Non-commercial finds for PC

Thursday, July 24, 2008

During the first half of this year Petro-Canada reported drilling two non-commercial discoveries in the North Sea.

One of the non-commercial wells was drilled on the UK Maria prospect and one on the L5a-11 area in the Dutch sector of the North Sea.

But the company also disclosed a discovery offshore The Netherlands after drilling on a prospect referred to in its second quarter results as van Ghent.

Petro-Canada also said three wells were dry and abandoned, including Gemini in the UK North Sea, plus Kwijika in the NorthWest Territories of Alaska, plus Tegu in block 1a off Trinidad and Tobago.

With partners the company drilled a total of 10 wells out of 17 planned for this year.

Petro-Canada reported second quarter earnings of Cdn. $1.151 Bn up 83% from $805 m in the second quarter last year. Net earnings were $1.498 Bn, up from $845 m in the second quarter 2007.