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NORWAY - HitecVision invests $120m in Spring Energy

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HitecVision V has invested $120m in Spring Energy Norway AS, an Oslo-based early-stage oil and gas company.

Spring Energy seeks growth opportunities in both mature and immature areas on the Norwegian Continental Shelf (NCS). It aims to be a qualified licence partner on the NCS before mid-2008 and as operator during 2010, participating in exploration, appraisal and development projects as well as acquiring acreage in the asset market. The business is led by CEO Roar Tessem who has extensive experience from exploration and production in the oil and gas sector.
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