PEBERCAN is pleased to announce an intensification of its oil exploration and development project within Bloc 7, a concession located between Havana and Matanzas on the north coast of the Republic of Cuba. At present, three drilling rigs are active in this zone and will remain active until the end of 2004.
The intensification of developments concerns the SEBORUCO field. The
field’s eastward extension was confirmed by the results of the 3D seismic
campaign conducted in 2003. In view of the positive results following the
drilling of the SEBORUCO 4 well which was put in production in March 2004, the SEBORUCO 7 well which was put in production in May 2004 and the SEBORUCO 5 well which was put in production in August 2004, the company is now drilling two new wells: SEBORUCO 10 and SEBORUCO 8.
These two wells have already reached the reservoir, and rigs have started
drilling the drains in the pay zone. Final results will be released as soon as
operations have ended and production tests are conducted.
Drilling rigs will then be deployed at once to drill wells SEBORUCO 15
and SEBORUCO 103.
The objective of SEBORUCO 15 will be to verify the field’s eastern limit,
approximately 1600 meters east of SEBORUCO 10.
SEBORUCO 103 is expected to substantiate two thrust sheets close to the
coast; the top here had been barely penetrated by the SEBORUCO 3 well. In this
instance, the well will be shorter and located under the trajectory of the
current SEBORUCO 3.
The company has commenced exploratory drilling of the SANTA CRUZ 100
well, a prospect situated in the western section of Bloc 7. Pebercan is the
operator of this section.
The drilling began on September 19, 2004 and has reached 2,500 meters.
Operations are proceeding according to forecasts, using the NATIONAL 110, a
drilling rig that belongs to the company. Should results prove positive,
PEBERCAN will prepare an appraisal program for this new structure which will
include drilling one or two additional wells.
The structure of SANTA CRUZ is comprised in the three prospects indicated
by the results of the 3D seismic campaign. The two other structures will be
the target of exploratory drilling by Pebercan during the first semester of
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 6,155 km2, including Block 7, the only concession
operated to date. PEBERCAN sells all of its production to the Cuban
government. The Company’s shares are listed on the TSX under the symbol PBC.
The forward-looking statements contained in this press release are
associated with known and unknown risks, uncertainties and other factors
that may mean that the Company’s actual results, returns and realizations
will differ greatly from the future results, returns or realizations
expressed or assumed by these forward-looking facts.