Statoil Reports on Third Oil Discovery Off Coast of Canada, Found More Oil in Flemish Pass Basin

Statoil (NYSE: STO ) has made a third discovery of crude oil in the Flemish Pass Basin, offshore Newfoundland. The discovery was made on the Bay du Nord prospect (EL1112), located approximately 500 kilometres northeast of St. John's, Newfoundland and Labrador, Canada. This discovery is the second discovery for Statoil offshore Newfoundland this year. In