Challenger Expects Exploration Well to Spud in January

Canadian oil and gas exploration company Challenger Energy (TSX-V: CHA) expects its first exploration well in Trinidad & Tobago to be spudded in January, Challenger said in a statement.

Challenger and Canadian Superior Energy (Amex, TSX: SNG) are exploring Intrepid block 5(c) offshore Trinidad & Tobago.

"Management is optimistic that opportunities for exploration for oil and gas offshore Trinidad & Tobago will attract further financing for the company's growth as required," the statement said.

The company is paying for a third of Canadian Superior's block 5(c) exploration program to obtain 25% of the prospect's revenue share.

Challenger is also participating in Trinidad & Tobago's current hydrocarbons bid round for onshore, nearshore and shallow marine blocks.

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