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Island based company signs license to explore for oil and gas near Uruguay

An Isle of Man oil and gas company has signed a license to explore an area off the coast of Uruguay.

Challenger Energy was awarded the licence by the Uruguayan regulator in July 2023.

The 13,000 square kilometres around 60 miles off South American coast could have up to two billion barrels of oil and around nine trillion cubic feet of gas.

Challenger has its registered offices on Alexandra Road in Castletown.

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