EnCana Begins Development Plans for Buzzard Discovery

EnCana Corporation and its partners in the U.K. North Sea Buzzard light oil discovery are moving to development planning following their successful appraisal program.

"We are extremely pleased with the successful appraisal program. Each step in our Buzzard evaluation drives new momentum into our development plans for this exciting discovery and strengthens our plans to build a growth platform in the North Sea," said Gerry Macey, President of EnCana's Offshore & New Ventures Exploration division.

In the U.K North Sea, EnCana and its partners recently completed drilling three appraisal wells, 20/1-3, 20/1-4 and 20/6-6. Two of the wells - 20/1-3 and 20/6-6 - encountered oil-bearing sands and confirmed the nature and extent of the Buzzard field. Well 20/1-4, an additional well to the original program, established a significant oil-bearing reservoir section within block 20/1 of Licence P928 (South). EnCana has now drilled eight appraisal wells and sidetracks into the Buzzard structure since its discovery in June 2001.

Information gained from this appraisal campaign has expanded the operator's current estimate of oil-in-place to between 800 million and 1.1 billion barrels. Further study and analysis of the appraisal data is ongoing which will more accurately establish total oil-in-place and potential recoverable reserve figures, as well as commencing unitiation of the field between P986 and P928 (South). A program to evaluate nearby exploration and satellite development potential is also underway.

EnCana and its partners have now commenced acquisition of a 3D development seismic survey over the field area. Field development work is underway on several fronts. "In August we expect to award a contract for Concept Definition and Project Specification (CDPS) and, subject to further consultation with stakeholders, submit a Field Development Plan for approval to the U.K. Department of Trade and Industry in late 2002," commented Alan Booth, Managing Director of EnCana (U.K.) Limited in London. "EnCana's current target date for first production is 2005," he added.

The Buzzard discovery well, 20/6-3, was drilled on EnCana operated License P986 in the summer of 2001 and is located 100 kilometers northeast of berdeen. EnCana and its partners were awarded License P986 in the U.K. 18th Licensing Round in late 1998.

Interest owners in License P986 are EnCana (Operator) 45.01 percent; Intrepid Energy North Sea Ltd., 30.00 percent; BG Group, 19.99 percent; and Edinburgh Oil & Gas PLC, 5.00 percent. Interest holders in Licence P928 (South) are EnCana (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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