Conoco takes farmout via interest in ChevronTexaco well off Nova Scotia
July 15, 2002
By OGJ editors
HOUSTON, July 15 -- Conoco Canada Resources Ltd, a wholly owned subsidiary of Conoco Inc., will participate with ChevronTexaco Canada, a wholly owned subsidiary of ChevronTexaco Corp., and Petro-Canada in the drilling of the Newburn H-23 wildcat off Nova Scotia.
Drilling of the well, which lies in 3,115 ft of water, is under way. Operator Chevron Texaco expects to conclude operations on the well in early September.
ChevronTexaco's interest in the well will now be 37%, and Petro-Canada's, 43%. Through its farmout via participation in the well, Conoco's interest in EL2359 Block l will be 20%.
Terms of the transaction have not been disclosed.
"The EL2359 block will give us an entry into the Scotian shelf, an area of significant exploration interest," said Conoco Canada Pres. Henry Sykes. "Since this area is close to markets and infrastructure, we look to this play to advance significantly our exploration plans for Atlantic Canada."
