Cairn Energy PLC ("Cairn") Netherlands Natural Gas Discovery

abarrelfullabarrelfull wrote on 23 Mar 2015 13:10

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4 April, 2000
The following edited press release was issued by Gulf Canada Resources Limited yesterday, 3 April 2000:-
"Gulf Canada Resources Limited announced today a natural gas discovery at the P6-9 exploration well on the P6 Block located offshore in the Dutch sector of the North Sea. Gulf Canada Resources Limited, through its wholly owned subsidiary Clyde Petroleum Exploratie BV holds a 29.40 per cent interest in the discovery and is operator of the well.

The P6-9 well is 4.5 kilometers northwest of the P6-8 producing gas field on the P6 block. The well tested at a facility constrained rate of 45 mmcf/d from one reservoir and an additional 9 mmcf/d from a second reservoir.

Gulf, on behalf of the P6-9 group, is currently reviewing early development options. Start of production is targeted for year 2001, pending appropriate approvals.

Other Co-venturers in the P6-9 discoveries are Dyas Nederland BV with a 20.85 per cent interest, Energie Beheer Nederland BV with a 40.00 per cent interest and Holland Sea Search BV, a wholly owned subsidiary of Cairn Energy PLC, with a 9.75 per cent interest."

Bill Gammell, Chief Executive of Cairn, commented:

"This discovery represents a significant increase in the value of our Dutch portfolio and has the potential to have a material impact on the Group's production and reserves in the Dutch North Sea."

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