Spike Increases Barents Sea Presence

Spike Exploration Holding AS (Spike) has recently signed an agreement with Tullow Oil Norge AS to swap a 15% interest in licence PL494/B/C for a 15% interest in PL722.

PL722 is located in the Hoop area in the Barents Sea. The prospectivity of the PL722 acreage is very attractive, especially after the nearby Wisting oil discovery was made. Following data gathering in the license, there is ongoing work to mature and rank prospects. The latest date to decide to drill an exploration well is June 21, 2016.

PL494/B/C is located in the southern part of the North Sea and contains the Heimdalshøe prospect. Spike will retain a 15% interest in this license. A well into the Heimdalshøe prospect is planned to be spudded in third quarter of 2014.

“Following participation in the Barents Sea South-East seismic group shoot, purchase of multiclient seismic data and the acquisition of an interest in PL230, Spike is now increasing its Barents Sea presence further with the ambition to be an active player in this exciting region.” comments Bjørn Inge Tønnessen, CEO of Spike Exploration.

After the completion of the agreement, the PL722 group of partners will consist of GDF Suez E&P Norge AS (30%, operator), Spike Exploration Holding AS (15%), Rocksource Exploration Norway AS (20%), North Energy ASA (20%) and Tullow Oil Norge AS (15%) while the PL49/B/C partners will be Det norske oljeselskap ASA (30%, operator), Dana Petroleum Norway AS (24%), Fortis Petroleum Norway AS (16%), Spike Exploration Holding AS / Bridge Energy Norge AS (15%) and Tullow Oil Norge AS (15%).

The transaction is subject to approval from relevant authorities.