Annual Report and Financial Statements

The report describes Challenger Energy's expansion to a second offshore Uruguay block and reports an AREA OFF-1 recoverable resource inventory of approximately 2 billion barrels on a Pmean basis, with over 4.9 billion barrels in an upside P10 case. In Trinidad, the company refocused on core assets, with production holding constant while operating expenses and G&A fell and operating cashflow turned positive. The company also reports no incidents of note and no Lost Time Incidents across its operations during 2022.