Canadian Boards Suspend Review of EnCana's Deep Panuke Project

The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) and the National Energy Board (NEB) agreed last week to suspend the review of EnCana Corp.'s Deep Panuke Offshore Gas Development Project. EnCana earlier this month requested a regulatory "time out" on its C$1.1 billion project for at least a year because of its questions about the project's reserves, as well as the uncertainty of the marketplace (see NGI, Feb. 24).

EnCana requested that the applications before the CNSOPB and NEB be adjourned and that the balance of the proceedings be suspended, and the regulatory agencies complied. Both boards also have decided to close the Secretariat Office, which was established in Halifax, and to archive the Secretariat web site.

The CNSOPB and the NEB asked EnCana for an update on its review of the Deep Panuke by Dec. 20, 2001. At that time, the coordinated public review arrangement between the boards and any re-commencement of proceedings will be examined after reviewing EnCana's project update.

EnCana had filed applications with the boards last March for a development plan, a Canada-Nova Scotia Benefits Plan, an Environmental Impact Statement and a Socio-Economic Impact Statement, collectively known as the Development Application.

The application to the NEB was to construct and operate 111 miles of 24-inch pipe from the outlet flange of the offshore production platform to an interconnect with the Maritimes & Northeast Pipeline Management Ltd. main transmission pipeline, located .68 of a mile from the Goldsboro gas plant.

Also last week, EnCana last week filed its audited comparative consolidated financial statements for last year, as well as management's discussion and analysis with Canadian securities regulatory authorities. To obtain copies of the documents, visit www.sedar.com or the company's web site, www.encana.com.

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