Completion of Spring Energy acquisition

RNS Number : 0422W

Tullow Oil PLC

22 January 2013

 



News Release

Completion of Spring Energy acquisition

New licence awards, offshore Norway

22 January 2013 - Tullow Oil plc ("Tullow") announces the completion of its acquisition of Spring Energy Norway AS ("Spring") that was previously announced on 11 December 2012. Roar Tessem, Spring's CEO, will be Managing Director of Tullow's Norwegian companies and will have responsibility for Tullow's assets offshore Norway and Greenland.

This acquisition has already brought success for Tullow. Last week Spring was awarded 13 licences, of which 4 are operated, in Norway's very competitive 2012 Awards in Predefined Areas licensing round. The new licences are highly complementary and mostly adjacent to current acreage held. The new acreage is located in all three areas of the highly prospective Norwegian Continental Shelf - North Sea, Norwegian Sea and the Barents Sea. A map detailing both new and existing acreage can be found at bit.ly/TullowNorwayLicences.

Tullow and Spring independently submitted applications in Norway's 22^nd licencing round, the results of which are expected to be announced in Q2 2013 and cover licences in less mature areas of Norway's offshore acreage.

Aidan Heavey, Chief Executive of Tullow Oil plc, commented today,  

"I am delighted to welcome our new colleagues to Tullow and I look forward to working with them. 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."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc (London) ([phone]) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)

Citigate Dewe Rogerson (London) ([phone]) Martin Jackson Jack Rich

Murray Consultants (Dublin) ([phone]) Joe Murray Joe Heron

First House (Oslo) ([phone]) Geir Gjervan

Notes to Editors

APA licence awards

Norwegian North Sea

PL055D

PL509BS

PL542B

PL666

PL667

PL668

PL670*

PL680*

PL681*

Norwegian Sea

PL591B*

PL689

PL701

Barents Sea

PL695

*indicates operated by Tullow

Tullow Oil

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 100 exploration and production licences across 24 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

For further information please refer to our website at www.tullowoil.com.

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