The first exploration well in Block 34 offshore Angola has now been finalised, and the operator Sonangol P&P has prepared the following press release:
"N'Demba - 1, the first exploration well drilled in the large 6000 km2 ultra deep Block 34 offshore Angola, has now been finalised by the drillship "Deepwater Discovery".
The well, which was spudded on March 24 and drilled in 1731 meters water depth, did not encounter hydrocarbons, but gave valuable information for the further exploration of the block.
The consequences of the well are still under evaluation. Several other prospects have been identified within the block, and the Contractor Group will now consider possible targets for well number two.
Sonangol P&P (20 %) is th Operator on the block with Norsk Hydro (30 %) as Technical Assistant. The other partners are Phillips (20 %), Petrobras (15 %) and Shell (15 %)."
Norsk Hydro's participation in the exploration on Block 34 offshore Angola is expected to be expensed with approximately NOK 300 million in the second quarter 2002.
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Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes", "anticipates", "plans", "expects" and similar expressions. These forward looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2001 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.