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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (625)	4/21/2001 12:31:49 AM
From: WWS	Read Replies (1) \| Respond to of 206206

JQP, let me suggest that the EEE faithful listen to PanCanadian's 20-minute conference call of April 17, available on their web site at www.pcp.ca. PCP is the only company I've heard which will be actively drilling the offshore Scotian shelf this year, by doing three jackup rig wells within 10, 20 and 30 km of Deep Panuke, and another jackup rig well at a yet unspecified, but likely nearby, location. All of PCP's wells through last year and this year are close to Sable Island and in shallow water less than 400 ft deep. Most of the other leased blocks lie south and west of Sable along the shelf in progressively deeper waters as their distance from Sable increases. The blocks that EEE shares with KMG are perhaps 300 km from Sable. PCP just announced the hire of the new deep water semisubmersible (type Bingo 9000) from Ocean Rig to start drilling its own deeper blocks starting next year. This decision was motivated by their realization that leasees have only 3 years left to drill at least one well per block under the terms of the leases. At the end of the first year of drilling for PCP, PCP will cooperate with Ocean Rig to lease the Bingo rig to other e&p operators for drilling their own Scotian blocks. Keep in mind that the further out blocks are quite remote from the "to shore" gas pipelines that SOEI already built, and that PCP is now building (at a cost of C$1 Billion). I speculate that the other majors are waiting for PCP to "break the ice", as PCP has most of the choicest properties and operating familiarity with the area. The others will decide "go or no" depending on whether or not PCP's deep water rig comes up dry.