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Spike Exploration has signed agreements with Faroe Petroleum Norge AS

Spike Exploration has signed agreements with Faroe Petroleum Norge AS to acquire a 15% interest in license PL645 and a 10% interest in license PL475PL645 is located in the Haltenbanken area southwest of the Heidrun field and contains the Novus prospect where a well is due to be drilled towards the latter part of 2013. PL475 is also located in the Haltenbanken area, southeast of the Åsgard field and contains the Solberg prospect. A well into this prospect could be drilled late 2013.

Following completion of the agreements, the PL645 group of partners will consist of Faroe Petroleum Norge AS (35%, operator), Centrica Resources (Norge) AS (40%), Skagen44 AS (5%), Concedo ASA (5%) and Spike Exploration Holding AS (15%). The PL475 group will consist of Wintershall Norge AS (35%, operator), Faroe Petroleum Norge AS (20%), Centrica Resources AS (20%), Moeco Oil & Gas Norge AS (15%) and Spike Exploration Holding AS (10%).