Revus Energy Says Results from Blamannen Well Disappointing

Well 33/9-20 S on Blamannen has drilled through the reservoir section and preliminary results show that the well has not encountered hydrocarbons. Further evaluation of the data will be required to confirm these preliminary results.

"We are both surprised and very disappointed with the results from our drilling at Blamannen. In spite of our high expectations for this well, which was drilled only 800 meters from proven oil, we have not found oil at this location," says Harald Vabo, Chief Executive Officer of Revus.

"At the same time, it is important to stress that the lack of result from the Blamannen well does not affect our other plans. We have a very solid balance sheet and sufficient financial leverage to carry out our comprehensive exploration and appraisal drilling programme," adds Vabo.

The drilling of the Blamannen well is estimated to cost NOK 80 million net to Revus, with an expected after tax effect of NOK 18 million.

A potential sidetrack to prove any residual reserves in Blamannen is being evaluated. The nearby Delta discovery (well 33/9-6) reserves potential is not dependent of the well 33/9-20 S and the reserves estimate remains the same at 1.5 million bbl. Delta will still be evaluated for appraisal and development.

Well 33/9-20 S is drilled from the UK Murchison platform with CNR as technical operator. The Blamannen prospect is located in Production License 037 D with Statoil (21.875 %) as operator and Revus (78.125 %) as partner.

Blamannen is part of Revus' total portfolio of 28 production licenses on the Norwegian continental shelf.

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