- Statoil (STO) discovers up to 600M barrels of recoverable oil at its Bay du Nord prospect offshore Canada, its third discovery in a potential new core production area.
- The discovery in the Flemish Pass Basin off Newfoundland was first announced in August, but STO said a sidetrack well drilled this week had confirmed the significance of the find.
- STO previously made the Mizzen discovery in the same area, expected to hold 100M-200M barrels of recoverable oil, and the Harpoon discovery, which is still under evaluation.
- The Norwegian company is the operator of the discovery and holds a 65% stake; Husky Energy (HUSKF.PK) owns the remaining 35%.
- STO +1.5% premarket.