Pebercan Successful at Seboruco 12 Well
Pebercan reports that the Seboruco 12 development well in Cuba was a success. Drilling of the well, which is located approximately 350 m east of the Seboruco 11 well, was completed after penetrating four successive reservoirs. Completed on August 31, 2005, this well produced over 1,500 barrels per day over a period of 48 hours on a choke 20-mm in diameter. Based on these results, the Corporation and its partners have decided to continue the intensive development of the Seboruco oilfield by drilling the Seboruco 13 development well in the near future.
PEBERCAN Inc. is involved in the exploration, development and operation of oil reserves in the Republic of Cuba. Its mining domain includes five concessions covering 6,055 km2, including Block 7, the only concession operated to date. PEBERCAN sells all of its production to the Cuban government, but is not subject to any restrictions with regard to selling its oil. The Corporation's shares are listed on the TSX under the symbol PBC.