2009-08-19-2007-10-01-2007-10-01

Farm-in to acquire 30% WI in exchange for paying 40% of exploration costs in the Intrepid Block 5(c) off the east coast in the Intrepid Block 5(c) off the east coast.

BG International Ltd., a subsidiary of BG Group Plc, London, (London: BGL) has entered a farm-in and joint operating agreement with Canadian Superior Energy Inc., Calgary, (Toronto, Amex: SNG) in the exploration program for the Intrepid Block 5(c) off the east coast of Trinidad for US$39 million. BG will acquire 30% working interest in exchange for paying 40% of the exploration costs associated with drilling three commitment wells on the block. Also, Canadian Superior's farm-in partner Challenger Energy Corp., Calgary, (Amex, CDNX: CHQ) has entered the joint operating agreement. Challenger will acquire 25% in the block in exchange for paying 33.33% of the three-well costs. Canadian Superior chairman Greg Noval says the deals mean Canadian Superior will pay 26.67% of the three-well costs and retain a 45% interest in Block 5(c). "BG Group is an established major gas producer world-wide and in Trinidad and brings a wealth of knowledge, experience and liquefied natural gas (LNG) marketing strengths to this joint venture," he says. Canadian Superior is operating the first well, the Victory prospect, on Intrepid Block 5(c). The well has been successfully drilled to a depth of 9,772 feet (subsea).