Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba Message Board

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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba

CCX 17.14

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Sep 30 5:00 PM EST

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To: A. Robbins who wrote (211)	2/16/1999 4:04:00 AM
From: A. Robbins	Read Replies (1) of 223

Monday February 15, 10:57 am Eastern Time Company Press Release Pebercan Corporation Oil Discovery on the Canasi 1 Drilling Well in Cuba MONTREAL, QUEBEC--PEBERCAN Corporation is proud to announce that the drilling of the Canasi 1 well, located in Block 7 in Cuba, has yielded the discovery of hydrocarbons. The company would like to remind everyone that this drilling was performed as a partnership with MAUREL & PROM and with SHERRITT INTERNATIONAL as operator. The hydrocarbon reservoir was discovered after drilling a 2,156- meter deflected well. The pay zone was crossed horizontally over 400 meters with no interruption until the bottom of the well (2,556 meters). Preliminary analyses regarding the quality and oil saturation percentage of this reservoir are positive. Tests currently performed on the well will help assess the final yield volume and set the various quality parameters of the reservoir and the oil produced. In consideration of the preliminary results and of a current yield of 1,500 barrels per day, all three partners PEBERCO, SHERRITT, and MAUREL & PROM have decided to put the well into production. They released today a Declaration of Commerciality with the Cuba National Corporation CUBAPETROLEO. The technical departments of all three partners are reviewing together the next development well of the same structure, which should start within the next two months. -------------------------------------------------------------------------------- Contact: Pebercan Corporation Mr. Cedric SIRVEN Vice President Finance (514) 744-9608 (514) 744-9174 Email: info@pebercan.com

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