Norse Confirms Petrobras' Discovery at Copaiba Well Offshore Brazil

Norse Energy, in partnership with Petrobras (Operator), Queiroz Galvao Oil & Gas and El Paso, have announced a discovery in the Copaiba exploration well in the BM-CAL-5 block, Camamu-Almada Basin. Norse has an 18.33% interest in the well.

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. Drilled by Diamond Offshore's Ocean Winner, the well reached a total depth of 3,283 meters.

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, "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."