Revus acquired 30 percent of this license in 2005 from DONG, and consequently Revus will retain 15 percent interest in the license. An appraisal well on the Oselvar discovery is scheduled for Q3 this year, and the sale of the15 percent interest is part of Revus' continuous portfolio optimization and risk diversification effort ahead of its large upcoming drilling campaign.
"This transaction is a natural adjustment in light of our increasing license portfolio, and forms part of our ongoing portfolio management and risk mitigation process," said Harald Vabo, CEO of Revus Energy. The agreed consideration is a combination of an upfront after tax cash consideration and part funding of exploration costs attributable to Revus. Revus will book a net profit after tax from the transaction and the net contingent resources sold are 5.7 million boe. The transaction is conditional upon approval by the Norwegian authorities.
Revus Energy is an independent Norwegian upstream E&P company listed on the Oslo Stock Exchange. The company's business concept is to find opportunities for growth in the mature areas of the Norwegian Continental Shelf, through a portfolio of fields in production, discoveries and exploration projects.
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