Canadian Superior Energy Inc. announced that Canadian Superior, along with its partners, BG International Limited ("BG"), a wholly owned subsidiary of the BG Group plc and Challenger Energy Corp. has now reached a total depth of 14,415 feet subsea in the "Bounty" well on the 78th day since spud, and is expected to reach its final total depth ("TD") of approximately 18,000 feet subsea in about 30 days. The "Bounty" well was spudded on February 20, 2008 and is being drilled on the "Intrepid" Block 5(c) on a separate prospect from the "Victory" well natural gas discovery announced on January 14, 2008, located approximately 2.2 miles away.
Speaking today from Canadian Superior's head office in Calgary, Alberta, Canada, Craig McKenzie, Canadian Superior's Chief Executive Officer, said, "I am pleased to report the good progress being made in the drilling of the 'Bounty' well; and, we are poised to reach our final Total Depth ("TD") for this well of about 18,000 feet in approximately 30 days. We have now successfully just completed drilling the 12-1/4-in. hole section of the well to a total depth of 14,415 feet subsea. Over the next 10 days, we plan to complete the wire line logging for this section, run and cement the 9-7/8-in. casing in place, and complete various operations as we commence drilling the next and final section of the well. The primary objective of the 'Bounty' well is to prove up the presence of potential multi - TCF reservoirs which are deeper, and higher pressure than the 'Victory' discovery. Our 3D seismic based geological prognosis for the 'Bounty' well shows the main target zone to be between our current drilled depth and the final TD. The 'Bounty' well is being drilled with the Kan Tan IV semi-submersible drilling rig, the same rig that recently drilled our 'Victory' natural gas discovery well, and is also under firm contract to drill the 3rd well in this program, 'Endeavour', scheduled to commence directly following 'Bounty'."
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