A new commercial offshore gasfield has been discovered in the Dutch sector of the North Sea. The K12-13 exploration well tested at approximately 30 million cubic feet of gas per day. The size of the discovery is estimated to be in the range of 150 to 375 billion cubic feet of gas. This is TransCanada's second gas discovery of 2000. The well was drilled by Noble Drilling's jackup, Noble Piet van Ede. The start of production is planned for the first quarter of 2002. The partners in the well are TransCanada International is operator and holds a 35 percent interest in the well; Energie Beheer Nederland has a 40 percent interest; EWE Aktiengesellschaft has a 14.3 percent; Rosewood exploration C.V. has a 5.7 percent and HPI Netherlands Ltd. holds the remaining 5 percent.

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