Challenger Preparing to Commence Flow Testing on 'Endeavour' Well Offshore Trinidad
January 23 2009 - 9:21AM
Marketwired
Challenger Energy Corp. ("Challenger") (TSX VENTURE: CHQ)(NYSE
Alternext US: CHQ) announced today that Challenger, along with its
partners, Canadian Superior Energy Inc. ("Canadian Superior") (TSX:
SNG)(NYSE Alternext US: SNG) and, BG International Limited ("BG"),
a wholly owned subsidiary of the BG Group plc (LSE: BG.L) that
preparations are now underway to conduct flow testing on the
"Endeavour" well, offshore Trinidad, on Block 5(c). As previously
announced, the main targeted zone for this well has been
encountered; and, has now been evaluated with a full suite of
electric wireline logs, including modular dynamic testing ("MDT's")
and operations will proceed to flow testing. The "Endeavour" well
has been drilled to a Final Total Depth ("TD") of approximately
17,426 feet subsea (17,515 feet MD).
Current operations on the "Endeavour" well include completing
the running and cementing in place of the 7" liner which is
required for the flow testing program. These operations and
finalizing all operations on the well are estimated to be completed
near the end of February, to be followed by the release of the
drilling rig. The data received to date from the "Endeavour" well
has enabled the partners to further the understanding of not only
this particular well and its related structure, but also in regard
to the overall development potential of the entire Block 5(c). Test
information from the well is expected to confirm productive
characteristics of the reservoir tested and the net pay encountered
in the well. The information from the three exploration wells,
along with the extensive 3D seismic coverage covering Block 5(c)
and the nearby fields, encourages moving forward with the further
appraisal of resources discovered and development planning.
The "Endeavour" well, spudded on August 28, 2008, 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). In 2008,
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. Operations on the
"Endeavour" well are being conducted by the Kan Tan IV
semi-submersible drilling rig in approximately 1,000 feet of
water.
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
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the Corporations' annual reports on Form 20-F on file with the U.S.
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Contacts: Challenger Energy Corp. Dan MacDonald (403) 503-8815
(403) 503-8811 Challenger Energy Corp. Suite 200, 744 - 4th Avenue
S.W. Calgary, Alberta, Canada T2P 3T4 Website:
www.challenger-energy.com