Norway: Spring Energy Sells its 10% Working Interest In PL 341 License

Spring Energy has agreed to sell its 10 % working interest in the PL 341 license to GDF SUEZ E&P Norge AS. Drilling of the Stirby exploration well in PL 341 is expected to start within early to mid July this year with the Songa Delta drilling rig.

The sale is an integrated part of Spring Energy’s continuous portfolio optimisation process with the objective to maximise value for our shareholders.

Spring Energy has committed to a further 13 exploration and appraisal wells, 5 to 6 of these are expected to be drilled in 2010. The Maria prospect in PL 475BS in the Norwegian Sea is currently being drilled, while the Gardrofa prospect in PL 406 is expected to start drilling very shortly.

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 acquisitions built a considerable portfolio of assets across the NCS. The Company’s portfolio provides a balanced spread of risk and reward, encompassing 24 licenses and one producing asset.


Source: Springenergy, June 11, 2010;