Company History
Spring Energy was established in 2007 as an oil and gas company focused on exploration, development and production in both mature and immature areas of the Norwegian Continental Shelf.
2008 was a highly active year for the Company, both operationally and financially. During its first twelve months of operation the Company became prequalified as a licensee on the NCS, developed a portfolio of 9 exploration and appraisal licenses, established a core team with an excellent track record of creating value and secured substantial equity and exploration loan financing.
2009 was a year of further substantial development . During the year the Company added a further 11 licences to its portfolio and ended the year with 20 licenses, including one producing asset. Considerable exploration success was achieved as oil and gas discoveries were made in the Grosbeak (PL378) and Beta (PL375) prospects and the earlier Bream discovery (PL407) was successfully appraised. At the year end, the Company booked contingent resources of 30.9 MMboe, up 197% from a year earlier.
During the year, the Company swapped a portion of the Grosbeak discovery in PL378 for an interest in the Brage field. This provided the Company with its first production and enabled it to become a full cycle E & P company.
It also pre-qualified as an operator on the Norwegian Continental Shelf, secured further financing through a NOK 1 000 million revolving exploration loan facility and returned a net profit of NOK 32.1m in its second full year of operation.
Since the year end ,the Company has successfully increased the number of licenses through awards (APA 2009) and transactions bringing the total number of licenses in its portfolio to 25.
Spring Energy was the winner of the Rystad Energy “Newcomer of the Year” for 2008 and “Business Developer of the Year” award for 2009.