Revus Energy Awarded 11 North Sea Licenses

In the APA 2005 licence awards announced by the Norwegian Ministry of Petroleum and Energy, Revus Energy ASA has been awarded 11 licences including one operatorship, all in the North Sea. This is Revus' largest award by far in a licence round and will significantly increase the company's inventory of exploration opportunities, and more than double the exploration resources in terms of risked barrels. It also confirms that the company has now been qualified as operator by the Norwegian authorities.

Tim Sullivan, CEO of Revus Energy, said: "This award marks our continuing success in growing the company, and further delivers on our business plan in getting access to excellent exploration opportunities close to existing infrastructure."

The award of an operatorship confirms that Revus has in place an organisation of sufficient competence and capacity to undertake the responsibility of operatorship. "As operator, Revus will be able to lead and control activity and will in general be able to act on a greater range of opportunities. As such it will clearly increase the value potential of the company", says Tim Sullivan.

Licenses were awarded to 26 companies and in terms of number of licenses awarded Revus ranks 3rd behind Statoil ASA and Norsk Hydro Produksjon a.s.

The awarded licences add to Revus's existing portfolio of fifteen production licenses which includes three producing fields and five potential development projects This extensive portfolio has been built over a period of two years since Revus' first license award in late 2003.

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