Revus Takes Statoil's Stake in Murchison

Revus Energy has agreed to acquire 51.88 percent interest in PL 037C, including an 11.52 percent interest in the Murchison field, and 21.88 percent interest in PL 037D, including the Delta discovery, from Statoil ASA.

After this transaction Revus holds 100 percent of both PL 037C and D including a 22.2 percent interest in the Murchison field. Revus already holds 100 percent of the adjacent exploration license PL 344, and the transaction strengthens the company's position in the area.

"We have identified several exploration prospects on the Norwegian side of the border that would be natural tie-backs to The Murchison platform. With 100 percent ownership in both the exploration acreage and the Norwegian part of the Murchison field, we have a solid basis for planning both with regards to exploration and use of infrastructure. It is our intention to seek one or more partners who share our view on this area, and who can contribute with technical competence," says Harald Vabo, CEO of Revus Energy.

The agreed cash consideration for the transaction reflects the future cash flow from the Murchison field and the future exposure with regards to abandonment of the field installations. Revus will increase its reserves and contingent resources with 2.2 million boe and increase the daily production from 2,300 boepd to 3,000 boepd.

The agreement is conditional upon approval from both the UK and Norwegian authorities and from the field operator CNR (Canadian Natural Resources).

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