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Revus Energy (OSL:REVUS) Revus Energy ASA has entered into an agreement with Spring Energy to farm out a 30 per cent working interest in production license PL 344 in the Northern North Sea.
As part of the transaction agreement Spring Energy has acquired a 3D electromagnetic (EM) survey across the western part of PL 344. Several prospects and leads have been identified within the license and the EM survey is aimed at de-risking these prior to a drilling decision. In addition Spring Energy will carry part of Revus Energy's cost for the exploration well. The license is committed to drill an exploration well within the next 12-18 months.
Following the transaction, Spring Energy has a 30 per cent interest in PL 344, together with Revus (operator and 70 per cent).
The effective date of the transaction is 1 January 2008. The transaction is subject to approval from the Norwegian Authorities.
This announcement is originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
