Petro-Canada announces exploration discoveries

Petro-Canada announces successful results from two international exploration wells - one in the United Kingdom (U.K.) sector of the North Sea and one in deepwater off Trinidad and Tobago.

In Trinidad and Tobago, the Cassra-1 well in deepwater Block 22 was completed as a significant natural gas discovery. The well targeted the reservoir objective at the edge of a large seismic anomaly covering 68 km2. Petro-Canada operated the well and holds a 90% interest. Based on well results and using local field recovery factors, the discovery could have between 0.6 to 1.3 trillion cubic feet of contingent resources; however further appraisal activity is required before finalizing the estimates.

The second discovery was made in the U.K. sector of the North Sea, with the successful completion of the 13/21b-7 well. The well encountered two oil columns that total nearly 80 metres when combined. Petro-Canada operated the well and holds a 50% interest. Early drill stem test data indicates the reservoir has the capacity to yield commercial flow rates. Preliminary estimates indicate a commercial discovery; however further appraisal activity is required before potential reserves can be fully assessed.