Chevron Canada Resources, a Canadian subsidiary of ChevronTexaco Corp., announced Tuesday that it has abandoned the Chevron et al Newburn H-23 exploratory well off the coast of Nova Scotia, but “we’re not packing our bags and leaving.”

“The area has got a lot of potential; we just have to realize it,” said Scott Davis, manager of the company’s Eastern Canada Business Unit. The well was on the slope, just off the shelf, in about 1,000 meters of water. “We’re keeping the results tight to further evaluate. This is very early in the exploration phase; we’re not giving up,” Davis said.

The Transocean Sedco Forex Inc. drillship Deepwater Millennium spudded the well May 22, 2002 on Exploration License 2359, approximately 275 kilometers southeast of Halifax. The rig was released Aug. 20 after Newburn H-23 was drilled to a final total depth of 6,070 meters. The well was drilled to the objective section on time and within its C$79.5 million budget.

As operator, Chevron Canada Resources’ interest in the well is 37%. Petro-Canada holds a 43% interest and Conoco Canada owns 20%.

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