Mizzen News

Construction of Young Endeavour II has officially commenced at the Birdon shipyard in Port Macquarie, Australia.The Australian Commonwealth Government has ordered the vessel to replace the brigantine Sail Training Ship (STS) Young Endeavour. This vessel is now 35 years old and has been delivering sail training voyages in Australia since 1988.The new sail training ship, to be built over the next three years, will be a barquentine rig, with square sails rigged on the foremast and fore-and-aft sails rigged on the fore…

Ahead of investor meetings today, Fastnet, the E&P company focused on exploring in Africa and in the Celtic Sea, provides an update on its operations, including its proposed forward work programmes and farm-out activities. An updated corporate presentation is now available on the Company's website (http://www.fastnetoilandgas.com/investor-relations/presentations/2014.aspx) providing an overview of the Company's recent corporate developments and its asset portfolio. ·     * 3D seismic confirms five potential reservoir targets with potential for substantial in-place oil based on structural size, up to 140 sq. ·     * A two-stage farmout process is underway with increased interest following the highly successfully Celtic Sea Conference held in Dublin in April.

The U.S. Coast Guard Cutter Eagle departs Naval Submarine Base New London & returns to her home mooring at Fort Trumbull in New London. At 295 feet in length, the Eagle, known as “America’s Tall Ship,” is the largest tall ship flying the stars and stripes and the only active square-rigger in U.S. government service. Constructed in 1936 by the Blohm and Voss Shipyard in Hamburg, Germany, and originally commissioned as the Horst Wessel by the German Navy, the Eagle was taken by the United States as a war reparation following World War II.

PGS in cooperation with TGS begins data acquistion on  a new 20,000 km MultiClient 2D survey over the Northeast Newfoundland Shelf. The M/V Sanco Spirit has returned to Newfoundland and Labrador once again utilizing PGS GeoStreamer® broadband technology. Data acquisition will continue into early Q4 2012 and the vessel will complete the survey in 2013. “Northeast Canada and the far North represent some of the most exciting new deepwater exploration areas in the world today and broadband GeoStreamer data provides an ideal foundation for building a better understanding of its potential…

Statoil's oil and gas production in North America continues to show strong growth. In the last decade, Statoil's North American portfolio had a Compound Annual Growth Rate of more than 20% and the company projects a strong growth rate also going forward. "Average production from our US and Canadian fields  in the first quarter 2012 was 149,000 barrels of oil equivalent (boe) per day  – up as much as 75% compared to the corresponding quarter in 2011. We are on track to reach our ambition of producing above 500…

Statoil, Chevron Canada and Repsol E&P Canada have been named the successful bidders for exploration rights on two land parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador, Canada. This was the result of a land sale issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). The land parcels are located west of Statoil’s Mizzen discovery in the Flemish Pass Basin. Statoil will be the operator of both licences with a 50 % interest. Chevron Canada has 40 % and Repsol E&P Canada has 10%.

Husky Energy, Suncor Energy and Statoil Canada reportedly signed a deal to share an offshore rig, helping support continued activity off the Newfoundland and Labrador coast, according to a recent report from www.vancouversun.com. The three-year agreement will see the major oil and gas producers share use of the Henry Goodrich semi-submersible drilling unit for separate projects. It is the second such rig-sharing deal between the corporations with drilling contractor TransOcean, operator of the ill-fated Macondo rig for BP in this spring's offshore U.S. Gulf of Mexico disaster. The prior agreement led to the drilling of the Ballicatters well on the Grand Banks by Suncor Energy…

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.

StatoilHydro was awarded an interest in two licenses off the coast of Newfoundland, Canada, in a land sale award announced 17 November 2008. The company will operate one of the licenses. "We are pleased with the results of this license round. It shows our commitment to the region and our ambition to explore the offshore areas of the east coast of Canada," said Svein Ivar Leivestad, head of offshore exploration in StatoilHydro Canada. The first license is in the Flemish Pass Basin, close to StatoilHydro's Mizzen well that will be drilled this winter. StatoilHydro is the operator with a 65% working interest, with Husky as the partner with 35%. The second license is in the Jeanne d’Arc Basin, with a 50% StatoilHydro interest. Petro-Canada is the operator.