MEDIA / PEBERCAN Concludes its First Farm in Partnership
ME SYMBOL: PBC
DECEMBER 23, 1997
MONTREAL, QUEBEC--On December 21, 1997, PEBERCAN signed a farm-in
partnership agreement, in Cuba, on its first cuban well CANTEL
PROFUNDO 1, of which it held 100 percent of the rights for
exploration and production.
Following this agreement, PMV Energy, PEBERCAN's first partner,
will share 50 percent of the costs associated with the CANTEL
PROFUNDO 1 well, total depth of which is forecast at 3200 meters.
As a reminder, the CANTEL PROFUNDO 1 well, which began on December
12, 1997, must reach two targets made of fractured carbonates
underlaying the present oil producing layers of Varadero field.
PEBERCAN will maintain its role as operator through this
partnership with PMV Energy. This agreement is the only existing
tie between the two companies.
This agreement is subject to approval by regulatory authorities. |
