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Nalcor receives award for offshore exploration work

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February 1, 2016, St. John’s, NL–Nalcor Energy is the recipient of Natural Resources Magazine Resource Development Award for the oil and gas exploration work the company is carrying out offshore Newfoundland and Labrador.

The Resource Development Award is given to a company that develops an oil and gas, mining or renewable energy resources project in Atlantic Canada that results in significant economic benefits for the surrounding area. The project must also be environmentally sustainable or potentially result in the discovery or development of an oil and gas, mining or renewable energy resource in Atlantic Canada.

With the support of the Government of Newfoundland and Labrador, since 2011 Nalcor has been the driving force behind one of the largest ongoing oil and gas geoscience programs in the world. At the end of 2015, over 110,000 line kilometres of 2D seismic data had been acquired for the region. This new data is shedding insights on the nearly two dozen basins surrounding Newfoundland and Labrador. New basins have been discovered, new structures that could contain oil have been imaged and new areas for exploration are being uncovered.

“Through our exploration strategy, we are focused on finding new oil and gas resources for the people of Newfoundland and Labrador,” said Jim Keating, VP Oil and Gas, Nalcor Energy. “We are providing new insights about the oil and gas potential to the global oil and gas industry to reduce risk and uncertainty for global investment in our offshore. We are honored to be recognized by Natural Resources Magazine for the positive impact that this work is having on the future of our offshore.”

For more information about the award visit: http://www.naturalresourcesmagazine.net/ and for more information about Nalcor’s exploration strategy visit: www.nalcorenergy.com/exploration.

On behalf of the people of the province, Nalcor Energy Oil and Gas is currently a working interest partner in three offshore developments: the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension.

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Cara Pike, Corporate Communications, Nalcor Energy
t. 709.737.1446 c. 709.685-9290 e. carapike@nalcorenergy.com

Nalcor driven study uncovers tremendous potential Offshore Newfoundland and Labrador

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October 1, 2015, St. John’s, NL– The Government of Newfoundland and Labrador, Nalcor Energy and Beicip-Franlab announced today that the “in place” oil and gas resource potential is 12 billion barrels of oil and 113 trillion cubic feet of gas for 2015 license round area in offshore Newfoundland and Labrador.

“This is an momentous day for the future of Newfoundland and Labrador’s oil and gas industry – we clearly know that there is more oil and gas waiting to be discovered and developed,” said the Honourable Paul Davis, Premier of Newfoundland and Labrador. “As a government, we have taken a leadership role in developing our resources for the benefit of the people of this province. Through this information, we know more about our resource potential than we ever have before. For the first time, detailed oil and gas resource numbers will be released in advance of a license round closing, providing a fair and level playing field for the global industry prior to bidding in the license rounds.”

With the support of the Government of Newfoundland and Labrador, since 2011 Nalcor has been the driving force behind one of the most comprehensive offshore oil and gas geoscience programs in the world. By the end of this year, over 100,000 line kilometres of 2D multi-client seismic data will be acquired and made available to the global oil and gas industry.

“Nalcor is focused on finding new oil and gas resources for the people of the province,” said Ed Martin, CEO and President, Nalcor Energy. “The study released today provides the province and industry with detailed knowledge that there is much more oil and gas to be developed in our offshore. If you consider Hibernia – our largest oil and gas discovery that started Newfoundland and Labrador’s oil and gas industry – at 12 billion barrels of “in place” oil potential we will have several more Hibernia-sized developments in an area covering a very small percentage of our offshore. We are seeing similar prospectivity in other areas – it is safe to say offshore Newfoundland and Labrador is poised for tremendous growth.”

The resource assessment carried out by global leading firm Beicep Franlab, is based on new geoscience data covering the eleven parcels on offer in the Flemish Pass. This is the first call for bids for offshore Newfoundland and Labrador under the Scheduled Land Tenure Regime.

“Through our detailed and scientific analysis of new data for offshore Newfoundland and Labrador, the oil and gas potential of the Flemish Pass area shows that the area contains abundant oil and gas resources,” said Jean Burrus, CEO, Beicip-Franlab.

The area covered by the resource assessment represents approximately 1.6 per cent or 24, 000 square kilometres of Newfoundland and Labrador’s offshore area, an area that covers more than 1.5 million square kilometres. To ensure maximum value is attained for the people of the province, resource assessments will be carried out on future license round areas with the results released to the global oil and gas industry prior to the license round bid closing.

To download a copy of the resource assessment, visit: www.nalcorenergy.com/exploration.

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Media Contacts:

Heather MacLean
Director of Communications, Office of the Premier, Government of Newfoundland and Labrador
t. 709-729-3581 e. heathermaclean@gov.nl.ca

Cara Pike, Corporate Communications, Nalcor Energy
t. 709.737.1446 c. 709.685-9290 e. carapike@nalcorenergy.com

Jennifer Lancirica, Head of Communication, Beicip-Franlab
t. +33(0)1.47.08.81.81 c. +33 (0)6.37.27.58.97 e. jennifer.lancirica@beicip.com

Study Backgrounder
Nalcor Energy Oil and Gas Inc., in collaboration with the Newfoundland and Labrador Department of Natural Resources engaged global leading firm Beicip Franlab to assess the oil and gas potential in the Flemish Pass Basin. Specifically, the study area covers the eleven parcels of land on offer in the 2015 call for bids.

The study began with the detailed analysis of a 5 by 5 kilometre seismic grid from the Nalcor invested TGS and Petroleum Geo-Services (PGS) 2D seismic program. Data from ten publically available exploration wells in the study area was also incorporated into the analysis. Beicip Franlab used this data to create 3D models to estimate the in the ground oil and gas resource potential for the area.

Through the detailed analysis, 12 billion barrels of oil and 113 trillion cubic feet of gas resource potential are estimated to be “in place” on the eleven blocks on offer in the Flemish Pass Area. These numbers represent the most likely scenario for the potential oil and gas resources for the area. The low case, as identified in the report is 9.5 billion barrels of oil and 63 trillion cubic feet of gas potential, while the high case is 18.5 billion barrels of oil and 191 trillion cubic feet of gas potential for the area.

The new oil and gas assessment shows that the Flemish Pass Basin contains a prolific oil and gas system. It also provides the province with detailed knowledge of the Flemish Pass Basin around recent significant discoveries in the area.

Beicip Franlab
Beicip-Franlab is a leading independent consultant with 45 years’ experience in E&P and Geoscience Software. The company is part of the IFP Energies Nouvelles Group. Beicip-Franlab offers a full range of petroleum upstream consulting services, including enhanced oil recovery. Beicip-Franlab provides its clients with best-in-class advice and software. The company has hands-on expertise in most of the oil and gas jurisdictions around the world and is already serving over 1000 clients among the largest National and International Oil companies and Independents. Learn more at www.beicip.com.

The Canada-Newfoundland and Labrador Offshore Petroleum Board’s land tenure announcement is one of the most significant evolutions in Newfoundland and Labrador’s offshore

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December 19, 2013, St. John’s, NL ‐ Nalcor Energy supports today’s announcement by the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) to implement a scheduled land tenure system in the province’s offshore.

“The new scheduled land tenure system announced today positions Newfoundland and Labrador with the leading exploration jurisdictions in the world,” said Jim Keating, Vice President, Nalcor Energy – Oil and Gas. “Having predictable scheduled license rounds marks a material change in Newfoundland and Labrador’s competitiveness to attract new global exploration investment.”

The changes implemented today will encourage exploration in frontier areas, allow adequate time for new seismic data to be acquired over prospective regions prior to license rounds, thereby informing the investment decisions of the global oil and gas industry.

“This announcement could not have come at a more strategic time for Newfoundland and Labrador’s offshore,” said Keating. “Nalcor’s geoscience program is opening new frontier basins in our offshore areas and is capturing the attention of the international oil and gas industry. Now, with scheduled land sales, we are providing these global players with the time they require to assess the data, make plans for exploration and then submit competitive bids according to those plans.”

The predictable and structured market that the new land tenure system provides will benefit all those involved in Newfoundland and Labrador’s offshore – governments, oil companies, seismic companies, regulators and ultimately the people of Newfoundland and Labrador.

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For more information, contact:
Cara Pike
Senior Communications Advisor
Nalcor Energy, Oil and Gas
t. 709.737.1446
c. 709.685-9290
e. carapike@nalcorenergy.com

Seismic survey to further exploration efforts in offshore Newfoundland and Labrador

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September 13, 2011 – Nalcor Energy Oil and Gas has announced a partnership and strategic investment in a large-scale multi-client 2D seismic survey of offshore Newfoundland and Labrador, commenced by TGS, in partnership with PGS.

The two-year seismic survey, beginning this month, will gather data that is a foundation to further the exploration and development of the province’s potential offshore resources. Exploration is a key part of Nalcor’s oil and gas strategy, aligning with the provincial Energy Plan.

“Partnering in the survey will put us in a tremendous position to understand and promote the province’s offshore prospectivity,” said Jim Keating, Vice President, Nalcor Energy Oil and Gas. “The pre-competitive release of this multi-client survey will certainly lead to a greater interest in our offshore from the world’s exploration companies.

TGS is a company with extensive global experience in multi-client 2D and 3D seismic surveying. The survey will use enhanced data acquisition technology from PGS, which provides improved images of the offshore subsurface. Seismic data from the survey – one of the largest 2D programs in the Newfoundland and Labrador offshore – will enhance understanding of the petroleum potential in a number of basins.

“History in our offshore industry shows that a strong positive correlation exists between investment in 2D seismic data and exploration drilling,” explained Keating. “Yet over 85 per cent of the province’s entire 2D data library is more than 20 years old. New quality data will ultimately mean more wells being drilled.”

The seismic survey will build on data received by Nalcor from a recently completed satellite seeps study, which began in late 2010. The study, completed by EADS subsidiary Astrium GEO-Information Services, covered over 1.5 million square kilometres of the entire offshore area of Newfoundland and Labrador, linking into southwest Greenland.

“The seeps data we collected is a key input to the seismic survey work,” said Keating. “The data will help us target areas that may be prospective basins, increasing the odds of exploration success.”

The Nalcor investment in the seismic survey is funded through the Department of Natural Resources’ Offshore Geoscience Data Program (OGDP). The purpose of the OGDP is to fill knowledge gaps by purchasing existing proprietary geoscience data for reevaluation as well as acquiring new data.

Nalcor Energy Oil and Gas is currently a working interest partner in three offshore developments: the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension.

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Media Contact:
Alex Collins, Corporate Communications
c. 709.693.6704 e. alexcollins@nalcorenergy.com

Nalcor Energy undertakes regional oil seep study of offshore Newfoundland and Labrador

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November 24, 2010 – Nalcor Energy Oil and Gas is undertaking a regional oil seep mapping and interpretation study of offshore Newfoundland and Labrador. The data acquired from this study is valuable in detecting natural seepage and discovering potential new exploration areas. Seep detection is a cost-effective tool to assist in the analysis of the prospectivity for both under-explored and mature offshore basins, and to help focus future exploration efforts.

“The decision to undertake an oil seep mapping and interpretation study is a part of our corporate oil and gas strategy and aligns with the provincial energy plan,” explained Jim Keating, Vice President, Nalcor Energy Oil and Gas. “We are focused on facilitating and advancing oil and gas exploration in Newfoundland and Labrador, and this study is one element of understanding the potential of our resources.”

A contract to conduct the study has been awarded to Infoterra Ltd., part of Astrium Services GEO-Information Division and a global leader in providing offshore oil seepage information products to the oil exploration industry. Infoterra will use satellite data acquired over offshore areas to detect any natural oil seeps that may be present on the sea surface. Once the study is complete, seep data will be added to Infoterra’s Global Seeps Database, which can be licensed by oil exploration companies worldwide.

This study will cover all offshore areas of Newfoundland and Labrador, linking into southwest Greenland. In total, the study will cover over 1,500,000 square kilometers, and will be completed by spring 2011. The satellite image data compiled through this project has the potential to encourage additional exploration activity in areas identified as prospective. The data collected will aid in the enhanced targeting of seismic acquisitions, increasing the odds of exploration success and minimizing environmental impact.

“As partners in offshore development and as an active advocate for the Newfoundland and Labrador offshore industry, we believe the results of this study will help companies better understand the exploration attractiveness of this area,” said Keating.

This project is being funded through the Department of Natural Resources’ Offshore Geoscience Data Program (OGDP). The purpose of the OGDP is to fill knowledge gaps by purchasing existing proprietary geoscience data for re-evaluation as well as acquiring new data.

Nalcor Energy Oil and Gas has a long-term vision to maximize the benefits of the oil and gas opportunities and resources in Newfoundland and Labrador. The company is currently a working interest partner in three offshore developments – the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension. Nalcor Energy Oil and Gas also has an average of 67 per cent gross working interest in three onshore exploration permits in the Parsons Pond area, on the Island’s West Coast.

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Media Contact for Nalcor Energy:
Dawn Dalley, Manager, Corporate Communications
t. 709.737.1315 c. 709.727.7715 e. ddalley@nalcorenergy.com

Media Contact for Infoterra Ltd:
Cheryl Billson, Comma Communications
Tel: +44 (0)7791 720460 cheryl.billson@commacomms.com

About Astrium
Astrium, a wholly owned subsidiary of EADS, is dedicated to providing civil and defence space systems and services. In 2009, Astrium had a turnover of €4.8 billion and more than 15,000 employees in France, Germany, the United Kingdom, Spain and the Netherlands. Its three main areas of activity are Astrium Space Transportation for launchers and orbital infrastructure, Astrium Satellites for spacecraft and ground segment and Astrium Services for comprehensive value-added end-to-end solutions of secure and commercial satcoms and networks, high security satellite communications equipment, geo-information fully integrated one-stop-shop offerings, and navigation services. EADS is a global leader in aerospace, defence and related services. In 2009, EADS generated revenues of €42.8 billion and employed a workforce of more than 119, 000.

www.astrium.eads.net
www.infoterra.co.uk