Greg Noval, Chairman of Canadian Superior Energy Inc., said, "We are very excited to commence the drilling of the Victory well approximately 60 miles (96 kilometers) off the east coast of Trinidad. The well is offsetting production from some of the biggest producing natural gas wells in the world. Thanks to a great combination of a lot of efforts from our supporters, staff, Sinopec, Maersk and the Government of Trinidad and Tobago, drilling of the Victory well has commenced!"
The Victory well is being drilled for Canadian Superior with the Kan Tan IV semisub. The rig will 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).
The Victory well has a planned Total Depth of approximately 16,870 feet (5,142 meters) and is expected to take between 80 - 100 days to drill and evaluate.
Canadian Superior is paying 2/3 of the estimated US$45 million to drill the Victory well to obtain a 75% producing share in the well with its financial partner Challenger Energy Corp of Calgary, Alberta, Canada paying 1/3 of the cost of the well to earn a 25% production share.
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