Challenger Preparing to Commence Flow Testing on 'Endeavour' Well Offshore Trini
posted on Jan 23, 2009 05:44AM
Canada based oil and gas exploration - Trinidad and Tobago
TSX VENTURE: CHQ
NYSE Alternext US: CHQ
Challenger Preparing to Commence Flow Testing on 'Endeavour' Well Offshore Trinidad
CALGARY, ALBERTA--(Marketwire - Jan. 23, 2009) - Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ)(NYSE Alternext US:CHQ) announced today that Challenger, along with its partners, Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG)(NYSE Alternext US:SNG) and, BG International Limited ("BG"), a wholly owned subsidiary of the BG Group plc (LSE:BG.L) that preparations are now underway to conduct flow testing on the "Endeavour" well, offshore Trinidad, on Block 5(c). As previously announced, the main targeted zone for this well has been encountered; and, has now been evaluated with a full suite of electric wireline logs, including modular dynamic testing ("MDT's") and operations will proceed to flow testing. The "Endeavour" well has been drilled to a Final Total Depth ("TD") of approximately 17,426 feet subsea (17,515 feet MD).
Current operations on the "Endeavour" well include completing the running and cementing in place of the 7" liner which is required for the flow testing program. These operations and finalizing all operations on the well are estimated to be completed near the end of February, to be followed by the release of the drilling rig. The data received to date from the "Endeavour" well has enabled the partners to further the understanding of not only this particular well and its related structure, but also in regard to the overall development potential of the entire Block 5(c). Test information from the well is expected to confirm productive characteristics of the reservoir tested and the net pay encountered in the well. The information from the three exploration wells, along with the extensive 3D seismic coverage covering Block 5(c) and the nearby fields, encourages moving forward with the further appraisal of resources discovered and development planning.
The "Endeavour" well, spudded on August 28, 2008, is the 3rd well in an initial 3 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 3D seismic on Block 5(c). In 2008, Challenger announced two separate natural gas discoveries on Block 5(c); in the "Victory" well, announced on January 14, 2008; and, in the "Bounty" well, announced on August 13, 2008. Operations on the "Endeavour" well are being conducted by the Kan Tan IV semi-submersible drilling rig in approximately 1,000 feet of water.
Challenger is paying one third of the costs of the initial exploration program on Block 5(c) to earn a 25% interest in the production sharing contract covering Block 5(c).
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which is currently focusing on "high impact" oil and gas plays offshore the Republic of Trinidad and Tobago. See www.challenger-energy.com for information on Challenger.
BG Group plc (LSE:BG.L) 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, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with an excellent track record in finding and commercialising reserves. See www.bg-group.com for information on BG Group plc.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations primarily offshore Trinidad and Tobago, offshore Nova Scotia, Canada, Western Canada, and North Africa. See Canadian Superior's website at www.cansup.com for information on Canadian Superior.
This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may or relates to future production, resource potential and/or reserves, project start-ups and future capital spending. Forward-looking information contained in this news release is as of the date of this news release. The Company assumes no obligation to update and/or revise this forward-looking information "except as required by law". Actual results, estimates, projections, resource potential and/or reserves, interpretations, prognoses and/or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or revisions. This news release may contain the reference to the term "undiscovered natural gas resources", which are those quantities of natural gas estimated to be contained in accumulations yet to be discovered. There is no certainty that any portion of undiscovered resources (oil, natural gas, natural gas liquids or other hydrocarbons) will be discovered and that, if discovered, in this or any other discovery, the discovered resource may not be economically viable or technically feasible to produce.
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For more information, please contactChallenger Energy Corp.