ROWAN GORILLA III

PanCanadian Petroleum has announced the results of its second appraisal well, H-08, which was a follow up on its Deep Panuke natural gas discovery offshore Nova Scotia. The well was drilled by Rowan Companies jackup, Rowan Gorilla III and encountered net pay of 325 feet. During a three-day test, the well flowed at an average rate of more than 50 million cubic feet of natural gas per day and drilling to date has proven a gas column in the pool of at least 450 feet. Once the results of the third appraisal well are evaluated, PanCanadian will explore its development options. Production could commence during the latter part of 2003. PanCanadian holds a 100 percent working interest in Deep Panuke.
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