Revus's Revenues Ride High from Drilling Campaign in Second Quarter
Revus Energy Group reported a net profit of NOK 49.0 million (USD 9.1 million) in the second quarter 2008, compared to a loss of NOK 7.5 million in the same quarter in 2007. A significant oil discovery on the Jordbaer prospect marked a very successful exploration drilling campaign in the second quarter. The discovery considerably increases the potential of the adjacent acreage in which Revus holds several licenses.
- Record exploration activity, with major success in the Jordbaer discovery.
- Jordbaer significantly de-risks nearby Revus Energy's exploration prospects.
- Drilling on Ipswich ongoing, following preliminary announcement stating indications of hydrocarbons.
- Sale of Broom oil inventory – 243 778 bbls at USD 109.65 per barrel.
- Sale of 10 per cent of Yme for USD 52.5 million, approved by the Norwegian authorities.
- Raised NOK 366 million (USD 73 million) of new equity.
- Average production in Q2 was 5 468 bpd, average realised oil price was USD 111 per barrel.
Harald Vabo, CEO of Revus Energy, said, "I am particularly delighted by the recently announced Jordbaer discovery. This is a major exploration success of great importance to the Company. The reservoir and oil quality is excellent, demonstrated by the test rate of 7,500 bpd of light oil. Jordbaer also significantly de-risks the nearby exploration prospects. We believe there is a relatively high probability that this area could contain several hundred million barrels and enough to double our current reserve base."
Operations are still ongoing on Jordbaer and Ipswich. Additional exploration and appraisal drilling in the third quarter will include drilling of the Luno appraisal well and the Cladhan prospect in the UKCS. Both these wells are considered as important and potential highimpact wells for the company.
- 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)