Kan Tan IV Heading to 'Victory' Offshore Trinidad

Canadian Superior Energy Inc., the Operator of Block 5(c), and its financial partner Challenger Energy Corp., announced that the semi-submersible drilling rig Kan Tan IV on Monday began its tow from the Port of Chaguaramas, Trinidad to Canadian Superior's "Intrepid" Block 5(c) off the east coast of the island of Trinidad to spud its "Victory" well.

Canadian Superior's Chairman, Greg Noval, said: "It will take approximately 3 days for the Kan Tan IV to be towed to our 'Victory' Prospect on our 'Intrepid' Block 5(c) and positioned and anchored for the drilling of the 'Victory' well, which is expected to be spudded and drilling by the end of this week ."

Mike Coolen, Canadian Superior's President and Chief Operating Officer, also said: "There are a lot of people that have contributed to this important milestone being reached. Speaking for my fellow staff and directors, we appreciate all the hard work and dedication of all those that have contributed to this project, and in particular those with Sinopec, Maersk, the people and Government of the Republic of Trinidad and Tobago, our loyal shareholders and our own staff. We are very excited to have reached this important point in this Project and look forward to a very safe and effective drilling program as we commence our multi-well drilling program in one of the biggest and most exciting natural gas plays in the world."

Maersk Contractors, a part of A.P. Moller - Maersk A/S, headquartered in Copenhagen, Denmark, is the drilling rig manager for the Kan Tan IV that is owned by Sinopec of Beijing, China. Over the past several months, the Kan Tan IV semi-submersible drilling rig has undergone an extensive US$60 million plus refit in Brownsville, Texas and final preparations have now been completed in the Port of Chaguaramas, Trinidad, in order to proceed with drilling operations on Canadian Superior's "Intrepid" Block 5(c) on its "Victory" Prospect. The Kan Tan IV has been contracted by Canadian Superior to drill a multi-well program of three back-to-back exploration wells, on three separate and distinct 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). The wells will evaluate three separate large natural gas prospects, each with multi-TCF potential, that have been delineated by extensive 3D seismic that Canadian Superior has evaluated and interpreted over its "Intrepid" Block 5(c).

Canadian Superior is a Calgary, Alberta, Canada-based oil and gas exploration and production company with operations Offshore Trinidad and Tobago, Offshore Nova Scotia, Canada and in Western Canada.

Challenger Energy Corp. is a Calgary- based oil and gas exploration company that is currently focusing on "high impact" oil and gas plays offshore Trinidad and Tobago and offshore Nova Scotia.

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