Following the deal, Spring Energy CEO Roar Tessem will serve as managing director of Tullow’s Norwegian companies and will have responsibility for Tullow’s assets offshore Norway and Greenland.
As a part of this acquisition, Tullow will hold rights to Spring Energy’s 13 licences, of which four are operated in Norway’s competitive 2012 Awards in Predefined Areas licensing round.
The new acreage is located in all three areas of the prospective Norwegian Continental Shelf, which includes North Sea, Norwegian Sea and the Barents Sea.
Both the companies had independently submitted applications in Norway’s 22nd licensing round, the results of which are expected to be announced in Q2 2013.
Tullow Oil chief executive Aidan Heavey said, "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."
