PanCanadian Petroleum Ltd. made a gas discovery offshore NovaScotia. In the past year, the company has drilled two explorationwells into geological zones under the Panuke oil field, about 155miles southeast of Halifax. During testing, each well flowed atmore than 50 MMcf/d, the maximum capacity of the testing equipment.The wells, PP-3C and PI-1B, intersected net pay of more than 230feet and 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.
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.
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