Nemo Appraisal Well Confirms Extension of Field

Norwegian Energy Company ASA reported that 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.