Canadian Superior has entered into an agreement with Scotia Waterous (USA) Inc. ("Scotia Waterous") under which Scotia Waterous will immediately commence to act as advisor to the Company for the sale of a 25% or larger interest in its "Intrepid" Block 5(c) in Trinidad and Tobago. Any proposed sale will be subject to acceptable terms and conditions, and subject to all required approvals.
Among the services provided under the advisory agreement, Scotia Waterous will identify and prioritize purchasers for the assets, develop marketing and sales documentation, organize and facilitate access to all technical data, and support and assist sales negotiations and documentation.
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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