Husky Energy announces oil discovery off Canadian coast

Husky Energy Inc. has announced the discovery of additional oil resources at its White Rose oil field, offshore eastern Canada.  A well drilled in the Hibernia Formation prospect encountered a 55-meter column of high-quality oil-bearing rock estimated to hold between 30 million to 85 million barrels of light crude in place, the company said in a statement.  Calgary-based Husky operates the White Rose field, which was discovered in the 1980s, and owns a 72.5 percent stake, with Suncor Energy Inc., also based in Calgary, owning the remaining 27.5 percent.  The company has also just acquired land adjacent to its existing holdings in the North Amethyst area, about 315 kilometers east of St John's, Newfoundland and Labrador, which was sold in the Canada-Newfoundland Offshore Petroleum Board 2009 land sale. Husky Energy holds 68.875 percent working interest in the North Amethyst field, with Suncor EnergyÔÇÖs working interest at 26.125 percent and government entity Nalcor EnergyÔÇÖs at five percent. The White Rose development, which comprises the North, West and South Avalon Pools, is on the eastern margin of the Jeanne d'Arc basic, located 350 kilometers east of St. John's. Studies have indicated that the new discovery can be exploited using HuskyÔÇÖs recently installed satellite infrastructure at North Amethyst. "These results are very exciting and suggest that significant additional potential exists within the White Rose area," said John Lau, Husky's president and chief executive officer, in a statement. "This potential will be further evaluated in our ongoing program of development drilling and near field exploration in the Jeanne D'Arc Basin." Husky, which is one of CanadaÔÇÖs largest energy companies and owner of the Mohawk Gasoline brand, is majority-owned by Hong Kong billionaire Li Ka-shing through his holding company, Hutchison Whampoa.  *┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á *