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Statoil, Husky Energy drill dry wells off Newfoundland

Published 07/10/2017, 02:40 PM
© Reuters.  Statoil, Husky Energy drill dry wells off Newfoundland
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  • Statoil (OL:STL) (STO +1.1%) and partner Husky Energy (OTCPK:HUSKF -0.4%) say they have hit dry holes in their two-well exploration program offshore Newfoundland and Labrador in a prospect where they had high hopes.
  • "These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord," says STO's head of exploration in Canada.
  • STO says it still estimates the broader Bay du Nord discovery contains 300M barrels of recoverable oil, and a development of the field remains under consideration.
  • Now read: Lundin: An Undervalued Hidden Gem With A Game-Changing Asset


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