Husky Energy Increases Activities in the Jeanne d'Arc Basin

Husky Energy has entered into a farm-in agreement with Norsk Hydro Canada Oil & Gas Inc., for the drilling of a well in the Jeanne d'Arc Basin, offshore Newfoundland and Labrador.

The West Bonne Bay prospect is located in Significant Discovery License (SDL) 1040, approximately 320 kilometers southeast of St. John's, in close proximity to the Terra Nova oil field, and in water depths of 100 meters. The well will be drilled using the jack-up drilling rig Rowan Gorilla VI which is under contract to Husky Energy for a multi-well program. Drilling of the West Bonne Bay well commenced June 27 and will take approximately 60 days.

Norsk Hydro currently holds a 90 percent working interest in the West Bonne Bay SDL 1040. Under the terms of the farm-in agreement, Husky will receive a 25 percent working interest in SDL 1040 and an additional 7.5 percent in the North Ben Nevis SDL 1008 where Husky has a working interest of 65.6 percent. Husky will serve as operator for the drilling program, with operatorship reverting to Norsk Hydro upon conclusion of the drilling operations.

"We are very pleased to partner with Norsk Hydro in drilling the West Bonne Bay prospect," said Mr. Lau. "The East Coast is a strategic growth area for Husky, and obtaining an interest in West Bonne Bay and an additional interest in the North Ben Nevis significant discovery further strengthens our land holdings position in the region."

Mr. Johan Kristian Mikkelsen, President of Norsk Hydro Canada Oil & Gas, is pleased to welcome Husky Energy as a partner in the drilling of this well. "By using the drilling rig Rowan Gorilla VI under contract to Husky Energy, we have the opportunity to drill the well during a period when access to drilling rigs is at a premium," he said.

Husky Energy will also commence a 3-D seismic acquisition program offshore Newfoundland in early July using the Western Geco vessel Western Regent. The program will include the recording of 600 square kilometers of data around the Fortune SDLs 1011 and 1012 in the central Jeanne d'Arc Basin and approximately 250 square kilometers of seismic acquisition on Exploration License 1067, to complete a 750 square kilometer survey begun last summer.

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