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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