Norse Found an Oil Discovery in Camamu-Almada Basin

Source: www.gulfoilandgas.com 12/12/2008, Location: South America

Norse Energy Corp. ASA (18,33%), in partnership with Petrobras (Operator), Queiroz Galya`o Oil & Gas and El Paso, announce a discovery in the Copai`ba exploration well in the BM-CAL-5 block, Camamu-Almada Basin.

On November 25th the Operator completed the drilling and flow test of the 1-BRSA-637D-BAS (1-BAS-140D) well in 492 meters water depth. The well reached 3,283 meter of total depth. The well confirmed the presence of oil bearing sandstone reservoir with 21% porosity, without identifying any oil water contact in this interval. The flow test conducted in the 2,755-2,773 meter interval confirmed the presence of 32 degree API oil. Tests results are under analysis together with other geological and geophysical data. In accordance with the established Concession Agreement, the extension and commerciality of the discovery will be appraised in an "Evaluation Plan" to be submitted to ANP.

Norse Energy CEO oivind Risberg commented that “It is very encouraging that we now have established a light oil discovery in the Camamu-Almada Basin, even though net pay may be lower than our pre-drill estimate. However, it is still too early to provide accurate information about the size of the discovery, and we look forward to the appraisal process”.




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