Revus Pleased with Third Quarter 2007 Results
Revus Energy ASA (OSE: REVUS) generated a net income of NOK 418.0 million (US$76.8 million) in the third quarter of 2007, mostly due to the completion of the sale of Vega South. In addition a potentially important discovery has been made in the Luno well.
Harald Vabo, CEO of Revus, say; "Our third quarter results clearly demonstrate our ability to create value from our extensive portfolio of licenses on the Norwegian Continental Shelf. We believe the recent Luno discovery has a large value potential and this together with the aggressive exploration program ahead provides confidence in our ability to create significant value going forward."
Revus recently took part in significant discovery in the North Sea. With an initial resource potential of 60 to 190 mmboe, the Luno discovery is probably the single largest oil discovery in the Norwegian North Sea since 1994.
"We have patiently been preparing for our extensive drilling campaign, and I am pleased to
report that all the hard work is already paying off. Our exploration drilling campaign has got
off to a strong start with two discoveries in our first three wells. This success demonstrates
our competitive edge which is to identify and act on good opportunities through combining
technical and commercial skills. With three more well results to be announced by year end
and an estimated nine exploration and appraisal wells planned for next year, we are certainly
eager to get on with operations," adds Vabo.
- StatoilHydro Makes Small Gas Discovery at Canon Prospect (Apr 30)
- RWE Confirms Successful Luno Appraisal Test, Field Extension (Jan 30)
- Spring Energy Snags Stake in North Sea Production License (Jan 28)