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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting
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To: HAZ who wrote (36)10/7/1997 9:24:00 AM
From: D.E. Shetland   of 73
 
I think the news is half negative/half positive.

The negative is that the first of their 5 wells in Bullmoose looks to be a tough one. Water in gas is never good. It can be dealt with in certain circumstances. I'm not a petro engineer, but have been told that if it is in a particular zone, sometimes it can be "isolated". It looks like there is a huge payzone (>200mtrs) and good pressure and gas, but water's coming up too. Unfortunately, I was worried that there was too much emphasis on this one well. I think it's becuase they didn't suceed in Berland 5 or Edson 1. There are 4-5 more structures to go for up in that area with their partners, so the exploration continues. The area is still highly prospective, but maybe they'll bring in someone else to defray costs.

The positive is that they have generally added some good production and reserves through the drilling program and have more to go. It looks like they've added a new area (Simonette) that's producing and continue to have success in Strachan. They must still be buying land becuase they don't release much info on the wells. They also have a few more big ones to go this year in Berland (Horse) etc...

The share took it on its head with Bullmoose not being easy. There's nothing in the share now for it, but the prospects don't look good. Now it's at 5x cashflow and close to asset values. So far it's been a dog, but maybe their luck will turn and it'll have a run later in the year on a bit of success. They certainly need to prove it to the market.
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