Uruguay-focused independent upbeat on farm-in deal

AIM-listed Challenger is seeking partners to help develop its licences off the coast of Uruguay

Challenger began the formal farm-out process for its OFF-1 licence in June, CEO Eytan Uliel told Petroleum Economist. The process is “going well” and has attracted a large number of interested parties, he continued, noting that the independent is keen to reach a farm-in deal by year-end and is “reasonably optimistic” of achieving that goal. Challenger is seeking to become minority partner, with the larger, farm-in partner acting as operator. There is “lots of enthusiasm... the momentum is feeding itself”, Uliel said. Challenger CEO Eytan Uliel Uliel attributed much of the interest in the licence to ongoing exploration success offshore N