GULF CANADA HITS

A natural gas discovery has been made on the P6-9 exploration well on the P6 block located in the Dutch sector of the North Sea. The exploration well was drilled by Noble Drilling's jackup, Noble Lynda Bossler. The P6-9 well is approximately 2.5 miles northwest of the P6-8 gas field on the P6 block. Development options are under review and the start of production is planned for 2001. Gulf Canda Resources through its wholly owned subsidiary Clyde Petroleum Exploratie B.V. holds a 29.40 percent interest and is operator of the well, Dyas Nederland B.V. owns a 20.85 percent interest, Energie Beheer Nederland B. V. owns a 40.00 percent interest, and Holland Sea Search B.V. a wholly owned subsidary of Cairn Energy Plc. owns a 9.75 per cent interest.
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