Statoil Wins Exploration Rights Offshore Canada

The Canada-Newfoundland and Labrador Offshore Petroleum awarded Statoil interests in four new licenses offshore Canada. The licenses include a Significant Discovery License and three Exploration Licenses off the coast of Newfoundland.

One SDL license is an extension of the company's current Mizzen license, which Statoil operates, holding a 65% interest. Two ELs are located in the Flemish Pass Basin/Central Ridge region, about 311 miles (500 kilometers) offshore Newfoundland. For the license located in the vicinity of the Mizzen SDL, Statoil operates it with a 65% interest. The other license, situated in the northern part of the Flemish Pass Basin, Statoil operates it with a 75% interest. One EL is located in the Jeanne d'Arc Basin, about 155 miles (250 kilometers) offshore Newfoundland, which Statoil Canada holds a 50% interest.

"Securing these new licenses provides further growth opportunities near our Mizzen discovery in the Flemish Pass Basin and near existing infrastructure in the Jeanne d'Arc Basin, as well as more frontier opportunities in a promising basin," stated Statoil.

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