Canadian Superior bid Production Sharing Contracts for two blocks, Blocks 2(ab) & 5(c), offshore Trinidad and Tobago. Canadian Superior was successful in being awarded Block 5(c) in the Government of Trinidad and Tobago Ministry of Energy and Energy Industries' 2003/2004 Offshore Competitive Bid Round against BG Group. Block 5(c) is an 80,041 acre Continental Shelf block, with water depths in excess of 150 meters (500 feet), which has been estimated to contain on an unrisked basis up to 4 tcf of natural gas reserves.
The Government of Trinidad and Tobago Ministry of Energy and Energy Industries has said that Block 2(ab) will not be awarded under the Competitive Bid Round to any of the four (4) bidders, that included, BHP Billiton/Total/Talisman, Canadian Superior, Kerr McGee/Primera and Repsol-YPF/ PETROTRIN. This block will be offered in a new future bidding round.
Greg Noval, President of Canadian Superior, said, "This represents a major achievement for Canadian Superior and we are extremely pleased with the result, which is a credit to Canadian Superior's experienced planning and technical teams. Trinidad is one of the most coveted oil and gas exploration basins in the world today, with the presence of multiple exploration and production opportunities, a government and people that are supportive of the oil and gas industry, fair win-win production sharing terms and a stable legal and fiscal system, and we are very pleased and proud to have been selected to expand our presence in the Basin and support the continuing growth of Trinidad and Tobago's oil and gas industry.
Block 5(c) represents a 'World Class' opportunity for Canadian Superior and possesses significant natural gas exploration potential and offsets the large Dolphin gas field that is operated by British Gas. We look forward to working diligently with the Ministry of Energy and Energy Industries in finalizing and executing the Production Sharing Contract and moving forward with our exploration and development program on Block 5(c).
In addition, we are busy conducting the front-end work for our existing Trinidad and Tobago exploration program on our 'Trinidad Tradeswinds Project', on our current joint venture acreage with the Petroleum Company of Trinidad and Tobago Limited ('Petrotrin') in the Mayaro Bay/Guayaguayare area off the east coast of Trinidad. Pending regulatory approvals, we are planning a high-resolution 3D seismic program over this area for later this year, with exploration drilling to follow once all necessary front-end work is complete and regulatory drilling approvals are in place."
In October 2003, Canadian Superior announced that it had entered into a major joint venture off the east coast of Trinidad with Petrotrin in the Mayaro Bay/Guayaguayare area. The Mayaro/Guayaguayare Blocks are comprised of approximately 55,000 acres and are located near shore along the east coast of Trinidad, positioned between the large Navette (onshore) and Galeota (offshore) fields and on trend with the recently discovered BHP Billiton/ TotalFinaElf/ Talisman Angostura field and the recent Aventura Carapal Ridge gas discovery. The Angostura field has estimated recoverable reserves of 160 million barrels of oil and 1.75 trillion cubic feet of natural gas (CNN, March 2003). The Carapal Ridge licence has estimated proven and probable reserves of 0.5 trillion cubic feet of natural gas (BG Group, March 2004). The acquisition of Block 5(c) will complement Canadian Superior's Mayaro/Guayaguayare holdings and will result in Canadian Superior evolving as one of the more active oil and gas exploration companies in Trinidad over the months to come.
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