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Completion of Spring Energy Acquisition by Tullow

Source: www.gulfoilandgas.com 1/22/2013, Location: Europe

Tullow Oil plc (Tullow) announces the completion of its acquisition of Spring Energy Norway AS (Spring) that was previously announced on 11 December 2012. Roar Tessem, Spring’s CEO, will be Managing Director of Tullow’s Norwegian companies and will have responsibility for Tullow’s assets offshore Norway and Greenland.

This acquisition has already brought success for Tullow. Last week Spring was awarded 13 licences, of which 4 are operated, in Norway’s very competitive 2012 Awards in Predefined Areas licensing round. The new licences are highly complementary and mostly adjacent to current acreage held. The new acreage is located in all three areas of the highly prospective Norwegian Continental Shelf – North Sea, Norwegian Sea and the Barents Sea.

Tullow and Spring independently submitted applications in Norway’s 22nd licencing round, the results of which are expected to be announced in Q2 2013 and cover licences in less mature areas of Norway’s offshore acreage.

Aidan Heavey, Chief Executive of Tullow Oil plc, commented,
“I am delighted to welcome our new colleagues to Tullow and I look forward to working with them. The quality of their business and staff has been underlined by their exceptional performance in Norway’s most recent licensing round in which over 40 Norwegian and international companies participated.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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