SPRING ENERGY ACQUIRES A 20 % WI IN PL388

The Oslo-based oil company Spring Energy has reached agreement with BG Norge AS ("BG") to acquire a 20 % working interest in production license PL388 located in the Norwegian Sea.

The Oslo-based oil company Spring Energy has reached agreement with BG Norge AS ("BG") to acquire a 20 % working interest in production license PL388 located in the Norwegian Sea.

Several leads have been identified in the license and at present a 3D seismic survey is carried out as part of the workprogram. The workprogram will lead to a drill or drop decision within April 2010.

Following the transaction, Spring Energy has a 20 per cent interest in PL 388, together with BG (operator and 50 per cent), E.ON Ruhrgas (20 per cent) and StatoilHydro (10 per cent).

The effective date of the transaction is 1 January 2008. The transaction has been approved by Norwegian authorities.

"This transaction is important as it provides us with our first license in the Norwegian Sea and the Atlantic margin and we are looking forward to actively contribute to make this license a success" states Roar Tessem, CEO of Spring Energy.

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