Revus Farms-In to 2 UK Central North Sea Blocks
Revus Energy has entered into a farm-in agreement with EnCore Oil plc to earn a 20% interest in UK Central North Sea blocks 28/9 and 28/10c. Through the deal, Revus will obtain access to the 'Catcher' prospect, which will be drilled in 2009.
Under the terms of the farm-out agreement with Encore, Revus will contribute to drilling and other forward costs.
"We are very pleased to be able to farm in to this highly prospective and active area of the UKCS. The Catcher prospect adds to an already busy and exciting drilling schedule for 2009," says Harald Vabo, CEO of Revus Energy.
"We are pleased to be able to offer our shareholders exposure to further potential value adding opportunities with little or no capital exposure. We look forward to drilling the Catcher prospect in 2009," added Alan Booth, CEO of EnCore.
Through the deal, Revus gets access to a 30 mmbbl prospect (Revus estimate) with a 35% probability of discovery.
This agreement is subject to the usual regulatory consents, including BERR consent.
Following completion of this agreement, the partnership in blocks 28/9 and 28/10c will consist of Oilexco (Operator and 50%), Revus (20%), EnCore (15%) and Nautical Petroleum (15%).
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