BCAM-40 Update

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”), in partnership with Petrobras (Operator), Queiroz Galvão Oil & Gas and Brasoil, announce that the consortium has received the environmental licenses for the drilling of the BCAM-40 exploration prospects. The semisubmersible rig (Petrobras –XVII) is already on location and the Cravo well has been spudded.

The Cravo prospect is located at 270 meters of water depth, 18 km northeast of the Manati production platform. The well is expected to reach a total depth of 4,600 meters, with the main objective in the Sergi formation, at 4,070 meters of depth.

Norse Energy’s CEO Øivind Risberg comments that: “We are very excited about the Cravo prospect due to its similarities to the Manati field, our analogue for this prospect; a sizable structure, gas potential, the same sandstone reservoirs and close by the existing field infrastructure”.

For further information please contact:
Anders Kapstad, CFO
Tel.: +47 67 51 61 12
Cell: +47 918 17 442
E-mail: akapstad@norseenergy.com
Website: www.norseenergy.com