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Spring Energy optimizes portfolio

Spring Energy has agreed to sell its 10 % working interest in the PL 341 license to GDF SUEZ E&P Norge AS.

Spring Energy has agreed to sell its 10 % working interest in the PL 341 license to GDF SUEZ E&P Norge AS. Drilling of the Stirby exploration well in PL 341 is expected to start within early to mid July this year with the Songa Delta drilling rig.

The sale is an integrated part of Spring Energy's continuous portfolio optimisation process with the objective to maximise value for our shareholders.

Spring Energy has committed to a further 13 exploration and appraisal wells, 5 to 6 of these are expected to be drilled in 2010. The Maria prospect in PL 475BS in the Norwegian Sea is currently being drilled, while the Gardrofa prospect in PL 406 is expected to start drilling very shortly.

The transaction is subject to Authority approval.