White Rose Agreement

“Maintaining the cost of the project through a long delay in a negative economic environment is not an option,” Peabody added. “We have to find a solution now.” “Today is a positive announcement, and we must continue to commit to ensuring that our industry and those who work there are getting their potential.” The Northern Amethyst deposit is the first satellite extension of the White Rose project and has been estimated at 68 million barrels of oil by the Canada-Newfoundland and Labrador Offshore Petroleum Board. North Amethyst is located about six kilometres southwest of the SeaRose FPSO and is also the first rear field near Canada. Husky is an integral part of our breakfast program at the Jimmy Pratt Memorial`s Over-roof Centre. Over the past seven years, husky volunteers have been the main stay that, along with our in-house volunteers, has provided the stability necessary for the success and growth of our weekly hot breakfast program. Thanks to Husky`s financial and volunteer support, we are able to serve up to 120 breakfasts for downtown residents. Husky`s presence in the community has been a great asset to our clients, our organization and many others, and I would like them to have a long future here. – George Parsons, Jimmy Pratt Memorial Outreach Centre Husky The Newfoundland and Labrador Centre of Gravity is located at Jeanne d`Arc Basin, home of the White Rose oil field. Canadian Natural Resources Minister Seamus O`Regan commented on the news of the audit with the consequences: “We are now at the table with the province and we are taking concrete steps to support the offshore coast. Workers and their families are at the centre of all our discussions. Our government has worked every day with the province, industry, unions and investors to maintain the competitiveness of Newfoundland and Labrador offshore.

The total currency is expressed in Canadian dollars, unless otherwise stated. “Unfortunately, the delay caused by COVID-19 and the continuing uncertainty in the market leaves us with no choice but to conduct a full review of the project and therefore of our future operations at Atlantic Canada.” Earlier this week, C-NLOPB said that offshore personnel transiting through the Cougar Helicopters facility in St. John`s have been screened with Cougar employees since early March. The West White Rose project represents a significant investment for the local energy industry and the recovery of the project now protects skilled jobs and creates jobs for the future. The offshore oil and gas industry plays an important role in helping Newfoundland and Labrador, as well as Canada, achieve emission reduction targets while supporting energy security for Canada. – Charlene Johnson, CEO, Newfoundland and Labrador Oil and Gas Industries Association After its completion and installation in the pink white field, the CGS will support a Topside module to enable oil drilling and development 350 km off the Coast of Newfoundland in the Atlantic Ocean. “Dragados Canada is proud to work with partners and husky Energy on this innovative project by providing our knowledge and expertise in the technically complex field of large concrete structures and working with newfoundland and Labrador workers and suppliers,” said Diego Zumaquero, President of Dragados Canada. In the Flemish basin, Husky and his partner made discoveries in Mizzen, Harpunen, North Bay and Baccalieu.

Husky is 35% interested in these discoveries. The structure will be built in Argentia, an industrial area on the southwest coast of the island of Newfoundland, before being moved off the coast. Work on the project is expected to begin shortly and construction is expected to be completed in 2021. In a press release, Husky stated that the risk of transmission could not be sufficiently mitigated by large construction personnel. Certain statements contained in this press release are forward-looking statements and information (all “forward-looking statements”) within the meaning of applicable Canadian securities law, Section 21E of the United States Securities Exchange Act of 1934 in its updated version and Section 27A of the