Despite discovery, ConocoPhillips not planning more exploration

ConocoPhillips says it doesn't plan to do any more exploration work on its parcel in the N.W.T.'s Canol shale oil play for the foreseeable future.

That's despite its recent application to the Northwest Territories government for a significant discovery declaration related to exploration work it didsouth of Norman Wellslast winter. The work included horizontal drilling paired with hydraulic fracturing.

"Although a significant discovery declaration and subsequent significant discovery licence is a positive indication for a play, it does not indicate commercial viability," said Kristen Ashcroft, a spokesperson for ConocoPhillips.

The company says it will return to the site next winter, but only to suspend a well"a common industry practice to verify the secure condition of a well for the long term," said Ashcroft.

The company would not confirm whether its discovery is oil or natural gas or both.