Pebercan Makes Another Discovery in Santa Cruz Field

Thirty days after the announcement of the discovery of lighter grade oil in the Santa Cruz field operated by Peberco Ltd., a subsidiary of Pebercan Inc., the Company is once again pleased to announce the success of its Seboruco 103 well.

The results of the Seboruco 103 well, whose production tests were completed on January 5, 2005, will significantly increase the potential size of the Seboruco field towards the south. The company also states that the development of its Seboruco 15 and Seboruco 9 wells are ongoing.

Block 7 production of Pebercan's subsidiary now reaches 14,000 barrels a day, whereas less than two months ago it had been stagnating at around 9,000 barrels.