Revus to Boost Stake in PL 344

Revus Energy ASA has entered into a Sales and Purchase Agreement (SPA) with Statoil ASA with regard to Production License 344 on the Norwegian Continental Shelf.

The agreement, which is subject to government approvals, will increase Revus`s share from 78 % to 100 % and assign Revus as operator for the license.

Revus has committed to drill a firm exploration well on the license during the next two years, and the plan is to utilize a slot on the Bredford Dolphin in 2008.

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