SPRING ENERGY ACQUIRES A 20 % WI IN PL388
Spring Energy, Press release, 2 October 2008.
The Oslo-based oil company Spring Energy has reached agreement with BG Norge AS ("BG") to acquire a 20 % working interest in production license PL388 located in the Norwegian Sea.
Several leads have been identified in the license and at present a 3D seismic survey is carried out as part of the workprogram. The workprogram will lead to a drill or drop decision within April 2010.
Following the transaction, Spring Energy has a 20 per cent interest in PL 388, together with BG (operator and 50 per cent), E.ON Ruhrgas (20 per cent) and StatoilHydro (10 per cent).
The effective date of the transaction is 1 January 2008. The transaction has been approved by Norwegian authorities.
"This transaction is important as it provides us with our first license in the Norwegian Sea and the Atlantic margin and we are looking forward to actively contribute to make this license a success" states Roar Tessem, CEO of Spring Energy.
END
Dated: 2 October 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
About Spring Energy:
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 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, assisting the company in achieving its goal to develop a first class exploration and production company over the next few years. Spring Energy currently has a team of 20 highly competent employees.