Spring Energy declares the sale of its 15% working interest in PL 475, PL 475BS and PL 475CS containing the Maria oil discovery to Wintershall Norge ASA for an undisclosed cash amount.

The transaction will reduce capital expenditure commitments net to Spring Energy estimated to between NOK 1.5-2.0 billion, and instead the proceeds from the transaction will be reinvested to accelerate and expand the Company's exploration programme on the NCS. Spring Energy will also target on a selective basis to participate in the development of discoveries.

Spring Energy already has an active drilling programme in place with a firm commitment to drill 8 wells over the next eighteen months, targeting resources of more than 215 MMboe. Spring Energy has committed up to US$170 million to its exploration activities in 2011.

Following the recent award of 2 licenses in the 21st NCS licensing round and the acquisition of PL 438 in the Barents Sea, the Company has a total of 27 licenses in its portfolio.

Spring Energy is currently participating in two ongoing exploration wells targeting the Skalle prospect in PL 438 and Apollon prospect in PL 377S, and also plan to participate in a further 3 wells in the 2nd half of this year.

The transaction is subject to approval from the Norwegian Authorities.

Tags: Spring Energy