StatoilHydro Canada Discovery

Thursday, April 09, 2009

Hydrocarbons were encountered while drilling the deepwater Mizzen prospect (EL 1049), located approximately 500 kilometres east-northeast of St John’s, Newfoundland. Further analysis of the well results will be undertaken to determine the potential, and an application for a Significant Discovery License (SDL) will be filed over the coming months.

“The drilling operation, conducted at a water depth of 1,100 metres and during the heart of the North Atlantic winter storm season, was very challenging,” said Erik Abrahamsen, StatoilHydro Canada’s vice president of East Coast Operations. “We are very pleased with the way that the rig, its crew and the local supply community successfully met the challenges.”

StatoilHydro is the operator of Mizzen with a 65% working interest. Husky Energy Inc. participated in the drilling of the well for a 35% interest. StatoilHydro currently owns interests in several exploration, development and production licenses offshore Newfoundland. The group is also a partner in the Hibernia and Terra Nova fields as well as a partner in developing the Hebron field.

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