(Source: Datamonitor)
German oil and gas company Wintershall Holding has announced that it will increase its stake in Grosbeak discovery in PL 378 in the Norwegian North Sea. This is part of an agreement between Wintershall Norge and Spring Energy, pursuant to which Wintershall Norge will acquire a 5% working interest in PL 378 from Spring Energy.
Following authority approval of the transaction, Wintershall will own a 45% working interest in the operated license. At the same time, Spring will acquire a 2.5% interest in the Brage field from Wintershall Norge. Spring will also farm into five exploration licenses with working interests ranging from 10% to 15%. Wintershall is planning well activities for two of these licenses in 2010.
Wintershall has made the Grosbeak discovery in summer 2009 after being awarded PL 378 in the APA 2005. Following the closing of the transaction, Wintershall Norge will have 45% interest, Norwegian Energy Company will have 20% interest, Premier Oil Norge will have 20% interest and Spring Energy Norway will have a 15% stake respectively.
The Grosbeak well proved both oil and gas. It is located to the east of the Astero discovery, where Wintershall is a partner. The gross size of the discovery is estimated at six to 30 million standard cubic meters of recoverable oil equivalents, which corresponds to up to 180 million barrels of oil equivalent.
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