PanCanadian Petroleum Ltd. made a potentially sizable gasdiscovery offshore Nova Scotia about 25 miles from Sable Island. Inthe past year, the company has drilled two exploration wells intogeological zones under the Panuke oil field, about 155 milessoutheast of Halifax. During testing, each well flowed at more than50 MMcf/d, the maximum capacity of the testing equipment. Thewells, PP-3C and PI-1B, intersected net pay of more than 230 feetand 100 feet, respectively.
“This is potentially a very significant natural gas discovery ina region that is quickly emerging as a substantial petroleumprovince in Canada,” said David Tuer, PanCanadian president. “Weare very excited by these strong natural gas tests which signal thepotential emergence of another East Coast natural gas project.”
Calgary-based PanCanadian said it will continue evaluation todetermine reserve size and commercial potential with the drillingof at least two Scotian Shelf wells this year. PanCanadian holds a100% working interest in the discovery.
Spokesman Alan Boras said eventually gas supplies could flow onthe Maritimes and Northeast Pipeline. “We haven’t got a reserveestimate on this. We haven’t got to the question of commercialpotential, commercial viability yet, But Maritimes and Northeast isthere. It’s a common carrier. It would make sense that ultimatelythat’s where this gas would go. We’ve got a ways to go on theexploration side.
“We’re certainly encouraged by it. This is a successful stepalong the way of a longer-term strategy to look at and build astrong position on the East Coast of Canada.”
PanCanadian’s total land position offshore Nova Scotia is 15blocks, covering more than four million gross acres. PanCanadianholds almost 2.5 million net acres on the Nova Scotia blocks. Thecompany is the leading operator of exploration lands on the ScotianShelf and adjacent deep waters.
To manage the future exploitation of PanCanadian’s explorationefforts, Larry LeBlanc has been appointed vice president of EastCoast operations. He has been with PanCanadian for 15 years, mostrecently as general manager of the East Coast business unit.
Joe Fisher, Houston
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