Canadian Superior Expects to Begin Drilling in Trinidad by End of April

Canadian Superior Energy says that preparations for the towing to Trinidad of the semisub Kan Tan IV are in the final stages. Maersk Contractors is the rig manager for the rig that is owned by SINOPEC Star Petroleum. The Kan Tan IV has been undergoing a US$60 million refit in Brownsville, Texas and is scheduled to commence drilling on Canadian Superior's "Intrepid" Block 5(c) on its "Victory" Prospect. The towing of the rig is scheduled by Maersk to start near the end of March.

The Kan Tan IV has been contracted by Canadian Superior to drill a multi-well program of three back-to-back exploration wells, on separate large natural gas prospects, "Victory", "Bounty" and "Endeavour", approximately 60 miles off the east coast of Trinidad, on Canadian Superior's "Intrepid Block 5(c). Each of these prospects has been named after a famous British sailing ship, the "H.M.S. Victory", the "H.M.S. Bounty" and the "H.M.S. Endeavour". The wells will evaluate three separate large natural gas prospects that have been delineated by extensive 3D seismic that Canadian Superior has interpreted over the entire "Intrepid" Block 5(c). Block 5(c) was named the "Intrepid" Block because "Intrepid" was the code name for (Sir) William Stephenson, the famous Canadian spy in charge of Sir Winston Churchill's (the Prime Minister of Great Britain) spying operations during World War II.

Speaking today, Canadian Superior's President and Chief Operating Officer, Mike Coolen, said, "As with any major construction and refurbishment program of this nature, the rig refurbishment has taken longer than we and Maersk and SINOPEC had originally planned; but, I am pleased to say that we are very close now and I fully expect the rig to be under tow for Trinidad before the end of March. Once the rig is towed to the port of Chaguaramas in Trinidad to load up supplies and finalize drilling preparations, the rig will move to the first drilling location, 'Victory-1'. This should allow us to spud this first well on the 'Intrepid' Block prior to the end of April. Each of these wells are planned to take about 80 - 100 days to drill and fully evaluate; and, in each case, the results for each separate structure have the potential for multi-TCF discoveries."

Also, speaking today, Greg Noval, Canadian Superior's Chairman, said, "We are all pleased and excited about commencing drilling in Trinidad with a multi-well drilling program starting in April, where successful ongoing oil and gas exploration and development has made Offshore Trinidad one of the most coveted oil and gas basins in the world today. As many as 18 of BP's top 25 producing wells world-wide are located in Trinidad, including BP's Cannonball Development Wells (3 wells making over 600 mmcf/d). Also, offsetting Canadian Superior's "Intrepid" Block 5(c) to the west is BG Group's Dolphin and Dolphin Deep Developments (e.g. 2 wells in Dolphin Deep capable of making up to a total of 300 mmcf/d), both fields on trend with our 'Intrepid' Block 5(c) in the 'dip' direction (SW-NE). The same holds true in the 'strike' direction (NW-SE), with BP's Manakin and Statoil's Cocuina fields on trend to the southeast of our 'Intrepid' Block 5(c) and EOG Resources, Inc.'s 2006 discovery to the northwest, again directly on trend in the 'strike' direction. Furthermore, natural gas from Trinidad easily accesses the world's largest natural gas markets and supplies approximately 80% of the United States' Liquefied Natural Gas (LNG), a very important part of the North American natural gas supply."

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