Challenger Updates Progress on 'Endeavour' Well Drilling Offshore Trinidad
October 29 2008 - 12:27PM
Marketwired
Challenger Energy Corp. ("Challenger") (TSX VENTURE: CHQ) (AMEX:
CHQ) announced today that Challenger, along with its partners,
Canadian Superior Energy Inc. ("Canadian Superior") (TSX: SNG)
(AMEX: SNG) and, BG International Limited ("BG"), a wholly owned
subsidiary of the BG Group plc (LSE: BG.L) have successfully run
and cemented in place the 9-7/8" intermediate casing string in the
"Endeavour" well, to a depth of approximately 14,492 feet subsea,
and that drilling is about to commence in the final hole section in
the well.
The "Endeavour" well was spudded on August 28, 2008 and is
expected to reach its final total depth ("TD") of approximately
18,000 feet in November. The "Endeavour" well is the 3rd well, in
an initial 3 well program, being drilled by Challenger and its
partners on Block 5(c), located approximately 60 miles offshore,
off the east coast of Trinidad. "Endeavour" is being drilled on a
separate prospect determined from the analysis and evaluation of
extensive 3D seismic on Block 5(c). Earlier this year, Challenger
announced two separate natural gas discoveries on Block 5(c); in
the "Victory" well, announced on January 14, 2008; and, in the
"Bounty" well, announced on August 13, 2008.
Drilling will commence shortly on the final section of the
"Endeavour" well, the 8-1/2" hole section, roughly 3,600 feet from
current depth to final TD. The primary objective of "Endeavour" is
to prove up a possible multi - TCF reservoir. The 3D seismic based
geological prognosis for the 'Endeavour' well shows the main target
zone to be between the current drilled depth and the final TD,
which we expect to reach before the end of November.
Challenger is paying one third of the costs of the initial
exploration program on Block 5(c) to earn a 25% interest in the
production sharing contract covering Block 5(c).
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil
and gas exploration company which is currently focusing on "high
impact" oil and gas plays offshore the Republic of Trinidad and
Tobago. See www.challenger-energy.com for information on
Challenger.
BG Group plc (LSE: BG.L) is a world leader in natural gas, with
a strategy focused on connecting competitively-priced resources to
specific, high-value markets. Active in 27 countries on five
continents, BG Group has a broad portfolio of exploration and
production, Liquefied Natural Gas (LNG), transmission and
distribution and power generation business interests. It combines a
deep understanding of gas markets with an excellent track record in
finding and commercialising reserves. See www.bg-group.com for
information on BG Group plc.
Canadian Superior is a Calgary, Alberta, Canada based oil and
gas exploration and production company with operations primarily
offshore Trinidad and Tobago, offshore Nova Scotia, Canada, Western
Canada, and North Africa. See Canadian Superior's website at
www.cansup.com for information on Canadian Superior.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may or relates to future production,
resource potential and/or reserves, project start-ups and future
capital spending. Forward-looking information contained in this
news release is as of the date of this news release. The Company
assumes no obligation to update and/or revise this forward-looking
information "except as required by law". Actual results, estimates,
projections, resource potential and/or reserves, interpretations,
prognoses and/or estimated results could differ materially due to
changes in project schedules, operating performance, demand for oil
and gas, commercial negotiations or other technical and economic
factors or revisions. This news release may contain the reference
to the term "undiscovered natural gas resources", which are those
quantities of natural gas estimated to be contained in
accumulations yet to be discovered. There is no certainty that any
portion of undiscovered resources (oil, natural gas, natural gas
liquids or other hydrocarbons) will be discovered and that, if
discovered, in this or any other discovery, the discovered resource
may not be economically viable or technically feasible to
produce.
Statements contained in this news release relating to future
results, events and expectations are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements involve known and unknown
risks, uncertainties, scheduling, re-scheduling and other factors
which may cause the actual results, performance, estimates,
projections, resource potential and/or reserves, interpretations,
prognoses, schedules or achievements of the Corporation, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Such factors include, among others, those described in
the Corporations' annual reports on Form 20-F on file with the U.S.
Securities and Exchange Commission.
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responsibility for the adequacy or accuracy of this release.
Contacts: Challenger Energy Corp. Attention: Dan MacDonald (403)
503-8815 (403) 503-8811 (FAX) Challenger Energy Corp. Suite 200,
744 - 4th Avenue S.W. Calgary, Alberta, Canada T2P 3T4 Website:
www.challenger-energy.com