Norway: Spring Energy Announces Discovery on Maria Prospect In PL 475BS


Spring Energy announces further exploration success in the recently completed exploration well (6406/3-8T2) on the Maria prospect in PL 475BS, 15 km East of the Åsgard Field and 5 km Northeast of the Trestakk discovery.

The objective of the well was to prove hydrocarbons in the early to middle Jurassic Formations (Garn, Ile and Tilje). The well proved high quality oil in the Garn Formation, whereas the Ile and Tilje Formations were water filled.

Preliminary analysis indicates a thicker than expected gross oil column in the well exceeding 60 metres in a better than expected reservoir with excellent properties and high net to gross. Initial analysis indicates that the Maria oil has properties similar to the oil in the nearby Trestakk discovery, around 40 degrees API. The recoverable reserves are estimated to between 10 and 20 million standard cubic meters (63 – 126 mmboe) of recoverable oil and between 2 and 5 billion standard cubic meters of associated gas (13 – 31 mmboe).

Spring Energy has a 15% working interest in the license.

An extensive data acquisition program has been undertaken, including coring, wireline logging, fluid sampling as well as mini drill stem tests to assess the productivity of the reservoir and substantiate the discovery.

The well was operated by Wintershall on behalf of the PL 475BS license group using the rig Songa Delta.

Since operations started in 2008, Spring Energy has participated in five wells on the NCS, resulting in the successful Bream appraisal well (with 2 horizontal sidetracks), the Grosbeak and Beta discoveries in PL 378 and PL 375 and finally the success on Maria. All four discoveries have added significant value for shareholders. Furthermore, Spring Energy has in 2010 become a producing company with the acquisition of a 2.5 % interest in the Brage Field.

Spring Energy is currently undertaking a very active exploration and appraisal drilling programme and plan to participate in at least four additional wells over the next six months, including the appraisal wells on both the significant Beta (PL 375) and Grosbeak (PL 378) oil discoveries.

About Spring Energy:

Spring Energy is a privately owned Norwegian oil and gas exploration, development and production company focused on the mature and immature areas of the Norwegian Continental Shelf.

The Company’s headquarters are in Oslo where it has a team of 29 highly experienced management and staff. The team has both high level technical and commercial competence and an excellent network of industry contacts which combine to give it a commercial edge.

Since its startup in 2008, the Company has already enjoyed considerable success. Through a combination of successful applications for acreage in NCS licensing rounds, acquisitions, exploration, swapping of assets and active management of the asset portfolio, Spring Energy has established a well balanced combination of quality exploration, appraisal and production assets.

With a consistent and focused strategy, the Company is rapidly growing towards its vision of becoming a highly profitable, fully integrated exploration, development and production company.

The Company is backed by HitecVision, a private equity company with a track record of making sound strategic investments in the Norwegian oil and gas sector.

Source: Springenergy,July 22, 2010;

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