AREA OFF-3 – About the Permit

AREA OFF-3 is a large block covering an area of 13,252 km² located approximately 75k to 150 km offshore Uruguay in relatively shallow water depths (25 to 1,000 metres). Challenger, a subsidiary of the Company following the Challenger Acquisition, bid for the block in May 2023, was formally awarded the licence in March 2024, and subsequently the initial four-year exploration period commenced on 7 June 2024. The Group holds a 100% working interest in and is the operator of the block.

The licence for AREA OFF-3 provides for a modest work commitment in the initial four-year exploration period, and no drilling obligation. Similar to AREA OFF-1, the Group’s plan during the initial four-year exploration period has been to accelerate and expand the technical work programme, and thus far reprocessing, interpretation and mapping 1,250 km² of 3D seismic data has been completed, supplemented by a number of ancillary technical workstreams (and substantially discharging all minimum work obligations in the initial four-year exploration period). The technical work completed to-date has identified and delineated two primary prospects with material resource potential, which have been named Benteveo and Amalia.

In July 2025, the Group initiated a farmout process for the AREA OFF-3 block, with multiple parties currently undertaking technical and commercial due diligence on the asset.

OFF-3 Snapshot