Under the terms of the farm-out agreement, Revus will pay 50% of the costs of drilling an exploration well up to a total gross cost of £10 million, and 33.5% of well costs, if any, above £10 million. It is expected that a well will be drilled on the 'Bowstring East' prospect in 2008.
Revus is an independent Norwegian upstream E&P Company listed on the Oslo Stock Exchange and the farm-in to Blocks 210/29a and 210/30a marks its entry into the UK North Sea oil and gas sector. Revus is focused on finding oil and gas in mature areas of the Norwegian and UK Continental Shelf.
This agreement is subject to the usual regulatory consents, including DTI consent.
Alan Booth, EnCore's Chief Executive Officer, said: "We are pleased to be entering into this new partnership with Revus Energy, a well established and highly respected Norwegian company. We look forward to adding this exciting opportunity to our already extensive forward drilling program.'
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