Challenger is now part of Canadian Superior

Canada based oil and gas exploration - Trinidad and Tobago

Message: Challenger Energy nears Endeavour TD, temporarily stops

Challenger Energy nears Endeavour TD, temporarily stops

posted on Jan 19, 2009 06:22AM

Challenger Energy nears Endeavour TD, temporarily stops

Also News Release (C-SNG) Canadian Superior Energy Inc

Mr. Dan MacDonald of Challenger Energy reports


Challenger Energy Corp., along with its partners, Canadian Superior Energy Inc. and BG International Limited, a wholly owned subsidiary of the BG Group PLC (LSE: BG.L), having drilled the Endeavour well offshore Trinidad to a depth of approximately 16,921 feet subsea in the final section of the well, have temporary ceased drilling while part of the Kan Tan IV's drilling equipment, the travelling block, undergoes a mechanical repair. Drilling on the Endeavour well had progressed to within a few days of reaching the expected final total depth (final TD) for the well. It is expected that the rig owner, Sinopec Corp., and its managing contractor, A.P. Moller -- Maersk A/S, will safely and efficiently complete this repair at its cost with essentially a zero-dollar daily rig rate, and the rig will resume drilling promptly toward the end of this week toward the final section of the well.

The Endeavour well, spudded on Aug. 28, 2008, is the third well, in an initial three-well program, being drilled by Challenger and its partners on block 5(c), located approximately 60 miles offshore, off the east coast of Trinidad. Endeavour is being drilled on a separate prospect determined from the analysis and evaluation of extensive 3-D seismic on block 5(c). Earlier this year, Challenger announced two separate natural gas discoveries on block 5(c); in the Victory well, as reported in Stockwatch Jan. 14, 2008; and in the Bounty well, as reported in Stockwatch Aug. 13, 2008. The Endeavour well is being drilled by the Kan Tan IV semi-submersible drilling rig in about 1,000 feet of water, which also drilled the Victory and Bounty natural gas discovery wells on this block.

Challenger is paying one-third of the costs of the initial exploration program on block 5(c) to earn a 25-per-cent interest in the production sharing contract covering block 5(c).

BG Group is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, LNG (liquefied natural gas), transmission and distribution, and power generation business interests. It combines a deep understanding of gas markets with an excellent record in finding and commercializing reserves.

We seek Safe Harbor.

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