Spring Energy reports a farm-in transaction of a 20% working interest in PL 490 from Norwegian Energy Company ASA.

The PL 490 license is located immediately to the West/North West of the producing Snøhvit Field in the Barents Sea, and a firm well on the combined Juksa / Snurrevad prospects is scheduled for 2012.

Following the recent award of 2 licenses in the 21st NCS licensing round and the farm-in into PL 490, the Company has a total of 28 licenses in its portfolio.

Spring Energy is currently participating in two ongoing exploration wells targeting the Skalle prospect in PL 438 (located immediately North of PL 490 in the Barents Sea) and the Apollon prospect in PL 377S (Located West of the producing Vega gas / condensate Field), 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