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Revus Energy announces significant oil discovery

Energy ASA (OSE: REVUS) today announced that BG Norge AS, operator of production license 373 S (Revus 20%), has made a significant oil discovery on the Jordbær prospect. The well has been tested with an average oil rate of approximately 7 500 barrels per day. In Revus’ opinion the Jordbær discovery significantly increases the likelihood of additional discoveries in the area.

Revus Energy ASA (OSE: REVUS) today announced that BG Norge AS, operator of production license 373 S (Revus 20%), has made a significant oil discovery on the Jordbær prospect. The well has been tested with an average oil rate of approximately 7 500 barrels per day. In Revus’ opinion the Jordbær discovery significantly increases the likelihood of additional discoveries in the area.

“This discovery is very promising and of great importance to Revus. It is too early to estimate how much oil has been discovered in this well bore, but we do believe that as a consequence of this discovery, there is a relatively high probability that this area could contain enough oil and gas to double Revus’ current reserves and contingent resources”, says Harald Vabø, CEO of Revus Energy ASA.

A sidetrack will now be drilled with the aim to better determine the resource potential of the Jordbær Central fault compartment.

Revus Energy is a large acreage holder in this area and holds interests in several adjacent licenses to PL 373S.

Exploration well 34/3-1S, located north-east of the Snorre field in the northern North Sea, on the extension of the Tampen Spur proved an oil accumulation in reservoir of Jurassic age. A comprehensive data acquisition programme has been carried out in addition to the production
test.

It is particularly positive that the well discovered light oil in a very high quality reservoir.

The well was drilled with the semi-submersible Bredford Dolphin in a water depth of 400 meters to a total vertical depth of 4057 meter below the sea bed. It was completed in the Triassic age Statfjord formation.

The Jordbær prospect consists of two main segments; Jordbær Central and Jordbær East. Exploration well 34/3-1S tested the Jordbær Central segment.

Production License 373 S was awarded in the Awards in Pre-defined Areas (APA) licensing round in 2005. Revus Energy has 20% interest in the license and the other partners are BG Norge (operator, 45%), Idemitsu 25% and RWE-Dea (10%).

The well will be permanently plugged and abandoned following the sidetrack operation. The Bredford Dolphin rig will then move to PL 338 and drill an appraisal well on the Luno discovery where Revus Energy has a 30 per cent interest.

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