Revus Confirms Extension of Jordbaer Oil Discovery

Revus Energy ASA

Following successful completion of a side track on the Jordbaer Central discovery announced in August, Revus Energy ASA has confirmed the extension of the oil discovery in well 34/3-1A in production license 373 S, which is operated by BG Norge AS.

The oil water contact was encountered as prognosed, and Revus Energy's internal preliminary estimates indicate recoverable reserves of between 57 and 100 mmboe. This range does not include potential volumes held in an undrilled segment of Jordbaer Central.

"We are very encouraged by the results from the drilling on Jordbaer Central. Both wells have proven light oil in very good reservoir quality. We believe there is a high likelihood of additional volumes in the undrilled segment and in several adjacent prospects. Our expectations are that there will be a need for 4-6 wells to further explore the area, but our view is that given the size and characteristics of this discovery, it is going to be commercial," said Harald Vabo, CEO of Revus Energy.

Revus Energy believes the additional volume potential in the undrilled segment is 30 - 40 mmboe. The Company further sees significant potential in adjacent exploration prospects including gross unrisked potential of 300mmboe in the Blabaer prospects (low to medium risk), up to 600mmboe in the Jordbaer East prospect (medium risk) and up to 500mmboe in the Plomme prospects (medium risk).

"Aside from the large volume potential, the very favorable reservoir conditions encountered indicate that high production rates per well can be expected upon a potential development of Jordbaer. The North Sea is now a mature province, and the combination of significant in-place volumes and highly productive reservoir has rarely been achieved in discoveries made the last 15 years," added Vabo.

PL 373 S is located northeast of the Snorre field in the northern North Sea, on the extension of the Tampen Spur. Revus Energy holds 20% in PL 373 S which is operated by BG Norge AS. The Company is a large acreage holder in this area and holds interests in several adjacent licenses to PL 373 S.

BG Norge AS is currently completing well 34/3-1A, a sidetrack from well 34/3-1S. The well proved an oil accumulation in a reservoir of Jurassic age. A comprehensive data acquisition program has been carried out. The well was drilled with the semisub Bredford Dolphin in a water depth of 400 meters to a total vertical depth of 3,974 meters below sea level and completed in the Jurassic.

Production License 373 S was awarded in the Awards in Pre-defined Areas (APA) licensing round in 2005.

The well will now be permanently plugged and abandoned. The Bredford Dolphin rig will then move to PL 338 (Revus Energy 30%) and drill appraisal well 16/1-8 for Lundin on the Luno discovery.