Spring Energy acquires a 20 % working interest in PL378

The Oslo-based oil company Spring Energy has reached agreement with Premier Oil Norge AS (“Premier”) to acquire a 20 % working interest in production license PL 378 located in the Northern North Sea.

As part of the transaction agreement, Spring Energy will carry part of Premier’s well cost on the first two wells on the license. The first well will be drilled on the high potential Grosbeak prospect and is scheduled to spud in April this year. Several other high potential prospects and leads have been identified within the PL 378 license.

Following the transaction, Spring Energy will have a 20 % working interest in PL 378, together with Revus/Wintershall (operator and 40 %), Premier (20 %) and Noreco (20 %).

The effective date of the transaction is 1 January 2009. The transaction is subject to approval from the Norwegian Authorities.