Spring Energy: Discovery on Maria prospect

Spring Energy announces further exploration success in the recently completed exploration well (6406/3-8T2) on the Maria prospect in PL 475BS, 15 km East of the Åsgard Field and 5 km Northeast of the Trestakk discovery.

The objective of the well was to prove hydrocarbons in the early to middle Jurassic Formations (Garn, Ile and Tilje). The well proved high quality oil in the Garn Formation, whereas the Ile and Tilje Formations were water filled.

Preliminary analysis indicates a thicker than expected gross oil column in the well exceeding 60 metres in a better than expected reservoir with excellent properties and high net to gross. Initial analysis indicates that the Maria oil has properties similar to the oil in the nearby Trestakk discovery, around 40 degrees API. The recoverable reserves are estimated to between 10 and 20 million standard cubic meters (63 - 126 mmboe) of recoverable oil and between 2 and 5 billion standard cubic meters of associated gas (13 - 31 mmboe).

Spring Energy has a 15% working interest in the license.

An extensive data acquisition program has been undertaken, including coring, wireline logging, fluid sampling as well as mini drill stem tests to assess the productivity of the reservoir and substantiate the discovery.

The well was operated by Wintershall on behalf of the PL 475BS license group using the rig Songa Delta.

Since operations started in 2008, Spring Energy has participated in five wells on the NCS, resulting in the successful Bream appraisal well (with 2 horizontal sidetracks), the Grosbeak and Beta discoveries in PL 378 and PL 375 and finally the success on Maria. All four discoveries have added significant value for shareholders. Furthermore, Spring Energy has in 2010 become a producing company with the acquisition of a 2.5 % interest in the Brage Field.

Spring Energy is currently undertaking a very active exploration and appraisal drilling programme and plan to participate in at least four additional wells over the next six months, including the appraisal wells on both the significant Beta (PL 375) and Grosbeak (PL 378) oil discoveries.

15.12.2010

HitecVision increases ownership and delists Bjørge

Bokn Invest AS, a company owned by HitecVision and Aker Capital, acquired about 76% of the shares in Oslo Stock Exchange-listed Bjørge ASA through a voluntary offer in November 2009. In a number of transactions since the 8th November 2010, Bokn Invest has acquired all of the shares in Bjørge that it did not already own.
26.11.2010

HitecVision invests in Core Energy

HitecVision, the leading oil and gas focused private equity investor, announced today an agreement to provide an equity line of USD 150 million to the independent oil and gas company Core Energy AS.
22.11.2010

Hitec Products Drilling changes name to Axon Norway AS

Hitec Products Drilling AS changes name to Axon Norway AS
05.11.2010

HitecVision increases holding in Grenland Group

HitecVision has today signed an agreement to acquire all the shares in HVS Invest held by Skogen Invest AS. HVS Invest has a 75.5% shareholding in Grenland Group (Oslo Stock Exchange: GGG), and HitecVision will, following the closing of this transaction, be the sole shareholder in HVS Invest.
05.11.2010

New contract to Apply Leirvik

Apply Leirvik today announced the award of an EPC contract from Statoil for delivery of a Living Quarter and Helideck to the new Gudrun Platform.
01.10.2010

Technor announces sale of Technor Safe Ex

HitecVision is pleased to announce the sale of Technor Safe Ex AS to BARTEC, the leading industrial technology safety company. HitecVision has over the past four years consolidated Safe Ex's position in the Norwegian market and is now handing over a company poised for growth in Norway and internationally.
20.09.2010

HitecVision is pleased to announce the sale of Technor Safe Ex AS to BARTEC, the leading industrial technology safety company. HitecVision has over the past four years consolidated Safe Ex's position in the Norwegian market and is now handing over a compa

Bjørge ASA has today announced that it will reorganize into two independent companies, with its process, fire and safety solutions divisions demerged into a separate company.
08.09.2010

Spring Energy announces major asset package sale

Spring Energy has today announced the sale of 15% in PL 378 (containing the Grosbeak discovery), 20% in PL 375 (containing the Beta discovery) and 20% in PL 551 to Talisman Energy Norge AS for an amount between USD 114.5 million and USD 129.5 million pending certain near term milestones.
24.08.2010

AT Group announced at ONS

AT Group (ATG) created from four Energy & Industry supplier Groups.
22.07.2010

Spring Energy: Discovery on Maria prospect

Spring Energy announces further exploration success in the recently completed exploration well (6406/3-8T2) on the Maria prospect in PL 475BS, 15 km East of the Åsgard Field and 5 km Northeast of the Trestakk discovery.
06.07.2010

HitecVision aquires Tampnet from Statoil

Statoil and HitecVision have signed an agreement under which HitecVision will acquire Statoil’s subsidiary Tampnet AS.
02.07.2010

Reef Subsea names Mark Preece as new CEO

Reef Subsea has appointed Mark Preece as Chief Executive Officer with effect from 1 July 2010.