Statoil strikes oil again off Newfoundland

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO) says it struck oil in the Flemish Pass basin offshore Newfoundland, its second discovery in the basin this year.

The discovery was made on the Bay du Nord prospect, located ~500 km northeast of St. John's, Newfoundland and Labrador, Canada.

Bay du Nord is located ~20 km south of STO's 2010 Mizzen discovery, which is estimated to hold 100M-200M barrels of oil.