Canadian Superior Energy Inc. as Operator of the Intrepid Block 5(c) offshore Trinidad has made a significant natural gas discovery with the drilling and production testing of its Bounty exploration well.
The Bounty exploration well was drilled to a total depth of approximately 17,360 feet and encountered gas bearing horizons with the main targeted zone in the well encountering approximately 200 feet of pay. Initial test results indicate that the Bounty well is capable of producing at a rate of approximately 200 mmcf/d from this high pressure zone. The results from the Bounty well and interpretations of extensive 3-D seismic data and other data indicate a natural gas resource potential of up to 2.6 TCF of natural gas from the tested structure. During the testing of the Bounty well, production testing equipment capacity was maximized resulting in flow testing being restricted to a stabilized rate of 60 mmcf/d of natural gas with a flowing bottomhole pressure of 7186 psi.
Speaking from Calgary today, Canadian Superior's Chairman, Greg Noval, stated, "We are very pleased with the results of the Bounty well and production testing indicates that we have drilled one of the best natural gas wells offshore Trinidad. The Bounty natural gas discovery represents a significant achievement for Canadian Superior and our partners and shows the tremendous opportunities available to the oil and gas industry in Trinidad and Tobago."
The Bounty natural gas discovery is the second natural gas discovery Canadian Superior and its partners have made in 2008 on their Intrepid Block 5(c) located approximately 60 miles off the east coast of Trinidad.
Craig McKenzie, Canadian Superior's Chief Executive Officer, added, "The Bounty discovery has met our expectations and has proven up a large high quality natural gas reservoir that in combination with our extensive 3D seismic data in the area appears to exceed 7,000 acres in size. I am confident the Bounty well will initially produce at approximately 200 mmcf/d of sales natural gas at the anticipated pipeline pressure. This compares favorably with production from the nearest analogous field, Dolphin Deep, where each of the two wells in this field produce at approximately 150 mmcf/d. Given the magnitude of the Bounty discovery, we plan to move forward expeditiously with appraisal and development drilling and production."
Operations are now underway to demobilize the testing equipment and move the Kan Tan IV semi-submersible drilling rig to drill a third exploration well location on the Intrepid Block 5(c), the Endeavour well, which should spud by the end of August 2008.
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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