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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC. -- Ignore unavailable to you. Want to Upgrade?

To: CIMA who wrote (106)	4/28/1999 11:40:00 PM
From: john	Read Replies (2) \| Respond to of 277

Pan Ocean Explorations Inc - Pan Ocean planning Newfoundland well Pan Ocean Explorations Inc POE Shares issued 3,031,035 1999-04-27 close $0.35 Wednesday Apr 28 1999 Mr. R. Constantine Grey reports Planning is under way on the York Harbour project well, Newfoundland. Under the terms of a farm in agreement with Mobil Canada, Pan Ocean will earn 60 per cent working interest in an exploration permit comprising 37,950 hectares on the south side of the Bay Islands, Western Newfoundland. The company is planning to commence an 8,000 foot (2,440 metre) continuous core, slim-hole well to test reservoir conditions in the Humber Arm Allochthon that has the potential to contain over 100 million barrels of oil. Pan Ocean recently commenced the necessary permitting process with the government of Newfoundland, which involves all facets of approval from various regulatory agencies. Pan Ocean is confident of the timely and successful completion of this preliminary permitting process and anticipates commencing the drilling program within a 45 to 60 day period. Pan Ocean estimates the cost of the program to be approximately $1.0-million to $1.5-million. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com