Drilling of the Bream appraisal well in PL 407, 50 km Northwest of the Yme Field in the North Sea has started. Dependent upon the results of the vertical wellbore, a horizontal sidetrack could be drilled and a DST performed.

 

The Bream appraisal well is aimed at determining the commerciality of the Bream oil discovery, and provided positive well results, the license group is targeting a PDO in 2010.

 

The well is operated by BG on behalf of the PL 407 license group using the rig West Alpha.

 

Spring Energy has a 20% working interest in the license.

 

END

 

Dated: 18 June 2009

Spring Energy Norway AS

 

For further information contact:

 

Roar Tessem, CEO, Spring Energy

Mob: +47 90666764

Email: roar.tessem@springenergy.no

Or

Jørn Rokk, Business Development Manager, Spring Energy

Mob: +47 48408030

Email: jorn.rokk@springenergy.no

Or

Lars Husby, CFO, Spring Energy

Mob: +47 48400415

Email: lars.husby@springenergy.no

 

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. 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.

 

For more information about Spring Energy, please see www.springenergy.no.