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PEBERCAN Steps Up Its Exploration
and Development Programs in Cuba
MONTREAL, Oct. 27 /CNW
Telbec/ - PEBERCAN (TSX: PBC) is pleased
to announce an intensification of its oil
exploration and development project within
Bloc 7, a concession located between Havana
and Matanzas on the north coast of the Republic
of Cuba. At present, three drilling rigs
are active in this zone and will remain
active until the end of 2004.
DEVELOPMENT
The intensification of developments concerns
the SEBORUCO field. The field's eastward
extension was confirmed by the results of
the 3D seismic campaign conducted in 2003.
In view of the positive results following
the drilling of the SEBORUCO 4 well which
was put in production in March 2004, the
SEBORUCO 7 well which was put in production
in May 2004 and the SEBORUCO 5 well which
was put in production in August 2004, the
company is now drilling two new wells: SEBORUCO
10 and SEBORUCO 8.
These two wells have already reached the
reservoir, and rigs have started drilling
the drains in the pay zone. Final results
will be released as soon as operations have
ended and production tests are conducted.
Drilling rigs will then be deployed at
once to drill wells SEBORUCO 15 and SEBORUCO
103.
The objective of SEBORUCO 15 will be to
verify the field's eastern limit, approximately
1600 meters east of SEBORUCO 10.
SEBORUCO 103 is expected to substantiate
two thrust sheets close to the coast; the
top here had been barely penetrated by the
SEBORUCO 3 well. In this instance, the well
will be shorter and located under the trajectory
of the current SEBORUCO 3.
EXPLORATION
The company has commenced exploratory drilling
of the SANTA CRUZ 100 well, a prospect situated
in the western section of Bloc 7. Pebercan
is the operator of this section.
The drilling began on September 19, 2004
and has reached 2,500 meters. Operations
are proceeding according to forecasts, using
the NATIONAL 110, a drilling rig that belongs
to the company. Should results prove positive,
PEBERCAN will prepare an appraisal program
for this new structure which will include
drilling one or two additional wells.
The structure of SANTA CRUZ is comprised
in the three prospects indicated by the
results of the 3D seismic campaign. The
two other structures will be the target
of exploratory drilling by Pebercan during
the first semester of 2005.
PEBERCAN Inc. is involved in the exploration,
development and operation of oil reserves
in the Republic of Cuba. Its mining domain
includes five concessions covering 6,155
km2, including Block 7, the only concession
operated to date. PEBERCAN sells all of
its production to the Cuban government.
The Company's shares are listed on the TSX
under the symbol PBC.
The forward-looking statements contained
in this press release are associated with
known and unknown risks, uncertainties and
other factors that may mean that the Company's
actual results, returns and realizations
will differ greatly from the future results,
returns or realizations expressed or assumed
by these forward-looking facts.
For further information
PEBERCAN Inc., Cédric
Sirven, Vice-President and Chief Operating
Officer, (514) 286-5200, Fax: (514) 286-5177,
info@pebercan.com
RENMARK Financial Communications Inc., Henri
Perron: hperron@renmarkfinancial.com
Franca Filippone: ffilippone@renmarkfinancial.com
Media - Cynthia Lane: clane@renmarkfinancial.com,
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
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