Canadian Superior's President and Chief Executive Officer, Greg Noval, said today, "We are very honoured to have been awarded the right to explore on Block 5(c) by the Government of Trinidad and Tobago. Block 5(c), named the 'Intrepid' Block by Canadian Superior, covers 80,041 gross acres and has significant natural gas exploration and development potential. We look forward to expediting drilling on this block, targeting our first well of a planned multi-well drilling program to commence drilling in the 4th quarter of 2005. In undertaking these activities, Canadian Superior is very proud to be in Trinidad and Tobago and sees the awarding of Block 5(c) as a partnership between the people of Trinidad and Tobago and Canadian Superior. We will continue to work very hard to see that our activities benefit the local people and communities alongside our shareholders. We intend to commence drilling on the 'Intrepid' Block later this year, in what we believe will be a record time between the awarding of a production sharing contract and the commencement of drilling."
Speaking today at the Production Sharing Contract Signing Ceremony, the Honourable Eric Williams, the Trinidad and Tobago Minister of Energy and Energy Industries, said, "I take this opportunity to welcome Canadian Superior Energy Inc. to our assembly of multi-national energy partners and to congratulate them on their successful participation in the 2003/2004 Bid Round.
Upon completion of today's formalities, Canadian Superior Inc. has signaled its intent to proceed with drilling in Block 5(c) in the 4th quarter of 2005. Such speed of delivery should be applauded.
Today's PSC, which has an overall spend in the first phase of the work programme of roughly US$44 million, brings the current guaranteed expenditure on E&P activities arising out of contracts signed as a result of the 2003/2004 Bid Round to more than US$169 million. Such a significant spend has the potential for increased local participation along the supply chain and the Government of Trinidad and Tobago expects that the local supply sector will rise to the challenge."
Also speaking in Port of Spain, Trinidad, at the Official Signing, Mike Coolen, Canadian Superior's Vice President, said, "This is an important day for Canadian Superior. It was over 3 years ago when Canadian Superior first identified Trinidad and Tobago as a high priority, 'World Class' growth basin for our Company. Due to the hard work of many talented individuals both here and in Canada, today marks an important milestone in progressing our goal to explore and play our part in the development of Trinidad and Tobago's significant oil and gas potential for the benefit of all stakeholders, including the people of Trinidad and Tobago. Offshore Trinidad is, without a doubt, one of the most coveted oil and gas basins in the world and we feel very privileged that the Government of Trinidad and Tobago has seen fit to award the 'Intrepid' Block 5(c) to an aggressive independent explorer like Canadian Superior."
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