Challenger Announces Initial Flow Test Results From "Endeavour" Well Offshore Trinidad
03 März 2009 - 9:03PM
Marketwired
Challenger Energy Corp. ("Challenger" or "Company") (TSX VENTURE:
CHQ)(NYSE Alternext US: CHQ) announces today that, after extensive
preparations, flow testing of the "Endeavour" well offshore
Trinidad on Block 5(c) commenced on March 1, 2009. During the
initial flowing period of approximately 16 hours, a peak flow rate
of 60.1 MMscf/d was obtained, which is the maximum rate allowed
under the testing equipment specifications. A final flow rate of
56.4 MMscf/d was measured with a 48/64 inch choke with a Flowing
Well Head Pressure of 4122psi. Multiple flow rate testing will be
conducted over the next few days. The well has flowed "dry" natural
gas with a gas gravity of approximately 0.584 and approximately
0.3% CO2, with no production of water, condensate or solids during
this initial flow period.
It is expected that all operations on the "Endeavour" well will
be completed in March, 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 enhance their understanding of
not only this particular well and its related structure, but also
the overall development potential of the entire 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. The information from the three exploration wells drilled
on Block 5(c), along with the extensive 3D seismic coverage of
Block 5(c) and nearby fields, encourages moving forward with the
further appraisal of resources discovered and development
planning.
On February 5, 2009, Challenger announced that the Board of
Directors appointed a special committee of directors (the "Special
Committee") with a mandate to undertake a process to evaluate the
various strategic alternatives, including the sale of the Company,
available to the Company. In this regard, the Special Committee has
retained Peters & Co. Limited as its financial advisor to
assist in the review process.
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil
and gas exploration company which is currently focusing on
exploration on Block 5(c) offshore the Republic of Trinidad and
Tobago. See www.challenger-energy.com for information on
Challenger.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may relate to future production, resource
potential and/or reserves, project start-ups and future capital
spending, as well as the outcome of proceedings under the
Companies' Creditors Arrangement Act (Canada). 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Challenger Energy Corp. Manjeet Dhillon (403) 503-8813
(403) 503-8811 (FAX) Challenger Energy Corp. Suite 200, 744 - 4th
Avenue S.W. Calgary, Alberta, Canada T2P 3T4
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