Petro-Canada Unveils 2 Big Offshore Discoveries

Block 13/21b-7, Golden Eagle, & Buzzard
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Cassra Field
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Petro-Canada announced successful results from two international exploration wells - one in the United Kingdom sector of the North Sea and one in deepwater off Trinidad and Tobago.

In Trinidad and Tobago, the Cassra-1 well in deepwater Block 22 was completed as a significant natural gas discovery. Drilled by Diamond Offshore-managed Ocean Worker semisub, the well targeted the reservoir objective at the edge of a large seismic anomaly covering 68 square kilometers. Petro-Canada operated the well and holds a 90% interest. Based on well results and using local field recovery factors, the discovery could have between 0.6 to 1.3 trillion cubic feet of contingent resources; however further appraisal activity is required before finalizing the estimates.

"This is an exciting result for us, because it is the first well in a four-well program on Block 22," said Peter Kallos, Executive Vice-President of International and Offshore. "The discovery validates our exploration model and further success on the Block could lead to a material development."

The second discovery was made in the U.K. sector of the North Sea, with the successful completion of the 13/21b-7 well. Drilled by Global Santa Fe's Arctic III semisub, the well encountered two oil columns that total nearly 80 meters when combined. Petro-Canada operated the well and holds a 50% interest. Early drill stem test data indicates the reservoir has the capacity to yield commercial flow rates. Preliminary estimates indicate a commercial discovery; however further appraisal activity is required before potential reserves can be fully assessed.

Petro-Canada and its partners plan to conduct appraisal activity on both the Trinidad and Tobago and U.K. discoveries to fully assess the resource base before considering development options.

In Trinidad, Petro-Canada has net production of 65 million cubic feet per day through a 17.3% interest in the North Coast Marine Area gas project, which supplies gas for the Atlantic LNG project. The new Block 22 discovery has the potential to materially contribute to Petro-Canada's future production in Trinidad and Tobago. Petro-Canada is currently carrying out a multi-well exploration program on Blocks 1a and 1b (Petro-Canada interest of 80%) and Block 22 (Petro-Canada interest of 90%).

In the U.K. sector of the North Sea, Petro-Canada had net production of approximately 75,000 barrels per day in the third quarter of 2007. Production came from the company's participation in the Buzzard field, as well as production from the core Triton and Scott/Telford areas.

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