Statoil - 2

Oil was discovered at the first Bay du Nord exploration well located northeast of St. John’s, Newfoundland and Labrador, Canada. Preliminary estimates suggest the discovery is between 300 and 600 million bbl of oil recoverable. The oil is light, 34 °API from Jurassic reservoirs. Statoil is the operator (65%) in partnership with Husky Energy (35%).