Significant oil discovery offshore Canada

ST. JOHN'S, Newfoundland, Sept. 26, 2013 /CNW/ - Statoil (OSE:STL, NYSE:STO) 
Canada and co-venturer Husky Energy have announced that the first Bay du Nord 
exploration well has discovered between 300 and 600 million barrels of oil 
The Bay du Nord discovery, located approximately 500 kilometres northeast of 
St. John's, Newfoundland and Labrador, Canada, was announced in August. A 
sidetrack well has been completed this week and confirms a high impact 
discovery. Additional prospective resources have been identified which require 
further delineation. 
The Bay du Nord discovery is Statoil's third discovery in the Flemish Pass 
Basin. The Mizzen discovery is estimated to hold a total of 100-200 million 
barrels of oil recoverable. The Harpoon discovery, announced in June, is still 
under evaluation and volumes cannot be confirmed at this stage. 
The Bay du Nord well encountered light oil of 34 API and excellent Jurassic 
reservoirs with high porosity and high permeability. 
"It is exciting that Statoil is opening a new basin offshore Newfoundland," 
says Tim Dodson, executive vice president of Statoil Exploration. "This brings 
us one step closer to becoming a producing operator in the area." 
"With only a few wells drilled in a large licenced area, totalling about 8,500 
square kilometres, more work is required," adds Dodson. "This will involve new 
seismic as well as additional exploration and appraisal drilling to confirm 
these estimates before the partnership can decide on an optimal development 
solution in this frontier basin." 
The successful drilling results from the Flemish Pass Basin demonstrate how 
Statoil's exploration strategy of early access at scale and focus on 
high-impact opportunities is paying off. As an early player in the area, 
Statoil has confirmed its understanding of the basin and has opened a new oil 
play offshore Canada.  The Flemish Pass has the potential to become a core 
producing area for Statoil post-2020. 
All three discoveries are in approximately 1,100 metres of water. Mizzen was 
drilled by the semi-submersible rig Henry Goodrich (2009). The Bay du Nord and 
Harpoon wells were drilled by the semi-submersible rig West Aquarius (2013). 
Statoil is the operator of Mizzen, Harpoon and Bay du Nord with a 65% 
interest. Husky Energy has a 35% interest. 
(High impact discovery = > 100 mmboe net to Statoil or > 250 mmboe in total) 
About Statoil: Statoil is an international energy company with operations in 
34 countries. Building on 40 years of experience from oil and gas production 
on the Norwegian continental shelf, we are committed to accommodating the 
world's energy needs in a responsible manner, applying technology and creating 
innovative business solutions. We are headquartered in Stavanger, Norway with 
approx. 23,000 employees worldwide, and are listed on the New York and Oslo 
stock exchanges. More information on 
Further information from: 
Investor relations:  Hilde Merete Nafstad, Senior vice president,  +47 957 
83911 (mobile) 
Morten Sven Johannessen, vice president, Investor Relations USA,  +1 
2039786950 / +1 2035702524 
Media: Ola Morten Aanestad Vice president, Communications North America +1 
7134980585 (mobile) 
Bard Glad Pedersen, press spokesperson international, Statoil Norway +47 918 
01 791 (mobile) 
Caron Hawco Communications Leader, Statoil Canada, Offshore +1 709-738-8471 
(phone) +1 709-749-0601 (mobile) 

SOURCE  Statoil 
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CO: Statoil
ST: Newfoundland and Labrador
-0- Sep/26/2013 09:50 GMT
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