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Core Energy announce discovery on the Snilehorn Prospect

Core Energy is pleased to announce an oil discovery on the Snilehorn Prospect in the Norwegian Sea (Core Energy 17.5% working interest). The preliminary volumetric estimates of the size of the discovery as assessed by the operator Statoil are between 57 and 101 million barrels of recoverable oil equivalent (10 - 18 mmboe net to Core Energy).

The Snilehorn discovery is located four kilometres from the Hyme producing oil field which in turn is approximately 19 kilometres from the Njord field production facilities.  Hyme produces into the Njord field facilities and is one of six recent fast-track development projects, which have been successfully executed by Statoil.  Hyme was brought on stream in March this year, only 3.5 years after the Hyme exploration well was drilled.