Tullow to buy Spring Energy and dispose of North Sea gas assets

London-listed oil titan Tullow has said that it is to buy Norwegian exploration group Spring Energy Norway, as it announced that it will begin disposing of its non-core gas assets in the North Sea.

London-listed oil titan Tullow has said that it is to buy Norwegian exploration group Spring Energy Norway, as it announced that it will begin disposing of its non-core gas assets in the North Sea.

The firm is paying $372.3m for Oslo-based Spring, which holds 28 offshore licences across Norway's continental shelf North, Norwegian and Barents Seas covering around 18,000 square km. Tullow will also pay a "bonus payment" subject to Spring's exploration success.

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