PanCanadian Releases Buzzard Appraisal Well Results

PanCanadian Energy Corporation reported on results of two appraisal wells, 20/6-4Z and 20/6-5, which have been drilled on its Buzzard oil discovery, located in the U.K. Central North Sea.

Well 20/6-4Z, drilled using the Borgny Dolphin semisubmersible, was side-tracked northward from well 20/6-4 to a position within Block 20/1 of P928 (South) and confirmed an extension of the Buzzard accumulation into this license. The Borgny Dolphin will now move to the next location, 20/6-G in P986, to test a potential southern extension to the Buzzard field.

As planned, well 20/6-5 successfully intersected the field's oil-water-contact and undertook injectivity tests of the Buzzard acquifer. The Stena Dee semisubmersible, which drilled well 20/6-5, has now moved to location 20/1-C in license P928S, 3.7 kilometers north-northwest of well 20/6-5, to test a potential further northern extension of the field. Results from these wells are expected in May.

Interest owners in license P986 are PanCanadian (Operator) 45.01-percent interest, Intrepid Energy North Sea Ltd. (30.00 percent); BG Group (19.99 percent); and Edinburgh Oil & Gas PLC (5.00 percent).

Interest holders in license P928 (South) are PanCanadian (Operator) 35.29 percent, Intrepid Energy North Sea Ltd. (29.41 percent), BG Group (29.41 percent); and Edinburgh Oil & Gas PLC (5.88 percent).

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