Yahoo News: Shell and PanOcean discover second oil accumulation on their Awoun Permit in Gabon, West Africa: “The two discoveries are located eight kilometres to the north of the Total/Shell producing Avocette field and five kilometres to the northwest of the PanOcean's producing Obangue field.” (ShellNews.net) Posted 6 Nov 04
ST. HELIER, JERSEY, Nov. 5 /PRNewswire-FirstCall/ - Shell Gabon S.A. and its co-venturer Pan-Ocean Energy Corporation Limited ("PanOcean", or the "Company") today announced a second light oil discovery on the Awoun Permit, onshore Gabon, West Africa. The exploration well AWODAM-1 was drilled on the flank of the Damier prospect some four kilometres southwest of the Koula discovery announced in September 2004. The two discoveries are located eight kilometres to the north of the Total/Shell producing Avocette field and five kilometres to the northwest of the PanOcean's producing Obangue field.
The AWODAM-1 exploration well was successfully drilled and logged with the Simpler 101 rig to a total depth of 2,079 meters. An oil column of at least 25 metres has been identified in the Gamba reservoir section based on petrophysical logs and wireline formation tester pressure analysis. Oil samples were taken from two locations in the Gamba reservoir. No gas was observed on the logs or on the MDT runs.
The well is currently being suspended at the 9 5/8" casing. The partnership plans to take advantage of the Simpler 101 rig being in the area and move immediately to start appraisal drilling on the nearby Koula discovery, AWOKOU-1. PanOcean's planned development drilling program on its Obangue property is expected to commence immediately after the Koula appraisal drilling.
Shell Gabon, the operator, and PanOcean each have a 50% interest in the well prior to the government 20% back-in. AWODAM-1 is the second of a two well 2004 exploration drilling campaign on the Awoun Permit.
PanOcean is an international energy company engaged in the exploration, production and marketing of oil and natural gas. PanOcean's asset portfolio is focused on conventional light oil production in Gabon, West Africa. PanOcean's Class B Subordinate Voting Shares and Class A Common Shares are listed for trading on Toronto Stock Exchange under the symbols POC.B and POC.A respectively. PanOcean has 22,637,239 Class A and Class B Shares outstanding. Toronto Stock Exchange neither approves nor disapproves the information contained in this news release. For further information on PanOcean, please visit the Company's web site at www.panoceanenergy.com
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond PanOcean's control, including: the impact of general economic conditions in the areas in which the Company operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore PanOcean's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that PanOcean will derive therefrom. All statements included in this press release that address activities, events or developments that PanOcean expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future production rates, completion and production timetables and costs to complete well. These statements are based on assumptions made by PanOcean based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
Source: Pan-Ocean Energy Corporation Limited
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