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Successful Nemo appraisal well

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Stavanger, 15 February, 2008: Norwegian Energy Company ASA (OSE:NOR), Appraisal drilling on the Nemo discovery in Norway has been completed. The results are positive, and confirm the extension of the Nemo field. Noreco owns 20% of the discovery. 
  • We are very pleased with the successful results of the Nemo appraisal well, which are encouraging with respect to a development of the field. The well has confirmed our pre-drill resource estimate, and has strengthened our belief in the upside potential of the field, says CEO Scott Kerr.
Noreco's pre-drill resource estimate for the discovery was 22 million barrels of oil equivalents. The appraisal well has confirmed the resource estimates for the Nemo discovery, and has also provided valuable information to support possible upside potential in the license. The well results will now be thoroughly evaluated by the partnership to support a development decision for the Nemo field.
 
Facts about appraisal well 7/4-2:
The operator Lundin Petroleum has drilled the appraisal well 7/4-2 on the Nemo discovery in production license PL148 in Norway.
The well was drilled using the jack up rig Mærsk Giant to a vertical depth of 3,416 metres below the sea surface. The well encountered hydrocarbons in the Ula Formation. The well was not tested as the required data was obtained through an extensive data acquisition program, including reservoir fluid sampling.
Initial estimates of revised gross resources for the Nemo Field are now 20-30 million barrels of oil equivalents.
 
Background information:
Noreco acquired 20% of production license PL148 from Talisman Energy in 2006. The other owners of the license are Lundin Norway AS (50%, operator) and Talisman Energy Norge AS (30%).
The Nemo discovery was made in 1992.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)

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