Husky Energy Makes New Oil Discovery

Wednesday, June 21, 2006
The Canadian Press has reported that Husky Energy Inc. has made a sizeable new hydrocarbon discovery in western section of its White Rose oilfield located off the shore of Newfoundland. The energy firm said Tuesday that current data suggests the discovery could contain a potential recoverable resource of several million barrels of oil. This potential recoverable resource is in addition to the gross proved and probable reserves of approximately 240 million barrels recognized in the White Rose oilfield at the end of 2005, the company said.

The company said that they expect this discovery will significantly extend the production plateau and field life of the White Rose oilfield. Additional wells are planned over the next few years. Husky Energy also plans to tie this western extension of the oilfield back to the SeaRose floating production, storage and off-loading vessel. The SeaRose vessel is presently producing approximately 85,000 barrels of oil per day from four production wells. Plans for a fifth and sixth well will further increase reservoir production capacity to 125,000 barrels of oil per day. Source: Canadian Press

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