Potential isn't oil

The reality, as reported by CBC:

"We have not discovered oil, we have not discovered gas," said Martin. "What we have done is discovered the most important piece to move into the next step, which is we've proven the existence of structures that have a reasonably high probability that they could hold those kinds of hydrocarbons. These are big basins, big potential."

by VOCM:

Labrador Waters may Contain Oil: Nalcor

Nalcor has identified three new basins off the coast of Labrador that CEO Ed Martin says have the potential to hold oil. VOCM's Danielle Barron reports.

The depth and extent of the deepwater basin now imaged Martin says has signifcantly changed the perception of what exists. He calls it a material find. The basins, named after nearby Labrador landmarks Chidley, Holton and Henley, are in addition to Saglek and Hopedale which were mapped in the 1980s. Martin says the new finds hold big potential and there's a reasonably high probability they could hold hydrocarbons. Exploration shows the basins are made of various clay types he says, and are very large when compared globally to other basins. Nalcor is already in discussion with a number of companies not yet active in Newfoundland and Labrador, all of whom have expressed a strong interest in the findings. Scientific analysis will continue over the next number of months to determine the hydrocarbon potential. Nalcor expects to provide an update sometime this summer.

and The Telegram:

Early exploration work conducted by Nalcor Energy has resulted in the identification of three new potentially oil-bearing basins offshore Labrador.
...
Martin said it will not be known what is contained in the now-named Henley Basin, the Chidley Basin and the Holton Basin until exploratory drilling is conducted by oil companies, but early exploration work and analysis suggests the basins could contain oil rather than large gas structures, as previously discovered off the Big Land.

And the usual irrational exhuberance, as expressed by commenters at The Telegram:

Pay for test drilling and then when we find a few billion barrels, build or lease a rig and drill it ourselves. Why let a private company take the profits. Let’s make the extra billions for us.

NALCOR should partner (50/50) with an oil company and share the profit. The revenue would pay for Muskrat Falls and help develop the Lower Churchill.

and at the CBC:

Great news!! More black gold!!

Keep the oil flowing.Get those pipelines built,its in the national interest.