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Technology Stocks : Pinnacle Oil International - PSFD (SFD Technology)
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To: Tim Davies who wrote (26)5/13/1999 10:44:00 AM
From: Dilution  Read Replies (1) of 51
 
Shoal Point article in Telegram found by Len Hynes in another group:

A tale of two wells 5/12/99
By CHRIS FLANAGAN
Business Editor

...On the west coast of Newfoundland, all eyes are on Shoal Point, the
site of a PanCanadian/Hunt Oil well that was approaching its target
depth. But in Tuesday's weekly update from the
Canada-Newfoundland Offshore Petroleum Board, even depth
information was withheld by the company.

We're running a tight hole, PanCanadian spokesman Alan Boris
said, the industry term for a top-secret well.

A man who lives within view of Shoal Point said no flare has been
spotted, and residents who are hoping for a strike that will lead to
an oil boom are getting nervous.

It's too quiet, the man said.

But people in the area have observed seismic trucks near the site, an
indicator the oil companies are planning down-hole seismic work.

They will drop recording equipment into the well and thump the ground
nearby with the truck in order to learn more about the geology of their

target.

But that could mean almost anything, observers say.

For example, it might mean they have positive results and are going
deeper; or it could mean they have drilled underneath their intended
target and need to get their bearings before resuming drilling.

It can be bad, it can be good, but it means the well's going to be
more expensive, a source said.

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