Drilling on Albert completed

Bullet

Stavanger, 11 October 2012: Drilling of exploration well 6201/11-3 in licence PL519 has been completed. The well targeted the Albert prospect, located 65 km northwest of the Snorre Field in the northern North Sea, offshore Norway.

The main objective of well 6201/11-3 was to test Cretaceous and Triassic age sandstones in a multiple target structure.

The well encountered oil in a thin Cretaceous reservoir sequence at the predicted level for the primary target. The uncertain distribution of this reservoir does not give a basis for resource estimation at this stage. Further geophysical and geological studies will aim to clarify the potential in the discovery. The Triassic secondary reservoir was tight without movable hydrocarbons. A minor column of movable hydrocarbons was encountered in a Palaeocene reservoir.

Noreco has 20 percent interest in PL519. Lundin Petroleum is the operator with 40 percent interest, while Bayerngas Norge and Spring Energy each have 20 percent interest.

Contact:
Einar Gjelsvik, CEO (+47 992 83 856)
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

ImageRight1 ImageRight2 ImageRight3