Tullow buys Spring Energy

Done deal: Tullow has agreed to buy Spring Energy for $372.3 million

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Josh Lewis

 11 December 2012 08:50 GMT

Tullow buys Norwegian explorer for $372.3 million

Tullow Oil has entered an agreement to acquire Norwegian exploration company Spring Energy for $372.3 million, and also announced it intends to dispose of its UK and Dutch gas assets.

In addition to the $372.3 million purchase price, Tullow has also agreed to a bonus payment in the event of a commercial discovery.

The payment is limited to four specific prospects in Spring’s current drill queue and will be paid on a sliding scale of up to $150 million per prospect and $300 million in aggregate.

Tullow did not list which prospects the bonus…

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