Hi CIMA;
Good to see you following developments on the West Coast.Here is the latest on the Pan Canadian story:
Here is the latest update on Pan Canadian as printed in today's edition of the Evening
Telegram:
4/7/99
The Western Star—Shoal Point
The PanCanadian Petroleum exploration well is proceeding as planned, said William
Zukiwski,
drilling superintendent.
Zukiwski said a depth of 2,175 metres has been reached and the company is running
casing in
the intermediate hole section. The casing will be set in concrete and pressure tested, a
process
which will take about 10 days before regular drilling will resume.
Zukiwski said the target depth is between 2,400 to 2,500 metres but, if findings are
encouraging,
the depth could be taken up to 35,000 metres.
He estimated drilling will run until the end of April.
This is a high risk expensive well which is said to have a one in 10 chance of success.
But
PanCanadian is drilling because of trends they have seen in the area and the hopes of a
big find,
Zukiwski said it's a tough well and, being new frontier exploration, the company is
taking its time
because it wants to record data as drilling progresses.
Shoal Point juts out from the community of Boswarlos on the Port au Port Peninsula.
PanCanadian was required to build an 8.2-kilometer road to get to the site was built in
the latter
part of last year.
While the Nabors 375 drilling rig is located on land, the company is drilling about 450
metres
under Port au Port Bay towards the western side of Shoal Point. If it chooses,
PanCanadian can
keep findings under wraps for up to two years
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