OIL AND GAS DISCOVERIES IN FIRST EXPLORATION WELL ON PL 378
Spring Energy, Press release, 8 July 2009.
Drilling of Spring Energy's first exploration well (35/12-2) on the Grosbeak prospect in PL 378, 25 km north of the Troll field in the North Sea, has been completed.
The objective of the well was to prove petroleum in the Viking Group in Upper Jurassic reservoir rocks and Brent Group in Middle Jurassic reservoir rocks. The well proved hydrocarbons both in Upper Jurassic and Middle Jurassic reservoirs. Extensive data collection and fluid sampling has been carried out in both reservoirs.
The size of the combined discovery is estimated to between 6 and 30 million standard cubic meters (35 - 190 MBOE) of recoverable oil equivalents.
The Grosbeak discovery is situated in a prolific hydrocarbon province, with several prospects identified within the license.
The well was operated by Wintershall on behalf of the PL 378 license group using the rig Songa Delta.
Spring Energy has a 20% working interest in the license.
Roar Tessem, CEO of Spring Energy comments:
"We are very pleased with finding hydrocarbons in both the primary and secondary targets in our first exploration well. The result from the Grosbeak well increases the chance of success on several of the other identified prospects within PL 378".
END
Dated: 8 July 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 attractive growth opportunities in both mature and immature areas on the Norwegian Continental Shelf (NCS).
Spring Energy has through successive license applications and farm-in transactions built a considerable portfolio of exploration and appraisal assets across the NCS. The Company's portfolio provides a balanced spread of risk and reward, encompassing 13 licenses with a fully funded drilling program consisting of a total of 8 wells to be drilled over the next 3 years.
Spring Energy is financially backed by HitecVision and has employed a highly experienced team of professionals focused on creating value for its shareholders.