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Latest Spring Energy News

• An appraisal side-track was drilled successfully, directly following the discovery well, proving up light oil in excellent quality reservoir.
• The Butch South West exploration target remains un-tested and is an attractive stand-alone exploration opportunity, together with several other new exploration prospects within the PL405 and PL405B licences around the large Butch salt structure.

• Faroe Petroleum successfully completes initial side-track well on the Butch oil discovery located in the Norwegian North Sea.
• The technical side-track has been completed successfully and the operator has calculated a preliminary resource estimate of 30 - 60 million barrels of oil equivalent.

• Oil discovery in Butch exploration well
• Commencement of appraisal side-track

• The Norwegian Petroleum Directorate grants Premier Oil Norge AS drilling permit for well 9/1-1 S
• Well 9/1-1 S to be drilled from the Bredford Dolphin drilling facility
• The drilling program for well 9/1-1 S concerns the drilling of a wildcat well in production licence 406
• Premier Oil Norge AS is the operator with a 40 per cent ownership interest. The other licensees are Skeie Energy AS with 40 per cent and Spring Energy Exploration AS with 20 per cent

• Drilling commences on the Butch prospect located in the Norwegian North Sea
• The drilling operation is expected to be complete in Q4 2011
• Licences PL405 and 405BS containing the Butch prospect were awarded to the Company in the APA 2006 licensing round

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