Revus Completes Acquisition of Stake in Licenses PL090B & PL090C
Revus Energy says its acquisition of ExxonMobil's 25 percent interest in the two licenses PL090B and PL090C has been approved by Norwegian authorities and formally completed with ExxonMobil. The acquisition has already resulted in a commercial oil discovery.
Tim Sullivan, General Manager of Revus Energy, said: "The company is delighted to take part in this discovery, which confirms the company's business model, which states that the best place to find oil is next to where oil has already been found."
"I am also pleased to be able to formally complete this transaction before the start of book building for our IPO on the Oslo Stock Exchange, which is planned for later this month. The assets included in this transaction, the recent Astero discovery (35/11-13) in PL090B and the earlier Fram B discovery (35/11-2) in PL090C, add significant value to Revus, and we look forward to working with the operator, Norsk Hydro, and the other partners in bringing both discoveries to development."
Revus signed the agreement with ExxonMobil for the acquisition of 25 percent in PL090B&C a few days before well 35/11-13 spudded. The well discovered oil in sandstones from the Upper Jurassic age. Both the operator and the Norwegian Petroleum Directorate have issued positive statements regarding the potential commerciality of the discovery.
The transaction with ExxonMobil also included the Fram B gas condensate discovery, which was discovered in 1987 and is currently being evaluated for development. Further information about Revus Energy can be found on the company's website and in the IPO Prospectus which is published on the site.
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