||Acreage (sq km)
In February 2012, Tullow prequalified as an oil and gas operator offshore Norway. In December 2012, the Group announced the planned acquisition of Spring Energy Norway AS, a Norwegian exploration company, for $372.3 million. The deal, which was completed in January 2013, provided Tullow with access to 28 offshore licences across Norway’s continental shelf in the North, Norwegian and Barents Seas covering over 18,000 sq km. In addition to the acreage, Spring brings to Tullow an experienced team of 37 people based in Oslo with a successful track record of finding and monetising Norwegian oil discoveries.
In January 2013, it was also announced that Spring had been 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 the previous acreage held. The results of the 22nd Norwegian Licensing Round were announced on 12 June 2013. Tullow was successfully awarded three new licences which lie in frontier areas of the west, north and central Barents Sea. Tullow will hold non-operated equities of 20-40%.