cmi joint venture

Interesting presentation on how a JV with CMI works ... note the 'areas of operation' Raks!

http://www.challengerminerals.com/Participants.pdf

Challenger Minerals Inc. (CMI) is a focused and experienced screener of offshore oil and gas prospects worldwide, delivering risk-managed energy solutions for the benefit of its Joint Venture Participants (JV Participants) and to asset owners.

CMI was established in 1972 and is a wholly owned subsidiary of Transocean Inc., the world's largest offshore contract driller. CMI is also affiliated with Applied Drilling Technology International (ADTI), the world’s leading turnkey drilling company and also a subsidiary of Transocean. CMI has a successful track record of screening, facilitating and funding more than 250 projects worldwide under its current business model, initiated in 1995.

CMI doesn’t compete with the prospect generator/asset owner but seeks to create value by helping to facilitate under-funded projects or projects in which the asset owners wish to reduce their interest. CMI provides technical expertise when required and participates in those investment quality projects that meet its risk and economic criteria.

CMI generally does not participate in lease sales or licensing rounds, but usually enters the exploration and exploitation cycle when projects are close to sanction. This allows CMI and its JV Participants to deploy capital only when a project is ready to drill, thereby utilizing its capital to facilitate the best investment opportunities.

CMI and its JV Participants work in conjunction with the asset owners to ensure a risk-managed solution through a fixed-cost turnkey. Financial risk mitigation through fixed-cost turnkey drilling and/or completion is a sound business decision that protects the commercial integrity of oil and gas projects.

CMI got its start in the Gulf of Mexico and has expanded into the North Sea and other international oil and gas provinces. In 2001, CMI began screening and developing projects in the North Sea and in 2003 began its first ventures in other international arenas. The international oil and gas provinces offer a significant expansion of investment opportunities for CMI and its JV Participants