CALGARY, ALBERTA -- (Marketwire) -- 10/29/08 -- 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.
