New oil discovery offshore Canada

Statoil has made a third discovery of crude oil in the Flemish Pass Basin, offshore Newfoundland.
The discovery was made on the Bay du Nord prospect (EL1112), located approximately 500 kilometers northeast of St. John’s, Newfoundland, Canada.
This discovery is the second discovery for Statoil offshore Newfoundland this year. In June, a discovery was made at the Harpoon prospect, which is located approximately 10 kilometers from Bay du Nord.
“The success of Bay du Nord is the result of an ambitious and targeted drilling campaign in the Flemish Pass Basin,” said Statoil Exploration executive vice president, Tim Dodson. “This discovery is very encouraging.”
The Bay du Nord and Harpoon wells were drilled by the semi-submersible rig West Aquarius, both in approximately 1,100 meters of water.
Bay du Nord is located about 20 kilometers south of Statoil’s Mizzen discovery. The Mizzen discovery, announced in 2010, is estimated to hold between 100-200 million barrels of oil.
Statoil is the operator of Bay du Nord and Harpoon with a 65 per cent interest. Husky Energy has a 35 per cent interest.
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