The Oslo-based oil company Spring Energy has reached agreement with Revus Energy ASA ("Revus") to acquire a 30 % working interest in production license PL 344 located in the Northern North Sea.
As part of the transaction agreement, Spring Energy has acquired a 3D electromagnetic (EM) survey across the western part of PL344. Several prospects and leads have been identified within the license and the EM survey is aimed at de-risking these prior to a drilling decision. The license is committed to drill an exploration well within the next 12-18 months.
Following the transaction, Spring Energy has a 30% interest in PL 344 together with Revus (operator and 70%).
The effective date of the transaction is 1 January 2008. The transaction is subject to approval from the Norwegian authorities.
