Revus Finds Oil on Luno

Revus Energy confirmed a significant oil discovery on the Luno prospect in the Norwegian North Sea. The size of the discovery is currently estimated to between 60 and 180 million bbls. Based on these estimates, this implies a total increase in reserves and resources by between 40% and 120% to the company.

"We are very pleased to be part in one of the most significant oil discoveries in the Norwegian North Sea for the last decade. We are now looking forward to appraise and mature the discovery towards development," says Harald Vabo, CEO of Revus Energy.

Revus has already offered the operator Lundin Norway AS one of its rig slots for a rapid appraisal of the discovery.

Revus farmed into PL 338 in February 2006. Lundin owns a 50% interest in the license, Revus holds 30% and RWE Dea 20%. The 16/1-8 well was drilled by the semi submersible Bredford Dolphin.

"This success demonstrates our competitive edge which is to identify and act on good opportunities through combining technical and commercial skills. The fact that we are now able to offer a rig slot for a rapid appraisal of the discovery further emphasizes the company's ability to make sound strategic decisions and add value," says Vabø.

Exploration well 16/1-8 proved light oil in coarse clastic sandstone of Jurassic age. The size of the discovery is currently estimated to 60-180 million bbls of recoverable oil. Additional delineation of the discovery is necessary. The well is not production tested, however extensive data acquisition has been carried out and the well will be temporarily abandoned to allow for a future production test. The well drilled to a total depth of 2,175 meters below mean sea level in rocks of middle Triassic age.

Following work on Luno, Bredford Dolphin will move on to the Thorkildsen prospect located nearby in PL 341 in which Revus has a 30 per cent interest. The Thorkildsen prospect, operated by Det Norske Oljeselskap ASA, has, in Revus opinion, an expected reserve size of 60 million barrels of oil, with a probability of success of 40 per cent.

Revus recently embarked on its aggressive NCS exploration program, targeting 12-16 wells over the next two years. In the first three wells of the program, Revus has made two discoveries, Luno and Storskrymten, previously announced in September. The Storskrymten well is still drilling for the deeper target named Grytkollen.

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