SPRING ENERGY BUYS INTO THREE NORWEGIAN NORTH SEA OIL DISCOVERIES
Spring Energy, Press release, 30 June 2008.
The Oslo-based oil company Spring Energy has reached agreement with Serica Energy to acquire their Norwegian portfolio consisting of a 20 % working interest in two production licenses, PL406 and PL407.
PL407 contains the Bream and Brisling oil discoveries, whilst the 18/10-1 oil discovery is located within PL406. An appraisal well on Bream is planned within the next 6-9 months with the purpose to prove up the commerciality of this discovery.
The NPD report the Bream discovery to hold an estimate of 60 MB gross recoverable resources (12 MB net to Spring Energy). The 18/10-1 oil discovery is a very likely tie-back candidate to Bream, provided that Bream is deemed commercially viable. In addition there is further upside potential in the prospects already identified within these licenses.
The effective date of the transaction is 1 January 2008. The transaction is subject to authority approval.
"This transaction is strategically important to Spring Energy as it provides participation in licenses with a near term work program aiming to commercialise already discovered resources. We are in the process of being pre-qualified as a licensee and are also working to secure an exploration loan facility to finance our planned high activity going forward" states Roar Tessem, CEO of Spring Energy.
Dated: 30 June 2008
Spring Energy Norway AS
For further information contact:
Roar Tessem, CEO, Spring Energy
Mob: +47 90666764
Or
Gunnar Halvorsen, Chairman of the Board, Spring Energy
Mob: +47 91833906
Or
Jørn Rokk, Business Development Manager, Spring Energy
Mob: +47 48408030
Or
Lars Husby, CFO, Spring Energy
Mob: +47 48400415
Spring Energy is an Oslo-based independent Norwegian upstream oil and gas company actively pursuing growth opportunities in both mature and immature areas on the Norwegian continental shelf (NCS). The company was established in 2007 by a group of E&P professionals with extensive experience from the industry. Spring Energy's will participate in exploration, appraisal and development projects on the NCS with the objective of developing a risk balanced portfolio over the next 3 to 5 years. To secure an optimal mix of assets, the company will seek to develop its portfolio through licensing rounds as well as pro-active participation in the transaction market. Spring Energy is financially backed by HitecVision, enabling the company to achieve its goal to develop a first class exploration and production company with a balanced portfolio within the next few years. Spring Energy currently has a team of 18 highly competent employees, and will increase the team further during 2008. For more information about Spring Energy, please see
www.springenergy.no.
Spring Energy - "Sourcing future growth".