Norse Snags 3 Blocks Offshore Brazil for U.S. $12 Million

Norse Energy Corp ASA, in partnership with Brasoil do Brasil, has successfully bid on three offshore blocks in the Santos Basin offshore Brazil.

Norse Energy has been awarded these licenses by ANP (National Agency of Petroleum) as an Operator. The company's 50% partner is the Canadian Company Brasoil, which recently acquired 15% in the Coral and Cavalo Marinho oil fields and 10% in the Manati gas field.

The blocks S-M-1035, S-M-1036 and S-M-1100 are located adjacent to each other, about 100 kilometers northeast of the Coral field, in about 200 meters of water.

The exploration potential net to Norse Energy is expected to add significantly to the company's current exploration potential of 232 million BOE. The financial commitment for the blocks is U.S. $12 million, of which about U.S $5 million is related to a work commitment.

"We are very pleased with our success in the 9th bid round. Our continued progress as a long-term player in Brazil is further confirmed with our ANP approval as operator of these three blocks. Initial focus is on acquiring 3D survey for conducting further studies," said Jose Almeida, president of Norse Energy do Brazil.