DONG, Partners Discover Oil at North Sea's Ipswich Prospect

Revus Energy ASA has announced that DONG E&P Norge, Operator of production license 274 (Revus 15%), has made an oil discovery on the Ipswich prospect. Further investigations are necessary for determining if the discovery is commercial.

Oselvar is located in the same production license as Ipswich, and the operator DONG E&P Norge is looking towards submittal of a PDO (Plan for Development and Operation) for Oselvar in Q1 2009.

Exploration well 1/3-11 and sidetrack 1/3-11 T2 on the Ipswich-prospect in the southern part of the Norwegian North Sea proved oil in rocks of Paleocene age. The well was not tested, but the discovery in the main well was further explored by a sidetrack well where coring, pressure measurement, and liquid sampling were carried out. The wells have demonstrated at least 60 m oil column with reservoir properties comparable to Oselvar.

The drilling was performed with the drilling rig Maersk Guardian in a water depth of 72 meters. The main well was drilled to 3,232 meters and the sidetrack to 3465 meters subsea, and both were terminated in rocks of early Paleocene age.

The well will be permanently plugged and abandoned. The Maersk Guardian rig will then move to PL 289 and drill exploration well 3/7-7 for DONG E&P Norge AS on the Marsvin prospect.

Licensees in production license 274 are DONG E&P Norge AS (Operator, 40%), PA Resources AS (30%), Noreco (15%), and Revus Energy ASA (15%).

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