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Revus revels in “high-risk” Catcher


Published Sep 29, 2008
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North Sea map EnCore

Stavanger-based Revus Energy has farmed into Calgary-based Oilexco’s 30-million-barrel Catcher prospect in the U.K. North Sea, it was announced Monday.

Revus moves into blocks 28/9 og 28/10c by acquiring 20 percent of Houston-based EnCore Oil’s field stake. Revus management puts the chance of success at Catcher at 35 percent, when the prospect is drilled in 2009.

Revus will pay part of EnCore’s drilling costs on top of its own 20 percent share, although the company said Catcher will simply join an already “comprehensive” drilling campaign planned for 2009.

Stakes in Catcher are now Oilexco with 50 percent, Revus (20 prosent), EnCore (15 prosent) and Nautical Petroleum (15 prosent).

Tags: EnCore Oil plc, Nautical Petroleum, Oilexco, Revus Energy




   

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