Replies to post #200 on Statoil ASA (STO)

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$STO Statoil, Husky Energy drill dry wells off Newfoundland

Statoil (STO +1.1%) and partner Husky Energy (OTCPK:HUSKF -0.4%) say they have hit dry holes in their two-well exploration program offshore Newfoundland and Labrador in a prospect where they had high hopes.

"These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord," says STO's head of exploration in Canada.

STO says it still estimates the broader Bay du Nord discovery contains 300M barrels of recoverable oil, and a development of the field remains under consideration.