Revus: Yme PDO Submitted to Norwegian Government

Revus Energy on Tuesday said that the Plan for Development and Operation (PDO) for the Yme field has been submitted to Norway's Ministry of Oil and Energy. The operator, Talisman Energy Norge AS, has based the PDO on estimated remaining reserves of 50 – 60 million barrels.

"We are very pleased to announce the PDO submission for Yme. This demonstrates our ability and willingness to create shareholder value through maturing discoveries to PDO. We were awarded the license in 2004, and cumulative net pre-tax costs to date for maturing Yme are approximately NOK 20 million," says Harald Vabo, CEO of Revus.

License holders in PL 316 including the Yme field are Talisman Energy Norge AS (operator, 70%), Revus Energy ASA (20%) and Pertra ASA (10%).

The Yme field was discovered in 1986. The then current operator Statoil produced approximately half the field's reserves from 1996 until permanent abandonment of the field in 2001. The current licensees have performed a comprehensive reanalysis of the Yme reservoirs, as well as assessing the prospects of the region, and have determined that redevelopment of Yme is technically feasible and economically viable.

The PDO includes a total of 12 production and injection wells, of which 5 will be subsea completions, and a production platform for processing of oil and with gas and water injection facilities. First production is planned for January 2009 with expected maximum gross production of 40,000 barrels of oil per day.

A letter of intent has been issued to Single Buoy Moorings Inc. (SBM) for the provision of a new build production facility, which includes a subsea storage tank and offshore loading system.

Revus Energy is an independent Norwegian upstream E&P company listed on the Oslo Stock Exchange. The company's business concept is to find opportunities for growth in the mature areas of the Norwegian continental shelf, through a portfolio of fields in production, discovery and exploration projects.

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