Pebercan Plans to Drill 10 Wells in Cuba
Pebercan intends to continue its exploration activities on its mining domain in the Republic of Cuba, essentially on Block 7, as well as on the other blocks, contingent on obtaining an eventual extension of the exploration period.
Pebercan particularly intends to continue development and operation of its deposits in production on Block 7: Santa Cruz, Canasi and Seboruco. The Company plans to drill 10 firm wells (6 on Santa Cruz, 3 on Seboruco and 1 on Canasi) during fiscal 2006, and 8 conditional wells, particularly depending on the drilling results of the firm wells and its technical and financial capabilities. The firm drilling campaign will be financed from the Company's working capital.
Pebercan is also keeping abreast of every opportunity for diversification in exploration, development and operation of oil and gas deposits outside of Cuba.
Pebercan Inc. is engaged in the exploration, development and operation of oil reserves in the Republic of Cuba. Its mining domain includes five concessions covering 6,055 km(2), including Block 7, the only concession producing to date. Pebercan sells all of its production to the Cuban government, but is subject to no restriction on the sale of its oil.
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