Tullow Oil completes acquisition of Spring Energy Norway

Tullow Oil has completed its acquisition of Spring Energy Norway AS, the company announced on Tuesday morning.

Tullow Oil has completed its acquisition of Spring Energy Norway AS, the company announced on Tuesday morning.

Roar Tessem, Spring's Chief Executive Officer, will be Managing Director of Tullow's Norwegian companies and will have responsibility for Tullow's assets offshore Norway and Greenland.

The company announced that the acquisition had already brought success for Tullow. Last week, the company was awarded 13 licenses, of which four were operated in Norway's 2012 Awards in Predefined Areas licensing round.

The new acreage is located in all three areas of the 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 the econ quarter of 2013 and cover licences in less mature areas of Norway's offshore acreage.

Aidan Heavey, Chief Executive Officer of Tullow Oil, commented today: "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."

MF

Recommended

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022