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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9434)	3/5/1998 9:53:00 PM
From: Arnie	of 15196

CORP. / Petro-Canada comments on Hibernia Production CALGARY, March 5 /CNW/ - Norm McIntyre, Executive Vice-President, commented today on behalf of Petro-Canada on current operations at the Hibernia oil field offshore Newfoundland. ''We are pleased with the progress of the Hibernia drilling program and the performance of the reservoir to date,'' McIntyre said. ''We remain comfortable that Petro-Canada will realize its anticipated 1998 production from Hibernia. There will be variations in production throughout the year, which we have expected in the start-up of this large waterflood operation.'' ''The first two wells showed excellent reservoir quality and initial production rates - together averaging above 50 000 barrels per day during January and February. These wells are now shut in to allow for the assessment and management of pressure in the reservoir. Production will likely be significantly lower in the Second Quarter, and indeed there will be ups and downs throughout the first year of operations. Variability was expected and accounted for in our projections for overall production in 1998.'' ''Completion and tie-in of water and gas injection facilities at mid-year, together with completion of additional wells, are planned to give us the ability to manage reservoir pressure effectively and achieve stabilized production rates. We expect higher production rates in the second half of the year.'' McIntyre emphasized that the Corporation's overall targets for 1998 Hibernia production remain unchanged. ''We anticipate that we will achieve planned production over the full year. Our share of production will average 12 000 to 15 000 barrels per day in 1998.'' Petro-Canada has a 20 per cent interest in the Hibernia development. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.

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