SPRING ENERGY ACQUIRES A 30 % WI IN PL 411
Spring Energy, Press release, 6 November 2008.
The Oslo-based oil company Spring Energy has reached agreement with Norwegian Energy Company ASA ("Noreco") to acquire a 30 % working interest in production license PL 411 located in the North Sea.
Several prospects and leads have been identified within the license and a 3D seismic survey is planned for second quarter 2009, aimed at de-risking the prospects prior to a drilling decision. As part of the transaction, Spring Energy will provide the PL 411 license with technical expertise within the areas of seismic processing and basin modeling.
Following the transaction, Spring Energy has a 30 per cent interest in PL 411, together with Noreco (operator and 70 per cent).
The effective date of the transaction is 1 January 2008. The transaction is subject to approval from the Norwegian Authorities.
END
Dated: 6 November 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.