Tullow Oil plc (LSE:TLW) entered into an agreement to acquire Spring Energy Norway AS from HitecVision Private Equity V of HitecVision AS (OTCNO:HITV), current Spring staff and others for approximately $670 million on December 11, 2012. The consideration comprises of $372.3 million in cash and a bonus payment in the event of commercial exploration success and will be paid up to a maximum of $150 million per prospect and $300 million in aggregate. HitecVision will sell ... 87.6% stake while other shareholders including some current Spring staff will sell 12.4% stake. Spring Energy Norway AS team will form the basis of Tullow Norge AS. Spring Energy's Chief Executive, Roar Tessem, will become Managing Director of Tullow Norge and will be responsible for managing Tullow's assets offshore Norway and Greenland. The transaction is subject to approval from the Norwegian Ministries of Energy and Finance. Martin Jackson and Jack Rich of Citigate Dewe Rogerson, Joe Murray and Ed Micheau of Murray Consultants and Geir Gjervan of First House acted as PR advisors for Tullow Oil plc. Geir Evenshaug, Erlend Bakken, Anders Heieren, Rune Tjomsås Andersen and Lars Tormodsgard of Arntzen de Besche acted as legal advisors for Tullow Oil plc.
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