Tullow Completes Acquisition of Spring Energy Norway
Tullow Oil announced Tuesday Spring Energy Norway CEO Roar Tessem is to become managing director of Tullow's Norwegian companies now that Tullow has completed its acquisition of Spring.
Tullow said the acquisition has already brought success for Tullow when last week Spring was awarded 13 licenses in Norway's 2012 Awards in Predefined Areas licensing round. Four of these licenses will be operated by the company.
The new licenses are highly complementary and mostly adjacent to current acreage held. The new acreage is located in all three areas of the highly prospective Norwegian Continental Shelf: the North Sea, the Norwegian Sea and the Barents Sea.
Tullow is also awaiting the results of applications both it and Spring made in Norway's 22nd licensing round.
Tullow Chief Executive Aidan Heavey commented in a statement:
"I am delighted to welcome our new colleagues to Tullow and I look forward to working with them. The quality of their business and staff has been underlined by their exceptional performance in Norway's most recent licensing round in which over 40 Norwegian and international companies participated."
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