Statoil makes another oil find offshore Newfoundland

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Jun 19, 2013, 06:00 ET

ST. JOHN'S, Newfoundland and Labrador, June 19, 2013 /PRNewswire/ -- Statoil has made a discovery of light, high-quality oil in the Flemish Pass Basin, offshore Newfoundland. Oil was encountered while drilling the Harpoon prospect (EL 1112), located approximately 500 kilometres north-east of St. John's, Newfoundland and Labrador, Canada.

"While it is still too early to determine Harpoon's resource potential at this time, this is very encouraging for the area and especially for the Bay du Nord well planned for later this year," says Erik Finnstrom, Senior Vice President, North America.

Finnstrom explains that Statoil's exploration strategy to test high-impact oil prospects in the Flemish Pass Basin is on target and that the Harpoon results will contribute to a greater understanding of the area.

"We anticipate there will be further appraisal drilling to mature this discovery in the future," states Finnstrom. "We will continue to build this area as a core exploration region for Statoil."

The Harpoon discovery was drilled by the semi-submersible rig West Aquarius, in approximately 1,100 metres of water. Harpoon is located about 10 kilometres south-east of Statoil's Mizzen discovery. The Mizzen discovery is estimated to hold between 100-200 million barrels of oil.

As part of its 2013 three-well exploration program offshore Newfoundland, Statoil is currently drilling its Federation prospect, located in the Jeanne d'Arc Basin. The company will then return to the Flemish Pass Basin to drill the Bay du Nord prospect, which is located south-west of the Harpoon and Mizzen discoveries.

Statoil is the operator of Harpoon with a 65 percent interest. Husky Energy is a 35 percent partner.

About Statoil:

Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. More information on www.statoil.com

For further information:
Caron Hawco
Communications Lead, Statoil Canada, Offshore
709-738-8471 (phone)
709-749-0601 (mobile)

Bard Glad Pedersen, press spokesperson international, Statoil Norway
+47 918 01 791 (mobile)

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SOURCE Statoil