DOUGLAS, UK — Challenger Energy has issued volumetric assessments of three main prospects identified by geotechnical work on its AREA OFF-1 license offshore Uruguay.
The Teru Teru, Anapero and Lenteja prospects could contain a total of ~ 6.5 Bboe (Pmean, unrisked) and more than 16 Bbbl of oil in an upside case (P10, unrisked).
Total ultimate recoverable resources could be in the range of ~ 2 Bboe to more than 4.9 Bboe.
Internal estimates suggest an economic threshold for a discovery in the water and reservoir depths of 150 MMboe to 200 MMboe.
Work continues to complete prospect mapping, finalize the prospect and lead inventory, and to expand amplitude variation versus offset (AVO) analysis from the initial six reprocessed 2D seismic lines to 15.
AVO studies have revealed strong Class II / Class III AVO anomalies for Teru Teru and Anapero that are also present on multiple seismic lines, confirming the areal extent of both prospects.
Challenger aims to complete a farm-out transaction before the end of the year, with any partner(s) co-funding 3D seismic acquisition, potentially via a multiclient survey in early 2024.