Canadian Superior announces offshore gas find
PORT SPAIN
Trinidad & Tobago Express
Petroleumworldtt.com
03 24 09
Canadian Superior Energy Inc has announced yet another natural gas find offshore the coast of Trinidad and Tobago, but this one is marred by controversy.
The company announced early in March that after extensive preparations, flow testing at the "Endeavour" well offshore Trinidad on Block 5(c) at the South East coast commenced on March 1, 2009.
All of this is set against a back drop of conflict however as BGTT which initially owned a 30 per cent stake in Block 5 (c) succeeded in having a Canadian court appoint international finance company, Deloitte as an interim receiver for Canadian Superior's share of exploration of Block 5 (c), last month.
Wendell Constantine, communications and brand manager for BG Trinidad and Tobago told the Business Express, "The action was taken (by BGTT) to ensure the completion of the Endeavour well. This work is ongoing and BG Group is funding the cost of the joint operations."
The BG Group assumes operatorship of Block 5(c) on April 21 2009. Until then the Court has appointed Interim Operator is Deloitte & Touche. The Court has advised that Deloitte & Touche engage the BG Group to advise on further technical requirements, said Constantine.
Local industry insiders say Canadian Superior which has acted as the operator for this block and holds a 45 per cent stake in Block 5 (c) announced the find at a time when it was necessary as it could help offset the share price fall out and panic which went along with the announcement that BG was working on taking over operations at the 32,300 square kilometre block which is located an estimated 94 kilometres off the east coast of Trinidad.
On the same day that the news of the proposed takeover was delivered in early February, Superior's shares had plummeted to their lowest level since May 2000.
In a release issued at the beginning of March, Canadian Superior, which has its head operations based in Calgary, Alberta, Canada said, "During the initial flowing period of approximately 16 hours, (at Endeavour) a peak flow rate of 60.1 MMscf/d was obtained, which is the maximum rate allowed under the testing equipment specifications."
Some experts say this confirms that the Endeavour well is a now a proven hydrocarbon find.
However, both Canadian Superior and BG have said that more flow rate testing will still have to be conducted before additional information can be given on the find.
Drilling operations at the "Endeavour" discovery well began on August 28, 2008. It was drilled by the same rig which also drilled the "Victory" and "Bounty" natural gas discovery wells at another area in Block 5(c).
Endeavour is the third well, in an initial three well programme, being drilled by companies which operate this Block, located approximately 60 miles offshore, off the east coast of Trinidad.
In 2008, the Canadian Superior/BG partnership announced two separate natural gas discoveries on Block 5(c).
First, the natural gas find at the "Victory" well was announced on January 14, 2008; then the "Bounty" well gas find was announced on August 13, 2008. "
The exploration of the Endeavour well is now a confirmed success, making this an overall successful exploration programme for the companies involved, as all three wells which were drilled are now proven hydrocarbon finds.
Story by Aretha Welch from Trinidad & Tobago
Express
Trinidad & Tobago Express
Thursday, March 19th 2009
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