London-listed Tullow Oil is purchasing the Norwegian independent oil and gas company Spring Energy for $372.3million, subject to adjustment for working capital. The deal with HitecVision (87.6%) and other shareholders (12.4%) is back-dated to September 1.
Spring holds 28 offshore licences in the Norwegian sector of the North and Barents Seas and in the Norwegian Sea and has been a successful explorer since 2008, making six commercial discoveries for just 12 exploration wells drilled. The company is planning up to 16 exploration wells during 2013-14, three of which are operated.
Tullow has estimated that Spring’s exploration portfolio contains more than 230million barrels oil equivalent of “risked” prospective resources. Known reserves are currently put at 24million boe.