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Spring Energy acquires a 15% working interest in PL 405 and PL 405B

The Oslo-based oil company Spring Energy has reached agreement with Faroe Petroleum Norge AS ("Faroe") to acquire a 15 % working interest in production licenses PL 405 and PL 405B, located in the Southern North Sea.

The Oslo-based oil company Spring Energy has reached agreement with Faroe Petroleum Norge AS ("Faroe") to acquire a 15 % working interest in production licenses PL 405 and PL 405B, located in the Southern North Sea. As part of the transaction agreement, Spring Energy will carry part of Faroe's well cost on the first exploration well to be drilled on the licenses. Following the transaction, Spring Energy will have a 15 % interest in PL 405 and PL 405 B, together with Centrica Resources Norge AS (operator and 40 %), Petro-Canada Norge AS (30 %) and Faroe (15 %). The effective date of the transaction is 1 January 2009. The transaction is subject to approval from the Norwegian Authorities, as well as the existing license partners committing to drill a well prior to the drill or drop date of the licenses.