Nemo Appraisal Well Spudded

Noreco (Norwegian Energy Company ASA) today announced that drilling of the appraisal well 7/4-2 on the Nemo Field in production license PL 148 on the Norwegian Continental Shelf (NCS) has commenced.
The 7/4-2 appraisal well is aimed at proving up sufficient resources for an economic development of the Nemo Field, which was discovered in 1992. The reserves range for the Nemo Field is estimated to be 20-30 million barrels of oil (mmboe) in sandstones of Lower Jurassic/Upper Triassic age. The appraisal well is targeting the higher end of the reserves range.
Noreco holds a 20% interest in the license. Lundin Norway AS is the operator and is using the jack up rig Mærsk Giant.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, VP Investor Relations (+47 992 83 856)