Pebercan Says Cuba's Santa Cruz 302 Well a Success

Prior to hook-up of the new well, STC 302, total production for Block 7 is now approximately 21,000 b/d, of which Pebercan's share is 11,500 b/d (before taxes). This represents a 42% increase in daily production over the same period in 2005.

On September 7, the Company finished drilling on STC 302, reaching a total depth of 3,671 meters (-1,650 meters vertical depth) with a recognized reservoir length of 297 meters.

This well was tested using an 18-mm choke with a 3,000 bopd stabilized production. The success of this new drilling will ensure a significant increase in new production.

Furthermore, the wells currently being drilled (STC 201, STC 104, Seboruco 150, Seboruco 14 and Canasi 10), as well as two extra wells that will be drilled at Santa Cruz before year-end, should serve to achieve the Company's objective as planned of a 15,000 b/d share of gross production by the end of 2006 - a 60% increase over 2005.

The Company is currently in discussion with the Cuban authorities regarding its intention to renew - under the terms of a changed contract - some of the mining interests it originally held as part of the non ring fence contract for production sharing, namely in Blocks 12, 13, 15 and Varadero Profundo. A definite decision regarding this request could possibly be made in late 2006/early 2007.


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