Calgary-headquartered PanCanadian Petroleum Ltd. expects oil and natural gas prices to remain strong for the remainder of the year and plans to continue growing natural gas production.
One of PanCanadian's key projects is the Deep Panuke field offshore Nova Scotia. The operator is currently drilling its third appraisal well, the M-79, into Deep Panuke.
The company also is now drilling an exploratory test well, the F-09, into a separate structure on the Panuke license, immediately northwest of the Panuke discovery.
Following the results of these two wells, expected during the fourth quarter, PanCanadian plans to evaluate Panuke Deep's reserve size, commercial potential and development options.
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