STAVANGER, 31 August 2006 - Well 33/9-20 S on Blåmannen has drilled through the reservoir section and preliminary results show that the well has not encountered hydrocarbons. Further evaluation of the data will be required to confirm these preliminary results.
"We are both surprised and very disappointed with the results from our drilling at Blåmannen. In spite of our high expectations for this well, which was drilled only 800 metres from proven oil, we have not found oil at this location," says Harald Vabø, Chief Executive Officer of Revus.
"At the same time, it is important to stress that the lack of result from the Blåmannen well does not affect our other plans. We have a very solid balance sheet and sufficient financial leverage to carry out our comprehensive exploration and appraisal drilling programme," adds Vabø.
The drilling of the Blåmannen well is estimated to cost NOK 80 million net to Revus, with an expected after tax effect of NOK 18 million.
A potential sidetrack to prove any residual reserves in Blåmannen is being evaluated. The nearby Delta discovery (well 33/9-6) reserves potential is not dependent of the well 33/9-20 S and the reserves estimate remains the same at 1.5 million bbl. Delta will still be evaluated for appraisal and development.
Well 33/9-20 S is drilled from the UK Murchison platform with CNR as technical operator. The Blåmannen prospect is located in Production License 037 D with Statoil (21.875 %) as operator and Revus (78.125 %) as partner.
Blåmannen is part of Revus' total portfolio of 28 production licenses on the Norwegian continental shelf.
For further information, contact: Harald Vabø, CEO of Revus Energy, telephone: +47 91 71 12 09, e-mail: email@example.com Tim Sullivan, Deputy CEO, telephone: +47 90 98 26 61, e-mail: firstname.lastname@example.org
Downloadable photo material at www.revus.no or order from: email@example.com
About Revus: Revus Energy is an independent Norwegian upstream E&P company listed on the Oslo Stock Exchange. The company's business concept is to find opportunities for growth in the mature areas of the Norwegian continental shelf, through a portfolio of fields in production, discoveries and exploration projects. Revus places great emphasis on building a highly qualified organisation and forming close relationships to partners. The company has 26 permanent employees and a number of collaboration partners. For more information about Revus Energy, see www.revus.no