Pennecon Limited pleased Hebron-Ben Nevis oil field will be developed

ST. JOHN’S—August 22, 2008— Ches Penney, Chairman of the Board of Pennecon Limited, today congratulated the Government of Newfoundland and Labrador, ExxonMobil Canada, Chevron Canada, Petro Canada and Norsk Hydro Canada on reaching a Memorandum of Understanding to develop the Hebron-Ben Nevis oil field off the coast of Newfoundland and Labrador.

“Today’s news on the development of the Hebron field is of great significance to both the people of Newfoundland and Labrador and industry,” said Penney.  “It is welcome news for the supply and service sector, and for the many skilled and professional Newfoundlanders and Labradorians at home and away.”
 
Pennecon Limited is a major player in the local oil and gas industry.  The longstanding Newfoundland company has aggressively grown its energy division in recent years, but also has extensive business offerings in the construction/heavy civil, concrete and real estate fields. 

According to Penney, the development of Hebron, with the Province having an equity position in the project, will forever change the face of the development of natural resources in Newfoundland and Labrador.

“This is the first time in our province that the people will be part owners in such a large project,” said Penney.  “It’s an exciting prospect which will reflect well on our capacity to attract further business investment in the future.”

Penney said he has an appreciation for the challenges faced by all parties in trying to reach an MOU, and commends all players for their determination in reaching this ground-breaking agreement.

A developing industry, the oil and gas sector in Newfoundland and Labrador is in its infancy compared to other regions of the country.  This project will mark the fourth major oilfield development off Newfoundland’s coast.