Spike Exploration increase its Barents Sea presence

Spike Exploration has recently signed an agreement with Tullow Oil Norge AS to swap a 15% interest in licence PL494/B/C for a 15% interest in PL722.

PL722 is located in the Hoop area in the Barents Sea. The prospect of the PL722 acreage is very attractive, especially after the nearby Wisting oil discovery was made. Following data gathering in the licence, there is ongoing work to mature and rank prospects. The latest date to decide to drill an exploration well is 21 June 2016.

PL494/B/C is located in the southern part of the North Sea and contains the Heimdalshøe prospect. Spike will retain a 15% interest in this licence. A well into the Heimdalshøe prospect is planned to be spudded in the third quarter of 2014.

After the completion of the agreement, the PL722 group of partners will consist of GDF Suez E&P Norge AS (30%, operator), Spike Exploration Holding AS (15%), Rocksource Exploration Norway AS (20%), North Energy ASA (20%) and Tullow Oil Norge AS (15%) while the PL49/B/C partners will be Det norske oljeselskap ASA (30%, operator), Dana Petroleum Norway AS (24%), Fortis Petroleum Norway AS (16%), Spike Exploration Holding AS / Bridge Energy Norge AS (15%) and Tullow Oil Norge AS (15%).