Revus Energy farms out 30% of Norwegian license

Revus Energy ASA has brought in Spring Energy Norway AS, Oslo, as a partner on production license PL 344 in the Norwegian North Sea under a farm-in agreement.

Uchenna Izundu
International Editor

LONDON, Oct. 15 -- Revus Energy ASA has brought in Spring Energy Norway AS, Oslo, as a partner on production license PL 344 in the Norwegian North Sea under a farm-in agreement.

Spring Energy will take a 30% working interest in the asset and has acquired a 3D electromagnetic survey across the western part of PL344. Several prospects and leads have been identified within the license, and the survey should help to determine which are to be drilled.

The companies are required to drill an exploration well within the next 12-18 months.

Revus, with a 70% stake, will operate the license. The transaction, which requires Norwegian authorities' approval, will become effective from Jan. 1.

Contact Uchenna Izundu at uchennai@pennwell.com.

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