Canadian Superior proposes to monetize a 25% or larger interest in its "Intrepid" Block 5(c) offshore Trinidad and Tobago and its related discoveries, subject to acceptable terms and conditions, and subject to all required approvals. Canadian Superior is in the process of retaining a financial advisor to assist in the sale of the asset.
The "Intrepid" Block 5(c) is located approximately 60 miles off the east coast of Trinidad in the Columbus Basin and covers 80,041 gross acres. In 2008, Canadian Superior and its Joint Venture partners, BG International Limited, a wholly owned subsidiary of the BG Group plc and Challenger Energy Corp. announced two separate natural gas discoveries on the "Intrepid" Block 5(c); in the "Victory" well and in the "Bounty" well. Production test rates have been previously reported. The 3rd well, "Endeavour", has also discovered natural gas and final detailed results for the "Endeavour" well will be publicly released in due course.
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