Canadian Superior: Kan Tan IV Arrives Early in Trinidad

Canadian Superior Energy Inc. said that the semi-submersible drilling rig the Kan Tan IV arrived earlier than expected in Trinidad on May 28, having been towed in less than 18 days approximately 2,284 nautical miles (2,628 statue miles) from Brownsville, Texas in the Gulf of Mexico to the Port of Chaguaramas in Trinidad.

The Kan Tan IV is now anchored in the Port of Chaguaramas in Trinidad and is expected to be there for less than two weeks to be loaded up with supplies in order to finalize drilling preparations for the commencement of Canadian Superior's multi-well drilling program in Trinidad. Canadian Superior expects drilling in Trinidad to commence within the next two weeks.

Canadian Superior's Chairman, Greg Noval, said, "It's very rewarding to see this project reach this stage and to see the Kan Tan IV arrive in Trinidad earlier than expected. It has taken a great deal of hard work and support by many people, including our staff, to reach this point. The tow to Trinidad was completed in a safe, efficient and timely manner with the rig being towed by the Anchor Handling Tug Supply ('AHTS') vessel the Trinity Sea from Secunda International Limited of Nova Scotia, Canada and by the AHTS vessel Carl F. Thorne from Tidewater, Inc. of Houston, Texas. I would also like to compliment the staff and management of the owners of the rig, Sinopec of China, and also Maersk Contractors, the managing contractor for the rig, for making this achievement possible. We look forward to working further with Sinopecand Maersk and our financial partner, Challenger Energy Corp., on this exciting multi-well project."

The Kan Tan IV semi-submersible drilling rig has been contracted by Canadian Superior to drill a multi-well program of three back-to-back exploration wells, on three separate and distinct large natural gas prospects, "Victory", "Bounty" and "Endeavour", approximately 60 miles off the east coast of Trinidad, on Canadian Superior's "Intrepid" Block 5(c). Following the rig's stay at the Port of Chaguaramas, the Kan Tan IV will be moved to drill Canadian Superior's first well on its "Intrepid" Block 5(c) "Victory" Prospect. 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. 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).

Offshore Trinidad is one of the most coveted oil and gas basins in the world today. As many as 18 of British Petroleum's (BP's) top 25 producing wells world-wide are located in Trinidad, 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 (BG) 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.

Canadian Superior's first well on its "Victory" Prospect is directly offsetting and on trend with British Gas's (BG) Dolphin and Dolphin Deep Developments. The "Victory" Prospect has the potential for multiple sands with four-way closure based on detailed seismic interpretation. After drilling and evaluating that well on the "Victory" Prospect, the Kan Tan IV will be moved over to commence drilling on the "Bounty" Prospect, followed by drilling on the "Endeavour" Prospect, with each of these three (3) separate prospects having multi-TCF potential. Each of these Block 5(c) offshore wells will be High Pressure ("HP") wells and each will be drilled to a depth in the order of 5,000+ m (16,400+ feet).

The semi-submersible drilling rig, the Kan Tan IV, is owned by Sinopec of Beijing, China, the third-largest company in China. The Kan Tan IV, which has been contracted by Canadian Superior, is being managed for Sinopec by Maersk Contractors, a part of A.P. Moller - Maersk A/S.

Canadian Superior is a Calgary-based oil and gas exploration and production company with operations Offshore Trinidad and Tobago, Offshore Nova Scotia, Canada and in Western Canada.

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 - Canadian Superior: Kan Tan IV Arrives Early in Trinidad (May 29)
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