Spring Energy has agreed to sell its 10 percent working interest in the PL 341 license to GDF SUEZ E&P Norge AS. Drilling of the Stirby exploration well in PL 341 is expected to start within early to mid July this year with the Songa Delta drilling rig.
Spring Energy has committed to a further 13 exploration and appraisal wells, 5 to 6 of these are expected to be drilled in 2010.
The sale is an integrated part of Spring Energy's continuous portfolio optimisation process with the objective to maximise value for shareholders.
The transaction is subject to relevant Authority approval.
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