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Announces Initial Flow Test Results From "Endeavour" Well Offshore Trinidad
Mar 03, 2009 01:05PM
March 3, 2009
Challenger Announces Initial Flow Test Results From "Endeavour" Well Offshore Trinidad
CALGARY, ALBERTA--(Marketwire - March 3, 2009) - Challenger Energy Corp. ("Challenger" or "Company") (TSX VENTURE:CHQ)(NYSE Alternext US:CHQ) announces today that, after extensive preparations, flow testing of the "Endeavour" well offshore Trinidad on Block 5(c) commenced on March 1, 2009. During the initial flowing period of approximately 16 hours, a peak flow rate of 60.1 MMscf/d was obtained, which is the maximum rate allowed under the testing equipment specifications. A final flow rate of 56.4 MMscf/d was measured with a 48/64 inch choke with a Flowing Well Head Pressure of 4122psi. Multiple flow rate testing will be conducted over the next few days. The well has flowed "dry" natural gas with a gas gravity of approximately 0.584 and approximately 0.3% CO2, with no production of water, condensate or solids during this initial flow period.
It is expected that all operations on the "Endeavour" well will be completed in March, 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 enhance their understanding of not only this particular well and its related structure, but also the overall development potential of the entire 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. The information from the three exploration wells drilled on Block 5(c), along with the extensive 3D seismic coverage of Block 5(c) and nearby fields, encourages moving forward with the further appraisal of resources discovered and development planning.
On February 5, 2009, Challenger announced that the Board of Directors appointed a special committee of directors (the "Special Committee") with a mandate to undertake a process to evaluate the various strategic alternatives, including the sale of the Company, available to the Company. In this regard, the Special Committee has retained Peters & Co. Limited as its financial advisor to assist in the review process.
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which is currently focusing on exploration on Block 5(c) offshore the Republic of Trinidad and Tobago. See www.challenger-energy.com for information on Challenger.