Petro-Canada Finishes Ops on 14 of 17 Planned Wells for FY08

Petro-Canada has noted its exploration activites in the Company's third quarter results.

For the nine months ended September 30, 2008, Petro-Canada and its partners finished operations on 14 of the up to 17 wells planned for the year. Three of the wells were completed as natural gas discoveries (Gubik-3 in the Alaska Foothills, Sancoche on Block 22 offshore Trinidad and Tobago, and van Ghent in the Netherlands sector of the North Sea). One well was completed as an oil discovery (Pink in the United Kingdom (UK) sector of the North Sea).

Two successful appraisal wells were completed (Cassra 2 on Block 22 offshore Trinidad and Tobago, and Farigh 14-12 in Libya). Two wells were completed as non-commercial discoveries (Maria in the UK sector of the North Sea and L5a-11 in the Netherlands sector of the North Sea). Drilling of the Chandler-1 well in the Alaska Foothills was suspended, as planned, for re-entry next season. Five wells were dry and abandoned (Kwijika in the Northwest Territories, Gemini in the UK sector of the North Sea, Tegu in Block 1a offshore Trinidad and Tobago, Bene on Block 22 offshore Trinidad and Tobago, and Trow in the Norwegian sector of the North Sea).

 

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