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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (14002)	12/2/1998 6:00:00 PM
From: Kerm Yerman	Read Replies (13) \| Respond to of 15196

PROPERTY ACQUISITION / PanCanadian Petroleum awarded four exploration licences in the Central North Sea CALGARY, Dec. 2 /CNW/ - PanCanadian Petroleum Limited has been awarded four new exploration licences in the United Kingdom North Sea. These awards will increase PanCanadian's North Sea licence interests by 24 per cent, from 3,400 to 4,200 square kilometres, mainly in the Central North Sea and the deep waters west of Britain. PanCanadian will operate three of the four new licences, all of which fall within PanCanadian's Central North Sea core area. ''The addition of these new licences in our core area significantly strengthens our UK North Sea portfolio. Three of these licences are adjacent to acreage where we already have an interest, making them an excellent strategic fit,'' said Paul Ellis, PanCanadian's Senior Vice President International. ''We are particularly pleased to have been so successful in our first application as operator in a licence round. These awards support our strategy of concentrating our efforts in the Central North Sea and in the deep water frontier areas west of Britain, to build solid, long term growth,'' Ellis said. The licences were awarded during the 18th Round of Seaward Petroleum Licensing conducted by the UK Department of Trade and Industry. Details of the PanCanadian awards are as follows: Block 20/5d PanCanadian North Sea Ltd.(x) 40% Texaco North Sea UK Ltd. 40% Rigel Petroleum UK Ltd. 20% Block 28/9 PanCanadian North Sea Ltd.(x) 40% Amerada Hess Ltd. 40% Rigel Petroleum UK Ltd. 20% Blocks 19/10 & 20/6 PanCanadian North Sea Ltd.(x) 60% Intrepid Energy North Sea Ltd. 30% Edinburgh Oil & Gas Ltd. 10% Block 28/5b PanCanadian North Sea Ltd. 37.5% Amerada Hess Ltd.(x) 37.5% Ranger Oil (UK) Ltd. 25% (x) Denotes operator PanCanadian is one of Canada's largest producers and marketers of crude oil, natural gas and natural gas liquids. Its extensive exploration and production activities stretch from coast to coast in Canada and include a variety of international interests in the Gulf of Mexico, the United Kingdom, Australia, Africa and Venezuela.