SPRING ENERGY ACQUIRES A 15 % WI IN PL 405 and PL 405B
Spring Energy, Press release, 5 March 2009.
The Oslo-based oil company Spring Energy has reached agreement with Faroe Petroleum Norge AS ("Faroe") to acquire a 15 % working interest in production licenses PL 405 and PL 405B, located in the Southern North Sea.
As part of the transaction agreement, Spring Energy will carry part of Faroe's well cost on the first exploration well to be drilled on the licenses.
Following the transaction, Spring Energy will have a 15 % interest in PL 405 and PL 405 B, together with Centrica Resources Norge AS (operator and 40 %), Petro-Canada Norge AS (30 %) and Faroe (15 %).
The effective date of the transaction is 1 January 2009. The transaction is subject to approval from the Norwegian Authorities, as well as the existing license partners committing to drill a well prior to the drill or drop date of the licenses.
END
Dated: 5 March 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 23 highly competent employees.