Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/spring-energy-acquires-first-producing-asset-in-no.shtmlSpring Energy acquires first producing asset in Norway
Spring Energy and Wintershall Norge ASA (WINO) have agreed to a transaction where Spring Energy acquires the following assets from WINO
Spring Energy and Wintershall Norge ASA (WINO) have agreed to a transaction where Spring Energy acquires the following assets from WINO:
- 2.5% working interest (WI) in the producing Brage Field. Effective date is 1 January 2010.
- 10% WI in PL 341, located in the North Sea and where the Stirby prospect is scheduled to be drilled in 2010. Effective date is 1 January 2010.
- 15% WI in PL 475 & PL 475BS, located in the Norwegian Sea and where the Maria prospect is scheduled to be drilled in 2010. Effective date is 1 January 2010.
- 15 % WI in PL 375, located in the North Sea and where an appraisal well is currently being drilled on the Beta oil discovery. Effective date is 1 January 2009.
- 10 % WI in PL511, located in the Norwegian Sea and where the Mjøsa prospect is scheduled to be drilled in 2011 - 2012. Effective date is 1 January 2010.
Spring will compensate WINO by transferring a 5% WI in PL 378 and also carry part of the exploration well costs on behalf of WINO on the exploration wells listed above.
"This transaction adds significant value to our shareholders. The interest in the Brage field provides Spring Energy with its first oil production and the transaction is thus a strategically important step for Spring Energy in becoming a fully integrated E&P company. The transaction also demonstrates Spring Energy's ability to transform high quality discoveries into production through a swap structure. In addition this transaction adds four very exciting exploration and appraisal wells to our drilling queue, which after this transaction now totals 10 wells to be drilled over the next three years", says Roar Tessem, CEO of Spring Energy.