The EL 1112 prospect is located about 500km north-east of St. John’s, Newfoundland and Labrador.

Statoil said the EL 1112 prospect was drilled by semi-submersible rig West Aquarius in around 1,100m of water.

Located about 10km south-east of Statoil’s Mizzen discovery, Harpoon is estimated to hold between 100-200 million barrels of oil.

As part of its 2013 three-well exploration programme offshore Newfoundland, Statoil is currently drilling its Federation prospect.

After completion of drilling its Federation prospect in the Jeanne d’Arc Basin, the company will drill the Bay du Nord prospect at the Flemish Pass Basin.