This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Statoil: Significant Oil Discovery Offshore Canada

STAVANGER, Norway, Sept. 26, 2013 (GLOBE NEWSWIRE) --

Statoil (OSE:STL, NYSE:STO) Canada and co-venturer Husky Energy have announced
that the first Bay du Nord exploration well has discovered between 300 and 600
million barrels of oil recoverable.

The Bay du Nord discovery, located approximately 500 kilometres northeast of St.
John's, Newfoundland and Labrador, Canada, was announced in August. A sidetrack
well has been completed this week and confirms a high impact discovery.
Additional prospective resources have been identified which require further
delineation.

The Bay du Nord discovery is Statoil's third discovery in the Flemish Pass
Basin. The Mizzen discovery is estimated to hold a total of 100-200 million
barrels of oil recoverable. The Harpoon discovery, announced in June, is still
under evaluation and volumes cannot be confirmed at this stage.

The Bay du Nord well encountered light oil of 34 API and excellent Jurassic
reservoirs with high porosity and high permeability.

"It is exciting that Statoil is opening a new basin offshore Newfoundland," says
Tim Dodson, executive vice president of Statoil Exploration. "This brings us one
step closer to becoming a producing operator in the area."

"With only a few wells drilled in a large licenced area, totalling about 8,500
square kilometres, more work is required," adds Dodson. "This will involve new
seismic as well as additional exploration and appraisal drilling to confirm
these estimates before the partnership can decide on an optimal development
solution in this frontier basin."

The successful drilling results from the Flemish Pass Basin demonstrate how
Statoil's exploration strategy of early access at scale and focus on high-impact
opportunities is paying off. As an early player in the area, Statoil has
confirmed its understanding of the basin and has opened a new oil play offshore
Canada.  The Flemish Pass has the potential to become a core producing area for
Statoil post-2020.

All three discoveries are in approximately 1,100 metres of water. Mizzen was
drilled by the semi-submersible rig Henry Goodrich (2009). The Bay du Nord and
Harpoon wells were drilled by the semi-submersible rig West Aquarius (2013).

Statoil is the operator of Mizzen, Harpoon and Bay du Nord with a 65% interest.
Husky Energy has a 35% interest.

(High impact discovery = > 100 mmboe net to Statoil or > 250 mmboe in total)

About Statoil:
Statoil is an international energy company with operations in 34 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. We are headquartered in Stavanger, Norway with approx. 23,000
employees worldwide, and are listed on the New York and Oslo stock exchanges.
More information on www.statoil.com

Further information from:

Investor relations:
Hilde Merete Nafstad, Senior vice president,
+47 957 83911 (mobile)

Morten Sven Johannessen, vice president, Investor Relations USA,
+1 2039786950 / +1 2035702524

Media:
Ola Morten Aanestad
Vice president, Communications North America
+1 7134980585 (mobile)

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

Caron Hawco
Communications Leader, Statoil Canada, Offshore
+1 709-738-8471 (phone)
+1 709-749-0601 (mobile)

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

[HUG#1731496]

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs