Copaíba exploration well hits pay

The Copaíba exploration well in BM-CAL-5 block offshore Brazil has hit light oil, according to Norse Energy.

Offshore staff

OSLO -- The Copaíba exploration well in BM-CAL-5 block offshore Brazil has hit light oil, according to Norse Energy. The well reached 3,283 m (10,771 ft) TD and confirmed the presence of an oil bearing sandstone reservoir with 21% porosity, without identifying any oil water contact in the interval, the company says.

The flow test conducted in the 2,755 to 2,773 m (9,039 to 9,098 ft) interval confirmed the presence of 32° API oil. Tests results are under analysis together with other geological and geophysical data. In accordance with the company's established concession agreement, the extension and commerciality of the discovery will be appraised in an evaluation plan to be submitted to ANP.

"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," says Øivind Risberg, CEO of Norse Energy. "However, it is still too early to provide accurate information about the size of the discovery, and we look forward to the appraisal process."

12/15/2008

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