NEC acquires three blocks in Brazil 9th bid round

Norse Energy Corp ASA, in partnership with Brasoil do Brasil, has successfully bid on three offshore blocks in the Santos Basin offshore Brazil.

Norse Energy has been awarded these licenses by ANP (National Agency of Petroleum) as an Operator. Our 50% partner is the Canadian Company Brasoil which recently acquired 15% in the Coral and Cavalo Marinho oil fields and 10% in the Manati gas field.

The blocks S-M-1035, S-M-1036 and S-M-1100 are located adjacent to each other, about 100km north east of the Coral field, in about 200 meters of water depths.

The exploration potential net to Norse Energy is expected to add significantly to our current
exploration potential of 232 million BOE.

Financial commitment is US$12 million, of which about US$5 million is related to work commitment.