BG Int'l gets Canadian stake in Trinidad gas property

BG International will exercise its right to buy a 45 per cent stake in a natural gas property off the coast of Trinidad from Canadian Superior Energy Inc., the two companies announced Friday.

Under the pre-emption offer, British-based BG will pay $142.5 million US for the property the same price another British firm, Centrica Resources Ltd., agreed to pay in a June agreement with Canadian Superior.

BG gained the right of first refusal to buy the property, known as Block 5(c), through a joint operating agreement between BG, Canadian Superior and Challenger Energy Corp., a third partner in the Trinidad field.

"The initial exploration drilling program on Block 5(c) has produced three successes and we are now keen to fully appraise the potential of this block," BG said in an email.

Canadian Superior agreed last month to acquire Challenger in a friendly $77.8-million deal. If that deal goes through, Canadian Superior would gain control of Challenger's 25 per cent stake in the same field.

Both Canadian Superior and Challenger, which are based in Calgary, are restructuring under the Companies' Creditors Arrangement Act.

U.K.-based BG Group is an explorer and developer of natural gas and oil properties.

Last February, BG convinced an Alberta court to place Canadian Superior's Trinidad asset under the watch of a receiver, saying it feared its partners would not have adequate financing to complete drilling.

Shares of Canadian Superior were unchanged at 79 cents on the Toronto stock exchange.