PanCanadian Drills Another Duster

PanCanadian will abandon its shallow-water Queensland well offshore Nova Scotia. This is the third dry hole off Canada's east coast in the past nine months. The well, which was drilled by Rowan Companies jackup, Gorilla V, approximately 85 miles offshore in 125 feet of water. Other wells that came up dry were the Southampton and Musquodoboit wells.

PanCanadian has no immediate plans to drill more exploration wells until a review of the results of the three holes has been completed. However the company is still committed to drilling as many as 15 wells of the east coast of Canada over the next three to five years at a cost of up to C$400 million.