Canadian Superior Energy Inc. announced today that Canadian Superior and its partners, BG International Limited, a wholly owned subsidiary of the BG Group plc, and Challenger Energy Corp. have made a new natural gas discovery on their Intrepid Block 5(c) located approximately 60 miles off the east coast of Trinidad.
"We are pleased to announce the discovery of natural gas on our first well offshore Trinidad," Canadian Superior's Chairman, Greg Noval, said. "We have just finished the successful flow testing of the first zone to be completed on our Victory well, which is part of an initial three-well exploration program offshore Trinidad on our Intrepid Block 5(c). We are encouraged by the initial test results in the first zone and will be moving up hole in the well to test at least one further horizon."
"The Victory well has an estimated flowing rate of over 100 mmscf/d of natural gas and is condensate rich," Craig McKenzie, Canadian Superior's Chief Executive Officer, said. "We have just completed the extended flow testing of the first zone to be tested in the well which was flowed on a restricted flow basis with high pressures and flowed with measured flow rates averaging between 40 and 45 mmscf/d. The well also tested high gravity condensate of approximately 30 bbl per mmscf of gas produced. The flowing wellhead pressure on a restricted basis and bottom hole pressures are comparable or better than other producing wells and fields in the immediate area. Further analysis of the initial test results will be conducted on the information we have received and we will now focus on the next stage of the testing program by moving up hole to complete at least one more zone in the well before moving the rig to our next prospect on Block 5(c) and spudding the 'Bounty' well. This information will allow Canadian Superior and the other participants in the well to move forward with detailed reserve analysis of the discovered resource."
The Victory well is located approximately 3 miles from a subsea tie-in to a pipeline to shore. Canadian Superior is paying 26-2/3% of the Block 5(c) exploration program cost to maintain a 45% working interest in Block 5(c), with its partners, BG International Limited, a wholly owned subsidiary of the BG Group plc, paying 40% for a 30% working interest and Challenger Energy Corp. paying 33-1/3% for a 25% working interest through Canadian Superior.
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