ANNUAL REPORT 2009 PUBLISHED (26 MARCH 2010)
Spring Energy is pleased to announce the publication of its 2009 results and Annual Report.
2009 was a year of substantial progress for Spring Energy as the Company remained focused on its strategy of pursuing attractive growth opportunities on the Norwegian Continental Shelf.
During the year the Company added a further 11 licenses and ended the year with a portfolio of 20 licenses including one producing asset. Spring Energy also recorded significant exploration success in PL 378 and PL 375 where oil and gas discoveries were made in the Grosbeak and Beta prospects. In PL 407, the Bream discovery was also successfully appraised.
At the end of 2009, the Company swapped part of the Grosbeak discovery in PL 378 for an interest in the Brage field providing Spring Energy with its first production.
Operational highlights:
Significant Grosbeak and Beta oil discoveries
Acquisition of first producing asset via swap structure
Award of two further licenses in 20th NCS licensing round
Bream appraisal wells drilled, oil discovery progressing to development
Pre-qualified as NCS operator
Financial highlights:
Other income NOK 90.0 million, up from NOK 1.2 million in 2008
Net profit for the year NOK 32.1 million, up from a loss of NOK 32.3 million in 2008
NOK 1,000 million credit facility signed with energy focused banking group
Oil and gas resources added in all categories
Continued financial support from HitecVision
Fully funded exploration programme