Spring Energy, a part of HitecVision’s portfolio, announces further exploration success in the company's third exploration well recently completed on the Beta prospect.
The well proved high quality oil in the Brent Group and in the Statfjord Fm. The size of the discovery is estimated to between 7 and 40 million standard cubic meters (44 - 252 MB) of recoverable oil.
The success completes an excellent first year of exploration drilling for Spring Energy. During 2009, Spring Energy has participated in three wells resulting in the successful Bream appraisal well (with 2 horizontal sidetracks), the significant Grosbeak oil and gas discovery in PL 378 and finally the success on Beta. All three wells have added significant value for shareholders.
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