Norse Energy Issues Update on Brazilian Projects

Coral field has successfully reacted to a pilot water injection program in well #5, with positive response in oil production on the Coral #4 well. As a consequence, Coral #4 is currently producing about 1200 boe/day net to NEC interest.

Gengibre side-track drilling is completed with the main reservoirs of Sergi Formation found 360 meters higher than in the vertical well. Porosities were good in cored intervals but wet in the side-track well. Itaipe sandstones are tight. As a consequence, the finds have been deemed not to be commercial, and both the vertical and the side-track wells will be abandoned. However, the Gengibre results have confirmed the existence of an active petroleum system in the BCAM-40 block, with oil generation and migration capacity, as well as good quality reservoir rocks.

In early May, the semi-submersible rig SS-54 started its mobilization from the Santos Basin to block BM-CAL-6 in Bahia State, where Norse Energy holds an 18.3 percent ownership interest. The rig will go to the Peroba prospect well location, with spudding anticipated later in the second quarter. Peroba lies in 1170 meters of water depth, with main reservoirs in upper Cretaceous sandstones. After Peroba, the same rig is scheduled to drill the Copaiba and Jequitiba prospects.

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