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PanOcean Onshore Gabon Awoun Drilling Update

Source: www.gulfoilandgas.com 11/1/2005, Location: Africa

Pan-Ocean Energy Corporation Limited announced that the operator has plugged and abandoned the exploration well AWOMER-1 on the Merle prospect (PanOcean 50%), six kilometres northwest of the Awoun discoveries made in 2004 at Damier and Koula onshore Gabon, West Africa.

The AWOMER-1 exploration well was drilled by the Simpler 101 rig to evaluate a sub-salt Gamba sandstone target to a total depth of 1,780 metres and logged. PanOceanís petrophysical analysis of well logs indicates that the Gamba sandstone is water wet. The total Gamba Sandstone reservoir thickness encountered is 76 metres (250 feet). AWOMER-1 and the Chevalier well, AWOCHE-1 announced 17 October 2005, complete a two-well 2005 exploration programme on the Awoun permit. The Simpler 101 rig has been released and the Awoun co-venturers are evaluating well data in the context of the overall geological model for the Awoun permit.

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