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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting
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To: HAZ who wrote (15)6/12/1997 12:10:00 PM
From: D.E. Shetland   of 73
 
The two successful wells that were cased in the Strachan area are called Brewster and Sunchild. They have not released any information on these other than to say "...they are keepers...". The reason being that they are looking to tie-up more land in the area. As you said, both were multi-zone and clearly pretty good. They also are 100% owners of both. I would guess that the ranges for reserves would be in the 8-12 Bcf range. Those are helpful additions if correct. I think they are planning to follow-up both wells, so there must be good indications.

The Berland River well (#5) is a 50/50% JV with Amoco. You are right, they have probably hit target already and are most likely testing it right now. I have not heard anything about it, but would expect to within the next 5-10 days.

The re-entry of Ram (a very high-pressureized gas find from 25 years ago) is on-going. One has to be very careful in re-entering a highly pressurized well. It's tedious work to shot through the old cap and retrieve all the tools and clean out gunk from the well. I would guess they're doing that now and we should hear something definitive withing 2-3 weeks. The industry scuttlebut is that the pressure was the same as 30 years ago and it might be a 10-15 Bcf field.

There is a conference going on thur-Sat in Calgary and I'm sure we'll all hear more facts sometime next week.

So, it looks like things are going okay, we'll hear for sure shortly. Like I've said before, the one that could really move the stock by 2-3 bucks is the Bullmoose/Sukunka first well. They will hit the target in July there. Those wells are typically large and they have 5-8 targets in the area that they've farmed in to. If successful there, watch out!
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