Canadian Superior, along with its partners, BG International Limited and Challenger Energy, having drilled the "Endeavour" well offshore Trinidad to a depth of approximately 16,921 feet subsea in the final section of the well, have temporary ceased drilling while part of the Kan Tan IV's drilling equipment, the travelling block, undergoes a mechanical repair. It is expected that the repair will be completed this week and drilling in the final section of the well will re-commence.
Speaking today, Mike Coolen, Canadian Superior's President & CEO, said, "This mechanical failure of the rig's drilling equipment is untimely and regrettable; particularly, as drilling had progressed to within a few days of reaching the expected final total depth (final "TD") for the well. We expect the rig owner, Sinopec Corp., and their managing contractor, A. P. Moller - Maersk A/S, to safely and efficiently complete this repair with essentially $0 daily rig rate and for the rig to get back to drilling promptly towards the end of this week, so that the drilling and evaluation of the "Endeavour" well can be properly completed."
The "Endeavour" well was spudded on August 28, 2008 and is expected to reach its final total depth ("TD") of approximately 18,000 feet prior to the end of December. The "Endeavour" well is the 3rd well, in an initial 3 well program, being drilled by Canadian Superior and its partners on the "Intrepid" Block, Block 5(c), located approximately 60 miles offshore, off the east coast of Trinidad. "Endeavour" is being drilled on a separate prospect determined from the analysis and evaluation of extensive 3D seismic on the "Intrepid" Block 5(c). Earlier this year, Canadian Superior announced two separate natural gas discoveries on Block 5(c); in the "Victory" well, announced on January 14, 2008; and, in the "Bounty" well, announced on August 13, 2008.
The "Endeavour" well is being drilled by the Kan Tan IV semisubmersible drilling rig in about 1,000 feet of water, which also drilled the "Victory" and "Bounty" natural gas discovery wells on this block.
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