CALGARY, Alberta, Nov. 24 (UPI) -- Estimated in-place reserves of light crude oil in the White Rose area off the eastern Canadian coast approach 60 million barrels, Husky Energy announced.
Husky Energy said its exploration of the Hibernia Formation off the east coast of Canada encountered 180 feet of oil-bearing rock with an estimated discovered petroleum initially in place of approximately 60 million barrels of light crude oil.
The latest Hibernia find is in addition to the 170 million barrels encountered in the E-09 well at White Rose in the 1980s.
"These results are very exciting and suggest that significant additional potential exists within the White Rose area," said John Lau, president and chief executive officer of Husky Energy. "This potential will be further evaluated in our ongoing program of development drilling and near field exploration in the Jeanne D'Arc Basin."
Husky said it would further evaluate and appraise the resources to determine development options.
Husky is the operator at White Rose along with Calgary-based Suncor Energy Inc., which holds a 27.5 percent stake in the development.