The Norwegian Ministry of Petroleum and Energy (MPE) has pre-qualified Spring Energy as a licensee on the Norwegian Continental Shelf. "This is an important milestone for Spring Energy. The pre-qualification as a licensee is a recognition by the Norwegian authorities that Spring Energy will be able to contribute to increased value creation on the NCS. Furthermore, this enables us to be awarded licenses in the upcoming APA 2008 and the 20th concession round in addition to pro-actively participate in the asset transaction market," states Roar Tessem, CEO of Spring Energy.
Spring Energy is an Oslo-based independent Norwegian upstream oil and gas company actively pursuing growth opportunities in both mature and immature areas on the Norwegian continental shelf (NCS).
The company was established in 2007 by a group of E&P professionals with extensive experience from the industry. Spring Energy will participate in exploration, appraisal and development projects on the NCS with the objective of developing a risk balanced portfolio over the next 3 to 5 years.
To secure an optimal mix of assets, the company will seek to develop its portfolio through licensing rounds as well as pro-active participation in the transaction market.
Spring Energy is financially backed by HitecVision, enabling the company to achieve its goal to develop a first class exploration and production company with a balanced portfolio within the next few years. Spring Energy currently has a team of 19 highly competent employees, and will increase the team further during 2008.