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Spring Energy acquires a 30% working interest in PL344

The Oslo-based oil company Spring Energy has reached agreement with Revus Energy ASA ("Revus") to acquire a 30 % working interest in production license PL 344 located in the Northern North Sea.

As part of the transaction agreement, Spring Energy has acquired a 3D electromagnetic (EM) survey across the western part of PL344. Several prospects and leads have been identified within the license and the EM survey is aimed at de-risking these prior to a drilling decision. The license is committed to drill an exploration well within the next 12-18 months.

Following the transaction, Spring Energy has a 30 % interest in PL 344 together with Revus (operator and 70 %).

The effective date of the transaction is 1 January 2008. The transaction is subject to approval from the Norwegian authorities.