Encana and Marathon Discover Natural Gas Offshore Nova Scotia


Drilling on the Annapolis prospect south of Halifax has found a hundred feet of natural gas pay over several zones.  Working interests in the deep water, deep formation, and expensive well are Encana (ECA), 26%; Marathon (MRO), 30%; Norsk Hydro (NHY), 25% and Murphy (MUR), 19%.  ECA and MRO are buy recommendations.  Encana has a hot hand in exploration that is extended with this discovery.  The news is especially welcome at Marathon following a period of lower excitement. 

August 19, 2002; Meter Reader: Oil at 2002 High