Business model

BALANCING THE PORTFOLIO TO MAXIMISE VALUE

A Assets to be developed and produced

B Assets to be farmed down against CAPEX carry

C Assets to be sold after discovery/at PDO stage to finance assets

D Assets to be farmed down prior to drilling or relinquished

Spring Energy’s business model is to maximise value by adopting a commercial and selective approach to investments in E & P projects leading to the sale of assets and/or production of oil and gas. This will be according to the following stringent investment criteria:

Exploration and Appraisal Assets

· An asset to asset approach to value creation

· Pre-planned value realisation points (dynamic)

· Focus on tradeable assets

· Optimal growth of portfolio

Development Assets

· Selective approach to investment

· Low to medium execution risk

· Balance capital requirement, risk and exit value

· Portfolio diversification

Production

· Acquire production through swaps as a result of exploration success

· Reduce cost of capital and dependency on financial markets

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Fast facts

Spring Energy is an independent, upstream oil and gas company focused on the Norwegian Continental Shelf.

Founded in late 2007, the Company has, through license applications, farm-in transactions, acquisitions and swaps, built a considerable portfolio of exploration and appraisal assets. The Company's portfolio provides a balanced spread of risk and reward, encompassing 32 licenses, including 3 as operator and one producing field. It has a small highly experienced technical and commercial team based in Oslo.