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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC.
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To: CIMA who wrote (129)5/12/1999 5:38:00 PM
From: Len Hynes  Read Replies (1) of 277
 
Hi CIMA;
Today, the Telegram carried a feature article on the well being drilled by Pan Canadian
at Shoal Point,and the well being drilled on the Grand Banks by the Jeanne d'Arc Basin
Group.I will cite a few quotes from the news item to give you a "flavor" of the total
article:
"....West Coast well has been put under a veil of secrecy.....in the latest weekly update
from the CNOPB,even depth information was withheld by the company.."
"We're running a tight hole" says PanCanadian spokesman Alan Boris...the industry term
for a top-secret well.According to one local resident,things are very quiet in the
area....no flare has been yet spotted in the drill area.According to the article,seismic
trucks have been viewed near the site,indicating the oil companies are planning
down0hole seismic work However,that could mean just about anything,according to
other observers.For example.."it might mean that they have positive results and are
going deeper; or it could mean that they drilled underneath their intended target and
need to get their bearings before resuming drilling.."

Above comments are just an indication of the amount of interest in this well, and the
number of individuals who are willing to speculate on any range of possible scenarios as
to what may indeed be the actual situation.

In any event,Pan Canadian's move to tighthole status begs the question...Why?Up to
several days ago,the Company was prepared to release weekly information updates on
their drilling program.What is it that the Company wants to keep private about this well?
I doubt that it has anything to do with "complications with the well"...as speculated by
some observers...what is to be gained by keeping that kind of info secret?The very
word "secret" implies" protection for private gain"..so what kind of information qualifies
for this definition?

Readers who have experience in the oil patch may be able to help us out with this
situation...there may be any number of plausible explanations for this turn of events that
many of us haven't even considered.....any thoughts?????

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