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Spring Energy: Oil and gas discoveries in first exploration well on PL 378

Drilling of Spring Energy's first exploration well (35/12-2) on the Grosbeak prospect in PL 378, 25 km north of the Troll field in the North Sea, has been completed.

The objective of the well was to prove petroleum in the Viking Group in Upper Jurassic reservoir rocks and Brent Group in Middle Jurassic reservoir rocks. The well proved hydrocarbons both in Upper Jurassic and Middle Jurassic reservoirs.  Extensive data collection and fluid sampling has been carried out in both reservoirs.

 

The size of the combined discovery is estimated to between 6 and 30 million standard cubic meters (35 - 190 MBOE) of recoverable oil equivalents.

 

The Grosbeak discovery is situated in a prolific hydrocarbon province, with several prospects identified within the license.

 

The well was operated by Wintershall on behalf of the PL 378 license group using the rig Songa Delta.

 

Spring Energy has a 20% working interest in the license.

 

Roar Tessem, CEO of Spring Energy comments:

 

"We are very pleased with finding hydrocarbons in both the primary and secondary targets in our first exploration well. The result from the Grosbeak well increases the chance of success on several of the other identified prospects within PL 378".