SPRING ENERGY ACQUIRES A 20 % WI IN PL378
Spring Energy, Press release, 28 January 2009.
The Oslo-based oil company Spring Energy has reached agreement with Premier Oil Norge AS ("Premier") to acquire a 20 % working interest in production license PL 378 located in the Northern North Sea.
As part of the transaction agreement, Spring Energy will carry part of Premier's well cost on the first two wells on the license. The first well will be drilled on the high potential Grosbeak prospect and is scheduled to spud in April this year. Several other high potential prospects and leads have been identified within the PL 378 license.
Following the transaction, Spring Energy will have a 20 % working interest in PL 378, together with Revus/Wintershall (operator and 40 %), Premier (20 %) and Noreco (20 %).
The effective date of the transaction is 1 January 2009. The transaction is subject to approval from the Norwegian Authorities.
END
Dated: 28 January 2009
Spring Energy Norway AS
For further information contact:
Roar Tessem, CEO, Spring Energy
Mob: +47 90666764
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). 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.