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Husky Announces Third Discovery in South China Sea

Source: www.gulfoilandgas.com 2/8/2010, Location: Asia

John C.S. Lau, President & Chief Executive Officer of Husky Energy Inc., is pleased to announce that Husky Oil China Ltd., a wholly owned subsidiary of Husky Energy, has made its third significant gas discovery on Block 29/26 in the South China Sea.

The Liuhua 29-1 exploration well was drilled 43 kilometres northeast of the Liwan 3-1 Gas Field and 20 kilometres northeast of the LH 34-2 Gas Field in a water depth of 723 metres. The well encountered a gross gas column of 145 metres, with a significant thickness of high quality gas charged reservoir, and an oil zone was encountered in a deeper reservoir. The well tested natural gas at an equipment restricted rate of 57 million cubic feet (mmcf) per day, with indications that the future deliverability of the well could exceed 90 mmcf per day.

“The exploration discovery at Liuhua 29-1 is the third significant gas discovery in Block 29/26,” said Mr. Lau. “The three natural gas fields; Liwan 3-1, Liuhua 34-2, and Liuhua 29-1 have confirmed the resource potential as a major gas development project in the South China Sea and supports an earlier estimation of petroleum initially in place of 4 to 6 tcf (trillion cubic feet) for the Block. “

The front end engineering design (FEED) for the Liwan 3-1 Deepwater Project has been completed, Husky expects the Plan of Development for the project to be submitted to the regulatory authorities in early 2010. We anticipate the Liwan 3-1 field and the Liuhua 34-2 field are to be developed in parallel with first gas production from both fields targeted to be in the 2013 timeframe. The new Liuhua 29-1 field, which will be appraised later this year, will utilize the Liwan field infrastructure.

The West Hercules deepwater drilling rig is currently preparing to spud the first delineation well on the Liuhua 34-2 discovery.

Husky started exploring in offshore China in 2002. Husky signed a Petroleum Contract for Block 29/26 in 2004, which is currently 2,230 square kilometres in area. In addition, Husky holds a 40 percent net working interest in a production block at the Wenchang oil field and 100 percent working interest in two other exploration blocks offshore China. Under the Petroleum Contract, CNOOC Limited has the right to participate in any field development projects for up to 51 percent working interest.

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