In addition to Revus Energy ASA's confirmmation of a gas/oil discovery on the Jordbaer prospect in the Norwegian North Sea on July 10, 2008, the Company announced that BG Norge AS, Operator of Production license 373 S (Revus 20%), has made a significant oil discovery on the Jordbaer prospect. The well has been tested with an average oil rate of approximately 7,500 barrels per day.
In Revus' opinion the Jordbaer discovery significantly increases the likelihood of additional discoveries in the area.
"This discovery is very promising and of great importance to Revus. It is too early to estimate how much oil has been discovered in this well bore, but we do believe that as a consequence of this discovery, there is a relatively high probability that this area could contain enough oil and gas to double Revus' current reserves and contingent resources," said Harald Vabo, CEO of Revus Energy ASA.
A sidetrack will now be drilled with the aim to better determine the resource potential of the Jordbaer Central fault compartment.
Revus Energy is a large acreage holder in this area and holds interests in several adjacent licenses to PL 373S.
Exploration well 34/3-1S, located north-east of the Snorre field in the northern North Sea, on the extension of the Tampen Spur proved an oil accumulation in reservoir of Jurassic age. A comprehensive data acquisition program has been carried out in addition to the production test.
It is particularly positive that the well discovered light oil in a very high quality reservoir. The well was drilled with the semi-submersible Bredford Dolphin in a water depth of 400 meters to a total vertical depth of 4,057 meters below the sea bed. It was completed in the Triassic age Statfjord formation.
The Jordbaer prospect consists of two main segments; Jordbaer Central and Jordbaer East. Exploration well 34/3-1S tested the Jordbaer Central segment.
Production License 373 S was awarded in the Awards in Pre-defined Areas (APA) licensing round in 2005. Revus Energy has 20% interest in the license and the other partners are BG Norge (operator, 45%), Idemitsu 25% and RWE-Dea (10%).
The well will be permanently plugged and abandoned following the sidetrack operation. The Bredford Dolphin rig will then move to PL 338 and drill an appraisal well on the Luno discovery where Revus Energy has a 30% interest.
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