Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Revus Energy (OSL:REVUS) Revus Energy (UK North Sea) Limited ('Revus') announces that it has entered into a farm-in agreement with EnCore Oil plc ('EnCore') to earn a 20 per cent interest in UK Central North Sea blocks 28/9 and 28/10c. Through the deal, Revus will obtain access to the 'Catcher' prospect which will be drilled in 2009.
Under the terms of the farm-out agreement with Encore, Revus will contribute to drilling and other forward costs.
"We are very pleased to be able to farm in to this highly prospective and active area of the UKCS. The Catcher prospect adds to an already busy and exciting drilling schedule for 2009," says Harald Vabø, CEO of Revus Energy.
Through the deal, Revus gets access to a 30 mmbbl prospect (Revus estimate) with a 35% per cent probability of discovery.
This agreement is subject to the usual regulatory consents, including BERR consent.
Following completion of this agreement, the partnership in blocks 28/9 and 28/10c will consist of Oilexco (operator and 50 per cent), Revus (20 per cent), EnCore (15 per cent) and Nautical Petroleum (15 per cent).
