Canadian Superior Contracts Kan Tan IV to Drill Trinidad Wells

Canadian Superior Energy has entered into a firm multi-well contract for the Kan Tan IV semisub. The rig is managed by A. P. Moller - Maersk A/S, of Copenhagen, Denmark (trading in the name of Maersk Contractors), and owned by BeijingZhiyuan Industries Company Limited, of Beijing, China. The semisub will drill its first two exploration wells on Canadian Superior's "Intrepid" Block 5(c) offshore Trinidad.

Canadian Superior plans to commence drilling on the first of two back-to-back wells to evaluate two separate large 3D seismically defined potential natural gas structures with the Kan Tan IV rig as soon as the Kan Tan IV has completed a scheduled refurbishment, which is underway in Brownsville, Texas.

"I am very pleased that the Kan Tan IV has been secured and we are very busy implementing the detailed drilling program for these first two wells," said Mike Coolen, Canadian Superior's vice president and a company director. "Both BeijingZhiyuan Industries Company Limited, their Parent Company SINOPEC Star Petroleum Co., Ltd., and their managing contractor A. P. Moller - Maersk A/S are first-rate experienced companies and all of the companies have worked very hard with us and it is a pleasure for us to be able to do business with them."

Canadian Superior expects the refurbishment to be completed in approximately 20 weeks. The rig is scheduled to commence drilling shortly thereafter, after it has been tested and towed to the first location offshore Trinidad. Each of the offshore exploration wells is expected to take between 80 - 100 days to drill and evaluate.

Last July, the Government of Trinidad and Tobago and Canadian Superior signed the Production Sharing Contract (PSC) for offshore exploration and production on offshore Block 5(c), located approximately 90 kilometers off the east coast of Trinidad in the Columbus Basin. The "Intrepid" Block 5(c) covers 80,041 gross acres and has significant natural gas exploration and development potential offsetting the large Dolphin gas field operated by British Gas. Based on detailed 3D seismic, a number of large structural gas prospects have been identified on the "Intrepid" Block 5(c) with multi-tcf potential.

On March 17, BP announced it had just placed its "Cannonball" gas wells located offshore Trinidad on production. The wells are expected to produce a total of 800 mmcf/d (140 mboed). The gas field is estimated to contain more than 2 tcf of natural gas.

Canadian Superior's President and Chief Executive Officer, Greg Noval, said today, "We are very excited about commencing drilling in Trinidad and Tobago, which is without question one of the most coveted oil and gas basins in the world," said Greg Noval, Canadian Superior's president and CEO. "it plays an integral part in North America's natural gas supply, supplying approximately 80 percent of North America's LNG, and the Government and people of Trinidad and Tobago are very supportive of the oil and gas industry."

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