Offshore staff

OSLO -- Spring Energy is to acquire a 20% working interest in Norwegian North Sea license PL 377S from operator Idemitsu Petroleum Norge.

Under the agreement, Spring will carry part of Idemitsu’s well cost on an exploration well to be drilled in 2011.
Following the transaction, Spring Energy will have a 20% interest in PL 377S, with Idemitsu Petroleum Norge holding 30%, Bayerngas Norge 30%, and GDF SUEZ E&P Norge 20%.

January 1 2010 is the effective date of the transaction, which is subject to approval from the Norwegian authorities.