Conoco Canada will participate with ChevronTexaco in the drilling of the Newburn H-23 well off the coast of Nova Scotia. Conoco will earn a 20-percent interest in the EL2359 block through participation in this well. The well is currently being drilled at a water depth of 3,115 feet (950 meters), with an expected completion date in early September.
As operator, ChevronTexaco's interest in the well after drilling will be 37 percent, with the remaining 43 percent held by Petro-Canada. The terms of the transaction have not been released.
"This is a further step in Conoco's strategy of increasing our investments in long life projects in Canada and particularly off the Atlantic Coast," said Conoco Canada's President Henry Sykes. "We already have an interest in substantial acreage offshore Newfoundland in the Laurentian Basin, and the EL2359 block will give us an entry into the Scotian Shelf, an area of significant exploration interest. Since this area is close to markets and infrastructure, we look to this play to advance significantly our exploration plans for Atlantic Canada."
"We are very pleased that Conoco has joined us as a partner in this exciting exploration opportunity," said Jim Simpson, President of ChevronTexaco Canada. "Our companies share a strong vision and commitment to Atlantic Canada, and we believe this new partnership will play a significant role in the development of Nova Scotian deepwater potential."
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