Revus Acquires Stake in Norwegian License from DONG

Revus Energy ASA has signed a Sales and Purchase Agreement with DONG Norge as for the acquisition of 30 per cent of Production License 274 covering block 1/3 located west of the Ula and Gyda fields in the Norwegian North Sea.

Consideration for the license will be that Revus will cover part of DONG's costs related to the planned operations limited to an agreed amount.

The license includes an oil discovery named Oselvar (1/3-6) plus additional exploration prospectivity. License plans include drilling of an appraisal well on the Oselvar discovery and to fulfil the commitments to drill an exploration well to a Palaeocene target.

Both wells are judged to have relatively low geological risks. The operator DONG has secured rig capacity to drill the wells, but timing is not yet decided. Potential commercial discoveries on the license are likely to be developed as satellites to nearby infrastructure.

Tim Sullivan, CEO of Revus said "this is another step in building our portfolio of opportunities in mature areas, and repeats our strategy that we believe that the best place to find oil is next to where oil has already been proven. We see relatively low risk in both these two well targets, and expect potential hydrocarbon volumes to be more than sufficient to support a commercial development in the relatively near term".

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