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 announcedthat the first Bay du Nord exploration well has discovered between 300 and 600million 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 sidetrackwell has been completed this week and confirms a high impact discovery.Additional prospective resources have been identified which require furtherdelineation.The Bay du Nord discovery is Statoil's third discovery in the Flemish PassBasin. The Mizzen discovery is estimated to hold a total of 100-200 millionbarrels of oil recoverable. The Harpoon discovery, announced in June, is stillunder evaluation and volumes cannot be confirmed at this stage.The Bay du Nord well encountered light oil of 34 API and excellent Jurassicreservoirs with high porosity and high permeability."It is exciting that Statoil is opening a new basin offshore Newfoundland," saysTim Dodson, executive vice president of Statoil Exploration. "This brings us onestep closer to becoming a producing operator in the area.""With only a few wells drilled in a large licenced area, totalling about 8,500square kilometres, more work is required," adds Dodson. "This will involve newseismic as well as additional exploration and appraisal drilling to confirmthese estimates before the partnership can decide on an optimal developmentsolution in this frontier basin."The successful drilling results from the Flemish Pass Basin demonstrate howStatoil's exploration strategy of early access at scale and focus on high-impactopportunities is paying off. As an early player in the area, Statoil hasconfirmed its understanding of the basin and has opened a new oil play offshoreCanada.  The Flemish Pass has the potential to become a core producing area forStatoil post-2020.All three discoveries are in approximately 1,100 metres of water. Mizzen wasdrilled by the semi-submersible rig Henry Goodrich (2009). The Bay du Nord andHarpoon 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 Norwegiancontinental shelf, we are committed to accommodating the world's energy needs ina responsible manner, applying technology and creating innovative businesssolutions. We are headquartered in Stavanger, Norway with approx. 23,000employees worldwide, and are listed on the New York and Oslo stock exchanges.More information on 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 2035702524Media:Ola Morten AanestadVice president, Communications North America+1 7134980585 (mobile)Bård Glad Pedersen, press spokesperson international, Statoil Norway+47 918 01 791 (mobile)Caron HawcoCommunications Leader, Statoil Canada, Offshore+1 709-738-8471 (phone)+1 709-749-0601 (mobile)This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.[HUG#1731496]