Oil and gas company Sintana Energy has agreed to acquire Challenger Energy, which holds interest in two blocks offshore Uruguay as well as other assets in broader region…
Oil and gas company Sintana Energy has agreed to acquire Challenger Energy, which holds interest in two blocks offshore Uruguay as well as other assets in broader region.
The all-share transaction, valued at about $60 million, will create a combined exploration platform spanning eight licenses in Namibia and Uruguay, as well as legacy assets in the Bahamas and Colombia.
The combination will give Challenger shareholders about 25% of Sintana’s issued share capital after completion, which is expected by the end of the fourth quarter of 2025, subject to regulatory and shareholder approvals.
Sintana also plans to seek admission of its shares to trading on London’s AIM in the fourth quarter.
Challenger holds a 40% interest in Uruguay’s AREA OFF-1 block alongside Chevron and operates AREA OFF-3 with 100% working interest. The company is the only junior with a significant offshore position in Uruguay and the surrounding region. It also holds legacy assets in the Bahamas.
Sintana said the combination of the two companies would create a leading exploration platform with exposure to high-impact hydrocarbon plays across the Southern Atlantic conjugate margin, supported by partnerships with major operators.
“The combination of Sintana and Challenger delivers on our long-term strategy to create and
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