Concedo will take over the interest on ground-floor terms. The transaction follows an agreement between the two parties in the APA 2006 licensing round, in which the parties submitted a joint application for the 434 license. In the agreement Revus committed to transferring part of their interest subject to Concedo receiving government approval as licensee. Following the transaction, Revus' remaining share in the license is 28 percent.
The work program for PL 434 includes acquiring a 3D seismic survey over the Ronaldo prospect in 2007, with a subsequent drill or drop decision in 2008.
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