Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: CIMA who wrote (6396)	5/12/1999 5:40:00 PM
From: Len Hynes	Respond to of 24892

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?????

To: CIMA who wrote (6396)	5/13/1999 3:28:00 PM
From: Len Hynes	Respond to of 24892

Here is Vulcan's latest news....just released. Looking real good for some action in the very near future...remember this drilling will be on the same property where previous drilling intersected ~50 ft. of petroliferous conglomerate.It will be interesting to see if VUL can intersect this zone from a different drill location...and get a better fix on how deep this oil bearing conglomerate actually is.Should be very interesting indeed! Vulcan Minerals Inc. Signs Drilling Contract Stock Symbol: ASE:VUL Shares issued: 9,519,500 ST. JOHN'S, NF, May 13 /CNW/ - Vulcan Minerals Inc. (the company, ASE:VUL) reports that it has submitted a drilling application to the Government of Newfoundland and Labrador to drill a petroleum well on its Flat Bay permit 96-105 onshore western Newfoundland. The application and related permitting is presently being processed. As well, the company has entered into a drilling contract with Eastern Oilfield Services Ltd. to drill the 300 metre well on the Flat Bay permit. The contract is conditional upon obtaining all necessary drilling approvals. Drilling will commence as soon as these approvals are obtained and the rig has been mobilized onsite. In a related matter, the farmout agreement between the company and London Resources Inc. (an affiliated company, see press release dated November 4, 1998) has been amended such that the earn-in drilling commitment is extended from May 31, 1999 to May 31, 2000. It is the company's intention to commence drilling of the above-noted well as soon as permitting allows.