Husky Energy continues Flemish Pass appraisal, secures rig

12/7/2015

CALGARY, Alberta -- Husky Energy and its partner continue to advance appraisal work on the landmark Bay du Nord oil discovery offshore Newfoundland and Labrador, the company announced Monday.

Since late 2014, the West Hercules rig has undertaken an appraisal program related to the Bay du Nord discovery in the Flemish Pass basin. Appraisal activities are progressing as expected and will continue into early 2016.

"The Bay du Nord appraisal program has been progressing well and further drilling is planned for 2016," said CEO Asim Ghosh. "We expect the results of this appraisal to further increase our understanding of the scope of this significant opportunity."

Additional information updates are expected following the conclusion of the program. Husky holds a 35% working interest in the Bay du Nord, Mizzen and Harpoon discoveries in the Flemish Pass.

White Rose

In the Jeanne d'Arc basin, Husky continues to maintain stable, high-netback production and extend the life of the main White Rose field through a series of staged satellite extensions and development wells.

A two-year contract has been signed to secure the harsh-environment Henry Goodrich rig, starting from the mid-2016 time-frame. The rig will be used for ongoing development drilling at the South White Rose Extension and North Amethyst field, and near-field exploration.

Production from White Rose field and extensions is tied back to the SeaRose FPSO vessel.

Husky is the operator of White Rose field and satellite extensions, holding a 72.5% working interest in the main field and a 68.875% interest in the satellite fields, which include North Amethyst, South White Rose and West White Rose.

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