Kan Tan IV Heads to Trinidad

Canadian Superior Energy says the Kan Tan IV semisubmersible is on its way to Trinidad. The rig is being towed to Trinidad by Secunda's Trinity Sea and Tidewater's Carl F. Thorne AHTS. The tow is expected to take approximately three weeks. Over the past several months, the Kan Tan IV has undergone an extensive US$60 million plus refit in Brownsville. This rig is now ready to commence drilling on Canadian Superior's Victory Prospect located on Block 5(c). This is the first well of a three well program that also includes wells on the Bounty and Endeavour Prospects. The wells will evaluate three separate large natural gas prospects, each with multi-TCF potential, that have been delineated by extensive 3D seismic that Canadian Superior has evaluated and interpreted over its "Intrepid" Block 5(c).

Also speaking from Brownsville today, Canadian Superior's Vice President of Offshore Drilling, Mark Gillis, and Roger De Freitas, Canadian Superior's Trinidad Country Manager, jointly said, "We are all very pleased that the rig has started its tow to Trinidad. Canadian Superior's Drilling Team has been working very hard for many months to achieve this important milestone in our drilling project. The Kan Tan IV will first be towed directly to the port of Chaguaramas in Trinidad to load up supplies and finalize drilling preparations and will then be moved to the first drilling location, on the 'Victory' Prospect. The tow should take about 20 days to complete and we expect the in-port stay to be less than 2 weeks, allowing us to spud our first well on the 'Intrepid' Block's 'Victory' Prospect about mid-June. Each of the three back-to-back wells in this drilling program are planned to take about 80 - 100 days to drill and fully evaluate with firm results expected for the first well towards the end of September."

In Trinidad, in close proximity to Canadian Superior's acreage, 18 of British Petroleum's top 25 producing wells world-wide are located, including BP's Cannonball Development Wells (3 wells making over 600 mmcf/d). Also, directly offsetting Canadian Superior's "Intrepid" Block 5(c) to the west is British Gas's Dolphin and Dolphin Deep Developments (e.g. 2 wells in Dolphin Deep capable of making up to a total of 300 mmcf/d), both fields on trend with the "Intrepid" Block 5(c) in the "dip" direction (SW-NE). The same holds true in the "strike" direction (NW-SE), with BP's Manakin and Statoil's Cocuina fields on trend to the southeast of the "Intrepid" Block 5(c) and EOG Resources, Inc.'s 2006 discovery to the northwest, again directly on trend in the "strike" direction. Natural gas from Trinidad easily accesses the world's largest natural gas markets and supplies approximately 80% of the United States' Liquefied Natural Gas (LNG), a very important part of the North American natural gas supply.

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