Dec 09 - Spring Energy Acquires a 20 % WI in Pl 377s

Source Company Web Site
Company Spring Energy Norway ASIdemitsu 
Tags Deals, Upstream Activities
Date December 21, 2009

The Oslo-based oil company Spring Energy has reached agreement with Idemitsu Petroleum Norge AS (“Idemitsu”) to acquire a 20 % working interest in production license PL 377S, located in the Northern North Sea.

As part of the transaction agreement, Spring Energy will carry part of Idemitsu’s well cost on the exploration well to be drilled in 2011.

Following the transaction, Spring Energy will have a 20 % interest in PL 377S, together with Idemitsu Petroleum Norge AS (operator and 30 %),  Bayerngas Norge AS (30 %) and GDF SUEZ E&P Norge AS (20 %).

The effective date of the transaction is 1 January 2010. The transaction is subject to approval from the Norwegian Authorities.

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