SPRING ENERGY ACQUIRES A 30 % WI IN PL344
Spring Energy, Press release, 14 October 2008.
The Oslo-based oil company Spring Energy has reached agreement with Revus Energy ASA ("Revus") to acquire a 30 % working interest in production license PL 344 located 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 PL344. 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. The license is committed to drill an exploration well within the next 12-18 months.
Following the transaction, Spring Energy has a 30 % interest in PL 344 together with Revus (operator and 70 %).
The effective date of the transaction is 1 January 2008. The transaction is subject to approval from the Norwegian authorities.
END
Dated: 14 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 22 highly competent employees.