Norway’s Spring Energy has agreed a new loan to finance its forward exploration plans.
The NOK 400 m (US $78 m) facility secured through Skandinaviska Enskilda Banken AB will be used to assist the company in its exploration and appraisal work on the NCS between now and 2010, Spring indicated.
Also the company has a $120 m equity finance commitment from HitecVision Private Equity and together the two sources will provide a strong financial basis from which to pursue its ambitions growth strategy, said Spring’s chief executive Roar Tessem.
Recently Oslo-based Spring Energy agreed to acquire Serica Energy’s entire Norwegian property portfolio, comprising 20% in two licences, PL406 and PL407. PL 407 holds the Bream and Brisling oil discoveries which are thought to contain 60 m bbl of oil and a Bream appraisal well is planned within the next nine months.