CALGARY, ALBERTA -- (Marketwire) -- 12/08/08 -- 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) having drilled the "Endeavour" well offshore Trinidad to a depth of approximately 16,921 feet subsea in the final section of the well, have temporary ceased drilling while part of the Kan Tan IV's drilling equipment, the travelling block, undergoes a mechanical repair. Drilling on the "Endeavour" well had progressed to within a few days of reaching the expected final total depth (final "TD") for the well. It is expected that the rig owner, Sinopec Corp., and their managing contractor, A. P. Moller - Maersk A/S, will safely and efficiently complete this repair at their cost with essentially $0 daily rig rate, and the rig will resume drilling promptly towards the end of this week towards the final section of the well.
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). 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. The "Endeavour" well is being drilled by the Kan Tan IV semi-submersible drilling rig in about 1,000 feet of water, which also drilled the "Victory" and "Bounty" natural gas discovery wells on this block.
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.
