Contact: Charles B. Hauf
Phone: 281 925 7200
Fax: 281 925 7280
Email: Send an email
Challenger Minerals Inc., screener of oil and gas prospects in the Gulf of Mexico and the North Sea
Challenger Minerals Inc. (CMI) is the premier screener of oil and gas prospects in the Gulf of Mexico and the North Sea. As the geoscience subsidiary of GlobalSantaFe (NYSE:GSF), the company's strategic niche contributes to the success of GlobalSantaFe's drilling management services group. In the Gulf of Mexico, CMI, along with company subsidiary Applied Drilling Technology Inc. (ADTI), has worked with major oil companies on several field development projects. CMI's capabilities include managing the outsourcing of the drilling and completion phases of projects as well as facilitating a portion of the financing for the projects. CMI's screening capabilities allow it to attract third-party capital to ADTI's clients for projects not yet fully funded, enabling ADTI drilling projects to proceed in an expedited manner. In the North Sea, CMI has applied this same business model with great success. The first major project in this arena involved CMI along side Joint Venture Partner Palace Exploration and Operator Lundin Petroleum. Our venture in the Broom Field (formerly West Heather) marked the first time in the North Sea that GlobalSantaFe participated in all aspects of a drilling program. CMI provided geological, geophysical, and reservoir engineering services along with leveraged capital to move the project forward. Applied Drilling Technology International's (ADTI) well engineering services were also utilized along with GlobalSantaFe's semisubmersibles Arctic IV and Rig 140. Lundin announced first oil production in the Broom Field on 03 August 2004. With four producers and two injectors online, Broom is producing 27,000 bopd. The 2005 development program produced an increase in production and proved reserves in the Broom Field by adding the North Terrace fault block. Prospect opportunities in drilling arenas beyond the Gulf of Mexico and North Sea are increasing. By taking direct interest in selected high-quality projects that use our drilling management services, CMI will continue to create value for GlobalSantaFe.
Challenger Minerals Inc. Company Tags: Challenger Minerals Inc. Houston, USA, Project control, intellectual assets, turnkey services, engineering services and project management, contract drilling, drilling rigs and crews, geoscience services
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