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Gold/Mining/Energy : Vulcan Minerals - C.VUL

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To: Len Hynes who wrote (157)	3/16/1999 4:51:00 PM
From: Len Hynes	Read Replies (1) of 415

Hi Vulcan Shareholders: Here's the most recent update on drilling activity on Pan-Canadian's Shoal Point well on Newfoundland's West Coast. The well is about half-way to target depth. It is expected that without undue delays,target depth should be reached ~April 30-May15/99. cnopb.nfnet.com CURRENT ACTIVITY Exploration Wells Weekly Public Status Report of Oil and Gas Activities Offshore Newfoundland and Labrador Issued: March 15, 1999 Well Location Licence Drilling Installation Spud Date Current Depth (Projected Total Depth) Current Operation Shoal Point K-39 48° 38' 25.3" N 58° 50' 33.5" W EL 1021 Nabors 375ETD Feb. 8, 1999 1,614 metres (3,200 metres) Drilling 311mm hole. South Nautilus H-09 46° 48' 24.8" N 48° 45" 04.3" W PL 1001 Glomar Grand Banks Feb. 27, 1999 3,021 metres (3,868 metres) Running 244mm casing. EL = Exploration Licence

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