Revus Wins Nine Norwegian Licenses

In the APA 2006 license award announced Monday by the Norwegian Ministry of Petroleum and Energy, Revus Energy ASA has been awarded nine licenses. The company will operate two of these licenses. Seven of the licenses are located in the North Sea and 2 in the Haltenbanken area. After the APA 2006 award Revus's net risked exploration resources will be increased by approximately 30 %, from 230 to 300 million barrels oil equivalents.

Despite comprehensive competition from 42 other companies Revus was awarded 9 licenses, adding to the success of APA2005 in which the company received 11 licenses. The APA2006 award confirms Revus' ability to be awarded good acreage in the mature areas of the Norwegian Continental Shelf.

After the APA2006 award Revus has a total of 37 licenses on the Norwegian Continental Shelf and is one of the largest acreage holders in the North Sea.

The award of two licenses on Haltenbanken close to the Heidrun field represents a first step into the mature parts of the mid-Norwegian shelf.

Revus will in the near future commence its exploration program including 12-16 wells to be drilled in 2007-2008, with seven to eight wells planned for 2007.

Harald Vabo, CEO of Revus Energy, said: ''The APA2006 award confirms our success in growing the company to become one of the leading E & P companies in the mature parts of the Norwegian Continental Shelf. The APA2006 will strengthen our current position and enable Revus to mature new prospects to be drilled in the years to come."

The awarded licenses add to Revus's existing portfolio of 28 production licenses, which includes three producing fields and several potential development projects. This extensive portfolio has been built over a period of three years since Revus' first license award in APA2003.

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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