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

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