Husky Hits Twice in Jeanne d'Arc Basin

Husky Energy Inc. has concluded its 2002 exploration program in the Jeanne d'Arc basin after drilling two wildcat wells on prospects located more than 300 kilometers off the coast of Newfoundland and Labrador.

The most recently completed well was located on the Gros Morne Exploration license (EL 1055). Husky holds a 100 per cent working interest in the license, which was acquired in 2000. The Company earlier drilled a well at the Trepassey Exploration license (EL 1044), in which it also held a 100 percent working interest. Husky utilized the Glomar Grand Banks semisubmersible for both wells.

Husky's 2002 exploration program was intended to test the viability of two large undrilled structures south of the White Rose oil field. The drilling results showed that both wells encountered good quality reservoirs, with over 140 meters of net porous sandstone at the Trepassey location, and 65 meters at the Gros Morne location. Both structures were water-bearing in the main reservoir zone. At Trepassey, hydrocarbons were encountered in a secondary zone, although not in commercial quantities. The results of both wells will help the Company develop its future strategy for exploration in the area.