The contingent payment will be tied to four specific prospects in the drill-queue and will be paid on a sliding scale, up to a maximum of $150m per prospect.
Spring Energy was established in October 2007 with extensive experience from the Norwegian Continental Shelf.
The company participates in exploration, appraisal and development projects and has built a “significant” portfolio of licenses, it says.
HitecVision’s initial investment was made in May 2008, with a number of subsequent add-on investments to fund the company’s growth.
HitecVision capitalised on its experience from the successful investments in the E&P companies Revus (IPO and exit in 2005) and Noreco (IPO in 2007, exited in 2008/2009).
Spring Energy has acquired acreage through transactions in the asset market and through license awards after successful applications in the license rounds.
To execute the exploration strategy HitecVision has been active in securing the needed equity and bank funding for Spring with an exploration loan facility of NOK2bn from a syndicate of international banks.
HitecVision recently hired former Seadrill chief executive Alf Thorkildsen as a senior partner based in its Stavanger office.
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