In announcing the new joint venture in Trinidad today, at the Morgan Stanley Trinidad Energy and LNG Conference in Port of Spain, Greg Noval, President and CEO of Canadian Superior, said, "We are very pleased and honored to be awarded the new Mayaro/Guayaguayare Blocks and establish our new 'Tradewinds Project' with Petrotrin. Petrotrin will provide the joint venture with a wealth of experience complementing our Company's offshore technical and finance expertise. The Mayaro/Guayaguayare joint venture provides Canadian Superior with "World-Class" opportunities in a very prolific oil and gas basin, and we look forward to working with Petrotrin and the Government of Trinidad and Tobago on this exciting project."
Under the terms of the joint venture, Canadian Superior will initially conduct approximately 100 square miles of high resolution offshore 3-D seismic over the Mayaro/Guayaguayare area and drill two separate seismically defined structures on the properties.
The Mayaro/Guayaguayare Blocks are comprised of approximately 55,000 acres and are located near shore along the east coast of Trinidad, positioned between the Navette (onshore) and Galeota (offshore) fields and on trend with the recently discovered BHP/Total/Talisman Angostura and Aventura Carapal Ridge fields. The Navette field is located 1.5 miles directly east from the Mayaro/Guayaguayare Blocks and to date has produced over 60 million barrels of oil. The Angostura field is located to the east of Mayaro/Guayaguayare. It was discovered in 1999 and is estimated to contain reserves of approximately 1.75 tcf of natural gas and 450 million barrels of oil. The Carapal Ridge field is estimated to contain reserves of approximately 1 tcf of natural gas. Angostura is expected to begin production in early 2005 at an initial rate of 80,000 to 100,000 bbls per day. A single well at Carapal Ridge located on trend to the west of the Mayaro/Guayaguayare Blocks has been on an extended restricted production test and is capable of producing 17,000 BOEs per day, while a second well at Carapal Ridge has a deliverability of 6,800 BOEs per day.
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