Noreco Announces a Discovery at Zidane-1 Well Offshore Norway

Norwegian Energy Company ASA  today announces that a discovery has been made on the Zidane-1 well in license PL435 in Norway, which is operated by RWE Dea Norge AS.

The Zidane-1 well (6507/7-14S) is still in operation and further data will have to be gathered and analyzed before an update of the resource potential can be made.

The license partners have decided to carry out a production test. This test is expected to take between two and three weeks to complete and well test results are expected shortly thereafter.

Noreco has a 20% ownership in the license PL435. The other partners are RWE Dea Norge AS (40%), Edison International Norway Branch 20% and Maersk Oil (20%)

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Source: Noreco, August 26, 2010: