Spring Energy has reached agreement with Noreco to acquire a 30% working interest in production license PL 411 located in the North Sea.
Several prospects and leads have been identified within the license and a 3D seismic survey is planned for second quarter 2009, aimed at de-risking the prospects prior to a drilling decision. As part of the transaction, Spring Energy will provide the PL 411 license with technical expertise within the areas of seismic processing and basin modeling.
Following the transaction, Spring Energy has a 30% interest in PL 411, together with Noreco (operator and 70%).
The effective date of the transaction is January 1, 2008. The transaction is subject to approval from the Norwegian Authorities.