Spring Energy: Discovery on Maria prospect

Spring Energy announces further exploration success in the recently completed exploration well (6406/3-8T2) on the Maria prospect in PL 475BS, 15 km East of the Åsgard Field and 5 km Northeast of the Trestakk discovery.

The objective of the well was to prove hydrocarbons in the early to middle Jurassic Formations (Garn, Ile and Tilje). The well proved high quality oil in the Garn Formation, whereas the Ile and Tilje Formations were water filled.

Preliminary analysis indicates a thicker than expected gross oil column in the well exceeding 60 metres in a better than expected reservoir with excellent properties and high net to gross. Initial analysis indicates that the Maria oil has properties similar to the oil in the nearby Trestakk discovery, around 40 degrees API. The recoverable reserves are estimated to between 10 and 20 million standard cubic meters (63 – 126 mmboe) of recoverable oil and between 2 and 5 billion standard cubic meters of associated gas (13 – 31 mmboe).

Spring Energy has a 15% working interest in the license.

An extensive data acquisition program has been undertaken, including coring, wireline logging, fluid sampling as well as mini drill stem tests to assess the productivity of the reservoir and substantiate the discovery.

The well was operated by Wintershall on behalf of the PL 475BS license group using the rig Songa Delta.

Since operations started in 2008, Spring Energy has participated in five wells on the NCS, resulting in the successful Bream appraisal well (with 2 horizontal sidetracks), the Grosbeak and Beta discoveries in PL 378 and PL 375 and finally the success on Maria. All four discoveries have added significant value for shareholders. Furthermore, Spring Energy has in 2010 become a producing company with the acquisition of a 2.5 % interest in the Brage Field.

Spring Energy is currently undertaking a very active exploration and appraisal drilling programme and plan to participate in at least four additional wells over the next six months, including the appraisal wells on both the significant Beta (PL 375) and Grosbeak (PL 378) oil discoveries.