Friday, March 25, 2011

Transocean's E&P company put up for sale!!!



Challenger Minerals Inc (CMI), an E&P subsidiary of Transocean Ltd, has retained BofA Merrill Lynch Securities as its exclusive advisor to seek proposals with respect to a corporate sale.

Highlights:


-- CMI is generally a non-operating participant, screening prospects focused offshore; CMI provides opportunity to invest in pre-screened drilling projects
-- CMI holds oil and gas property interests primarily in the Gulf of Mexico (offshore Louisiana and Texas), North Sea (United Kingdom and Ireland), and offshore of Nigeria, Ghana, Senegal, Cote d’Ivoire, Tunisia, Gabon, Congo, Cameroon, Guinea and Angola, New Zealand, and other International areas
-- Equity interest in 122 wells in 60 fields, with gross production over 174 MMcf/d and 20,600 BO/d
-- Holds interest in 64 offshore blocks
-- As of April 2008, net Proved plus Probable reserves were estimated at 6,533 MBOE and net production was reported as 3,810 BOE/d.

Source: Derrick Petroleum E&P Database

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