong position is expected to facilitate further development in Uruguay and Trinidad, making the next 18 months crucial for Challenger Energy's growth.
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