DOUGLAS, UK— ANCAP, Uruguay’s national regulatory agency, has formally approved the award of the AREA OFF-3 license to Challenger Energy.
The process for all remaining approvals, finalization and formal signing of the license documentation should last a further three to four months, after which the initial four-year exploration period will take effect.
According to Challenger, AREA OFF-3 was Uruguay’s final available offshore license, all the others having been awarded.
