In the APA 2007 license award from the Norwegian Ministry of Petroleum and Energy, Revus Energy has been awarded seven licenses, five of which are as operator. The award further strengthens Revus' position as one of the leading acreage holders on the Norwegian Continental Shelf.
Awards in Predefined Areas (APA) are the Norwegian Governments annual awards of exploration acreage in the mature parts of the Norwegian Continental Shelf.
"We are very pleased with this year's awards where we were awarded nearly all the acreage we applied for, including what we believe are some high-quality licenses," Harald Vabo, CEO of Revus Energy, says. "Revus has been one of the front runners in terms of building acreage position on the NCS and turning prospects into drilling plans. We are currently in the middle of an active drilling campaign where we plan to participate in 12-16 wells over a two year period. This is an unprecedented level of activity for a company of Revus' size and this award allows us to sustain this level of activity into the future."
As of year end 2007, Revus was the sixth-largest acreage holder on the NCS, following very successful awards in APA 2005 & 2006 in which Revus was awarded altogether 20 licenses.
The awarded licenses add to Revus' existing portfolio of 39 production licenses on the NCS which includes three producing fields and several potential development projects. This extensive portfolio has been built over a period of four years since Revus' first license award in APA 2003.
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