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Revus Energy (OSL:REVUS) Revus Energy ASA (OSE: REVUS) has now formally completed the sale of a 10 per cent interest in production licences 316, 316B, 316CS and 316DS, including the Yme re-development project, to Lotos E&P Norge AS. The total sales price is USD 52.5 million including remaining tax balances. The financial effect for Revus will be a net profit after tax of approximately NOK 200 million.
The agreement is effective from 1st January 2008. Revus Energy will retain a 10 per cent interest in the Yme licences.
As a consequence of this transaction, Revus Energy's capital expenditure in 2008 and 2009 will be reduced with approximately NOK 400 million.
Revus Energy's stated reserves and contingent resources estimate for 10 per cent of Yme is 5.7 million boe, and the Company's total reserves and contingent resources after completion of the transaction will be 91 million.
Production start for Yme is planned for 1st July 2009.
