Revus Sells 10% Stake in YME Re-Development Project to Lotus
Revus Energy ASA today announced the signing of a Sales and Purchase agreement with Lotos E&P Norge AS for sale of a 10% interest in production licenses 316, 316B, 316CS and 316DS, including the Yme re-development project. The total purchase price is US $52.5 million including remaining tax balances. The financial effect for Revus will be a net profit after tax of approximately NOK 200 million.
The agreement will be effective from January 1, 2008 and is subject to approval by a Shareholder meeting of Petrobaltic SA (the parent company to Lotos E&P) and by Norwegian Authorities, including the prequalification of Lotos E&P Norge AS as licensee on the Norwegian Continental Shelf. Revus Energy will retain a 10% interest in the Yme licenses.
The financial effect for Revus will be a net profit after tax of approximately NOK 200 million which will be reported upon completion, and the capital expenditure in 2008 and 2009 will be reduced with approximately NOK 400 million. Revus' stated reserves and contingent resources estimate for 10% of Yme is 5.7 million boe, and Revus Energy's total reserves and contingent resources after completion of the transaction will be 91 million. Production start for Yme is planned for 1st July 2009.
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Company: Petrobaltic more info
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