Noreco Spuds Appraisal Well, Beefs Up Nemo Field Development

Noreco has begun drilling appraisal well 7/4- 2 on the Nemo field in production license PL 148 on the Norwegian Continental Shelf. 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 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 Maersk Giant.