Previously, on March 19, 2006, Canadian Superior had announced it had contracted the Kan Tan IV for a firm multi-well drilling contract to drill two Company operated back-to-back wells on its Block 5(c) offshore Trinidad.
Now three Company operated back-to-back wells will be drilled on Block 5(c) on large natural gas prospects off the east coast of Trinidad and Tobago, all named after famous battle and sailing ships. The "Intrepid", "Bounty" and "Victory" prospects will evaluate three large separate potentially "World-Class" hydrocarbon bearing structures that have been delineated by extensive 3D seismic that Canadian Superior has evaluated on Block 5(c), with the first well of the three wells to commence drilling shortly after the Kan Tan IV has completed a scheduled refurbishment currently underway in Brownsville, Texas. The refurbishment is scheduled for completion early in the first quarter of 2007. Once the refurbishment is complete, the drilling rig will undergo its acceptance testing and then it will be towed to Trinidad and then directly to Canadian Superior's first Block 5(c) "Intrepid" well site to commence drilling.
Each of these Block 5(c) offshore exploration wells, "Intrepid", "Bounty" and "Victory" will be High Pressure ("HP") wells and will be drilled to a depth in the order of 5,000+ m (16,400+ feet) and each is currently expected to take between 80 - 100 days to drill and evaluate. This three well drilling program will take approximately 240 to 300 days to complete; with the results of the first well known after about 80 - 100 days into the drilling program.
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 km off the east coast of Trinidad in the Columbus Basin just less than 16 months ago on July 20, 2005. Earlier this year in the Columbus Basin, British Petroleum Trinidad and Tobago ("BP") placed its Cannonball platform on production with 3 wells making a total of approximately 700 mmcf/d production. It is reported that 15 of BP's top 25 producing wells in the world are in Trinidad. 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 ("BG") which produces approximately 500 mmcf/d and the recently commissioned BG operated Dolphin Deep development which has 2 wells that have a combined capability of producing 300 mmcf/d. Based on detailed 3D seismic covering Block 5(c), the BG Dolphin and Dolphin Deep discoveries and other prospects in the area, a number of large structural gas prospects have been identified on Block 5(c) with multi-tcf potential, including the 'Intrepid', 'Bounty' and 'Victory' prospects.
Canadian Superior's Chairman and Chief Executive Officer, Greg Noval, said today, "We are very excited about commencing drilling in Trinidad and Tobago and this multi-well program. As the most industrialized country in the Caribbean, Trinidad and Tobago's business environment has several advantages, including a good oil and gas fiscal regime, a well-educated labor force, good transportation and communication links, a strong legal system, a well entrenched stable democratic system of government, a soundly-regulated financial system and a very successful and growing oil and gas industry that accounts for approximately 50% of total government revenue. This combined with successful ongoing oil and gas exploration and development makes Offshore Trinidad one of the most coveted oil and gas basins in the world today. Offshore Trinidad is a 'World Class' basin with multiple large exploration and development opportunities as evidenced by recent drilling and development successes in the Columbus Basin, as well as having well developed, and developing liquefied natural gas ('LNG') facilities and capacity, and ready access to international markets. Trinidad is the fifth largest exporter of LNG in the world and approximately 80% of North America's LNG is supplied from Trinidad. We are looking forward to being part of that industry."
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