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    PanCanadian reports discovery in North Sea

    Projects and Operations // June 15, 2001
    PanCanadian Petroleum Ltd has announced that it has made a significant oil discovery in the central North Sea.

    According to a company spokesperson, the Buzzard exploration prospect, located 100km northeast of Aberdeen, was drilled in 320ft of water and encountered an oil column of 360ft.

    During testing, the well flowed at 6,547 barrels per day of light oil and 0.97 million cubic feet per day of natural gas on a 36/64th-inch choke. These rates were constrained by the limits of the testing equipment. The plan is to side track the well to provide a better understanding of the extent of the accumulation.

    "This is a significant oil discovery in a region that has become a core area for PanCanadian," said David Tuer, president and CEO. "We are very excited by these strong test results and are planning further appraisal drilling for later this year."

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