Revus Energy Group reported a net profit of NOK 49.0 million (USD 9.1 million) in the second quarter 2008, compared to a loss of NOK 7.5 million in the same quarter in 2007. A significant oil discovery on the Jordbaer prospect marked a very successful exploration drilling campaign in the second quarter. The discovery considerably increases the potential of the adjacent acreage in which Revus holds several licenses.
Harald Vabo, CEO of Revus Energy, said, "I am particularly delighted by the recently announced Jordbaer discovery. This is a major exploration success of great importance to the Company. The reservoir and oil quality is excellent, demonstrated by the test rate of 7,500 bpd of light oil. Jordbaer also significantly de-risks the nearby exploration prospects. We believe there is a relatively high probability that this area could contain several hundred million barrels and enough to double our current reserve base."
Operations are still ongoing on Jordbaer and Ipswich. Additional exploration and appraisal drilling in the third quarter will include drilling of the Luno appraisal well and the Cladhan prospect in the UKCS. Both these wells are considered as important and potential highimpact wells for the company.
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