Sval Energi and Spirit Energy awarded ten new licenses

In today´s announcement by the Ministry of Petroleum and Energy in the APA 2020 licensing round. Sval Energi was awarded three licenses. In addition, Spirit Energy, which is being acquired by Sval Energi, was awarded seven licenses.

All licences offered to Sval are with solid partnerships and in attractive areas near existing infrastructure.

“We are pleased to be awarded high-graded licenses in line with Sval’s strategy to focus on prospects with short work programs for drill decisions. This award affirms our ambitions and in-house competences to identify attractive blocks and being an active explorer,” said Jørgen Moe, Vice President Exploration at Sval Energi.

Sval’s exploration portfolio, combined with activities in mergers and acquisitions, in addition to the new licenses, provides an attractive inventory that is key for the future growth of the company. The Dvalin North Discovery last year is a good example of a recent exploration success resulting from this strategy.

“Sval will continue to build a solid portfolio of exploration prospects in addition to continue growth in development and production on the NCS”, said Moe.

As announced on the 8th December, Sval Energi has agreed to acquire the majority of the Norwegian operations of Spirit Energy in a transaction that is expected to complete in Q2. Spirit Energy was awarded seven licenses in the APA round, including two operatorships.

More information available on the Ministry of Petroleum and Energy’s website.