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Suncor says exploration well non-commercial, to take C$105 mln hit

Published 2016-09-21, 10:01 a/m
© Reuters.  Suncor says exploration well non-commercial, to take C$105 mln hit
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Sept 21 (Reuters) - Canada's Suncor Energy Inc SU.TO said the first exploration well of a joint venture in the Shelburne basin, south of Nova Scotia, was non-commercial and it would take a related charge of about C$105 million ($80 million) in the current quarter.

The Shelburne Basin deepwater exploration project is a joint venture between Shell (LON:RDSa) Canada Ltd, ConocoPhillips (NYSE:COP) Canada East Coast Partnership and Suncor.

Shell owns 50 percent, ConocoPhillips 30 percent and Suncor 20 percent of the project.

Shell, which operates the project, began drilling the first well in October.

($1 = C$1.32)

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