Tullow to buy Norwegian explorer, selling N.Sea gas assets

LONDON Tue Dec 11, 2012 2:17am EST

LONDON Dec 11 (Reuters) - Britain's Tullow Oil said it agreed to acquire a Norwegian oil explorer for $372.3 million and will also begin a process to divest its gas assets in the southern North Sea.

Tullow said on Tuesday that the acquisition of the explorer, called Spring Energy, from private equity firm HitecVision was in line with its plan to focus its portfolio on light oil.

It said the deal involved a bonus payment worth up to an additional $300 million conditional upon further successful exploration.

The company said it had appointed Jefferies to manage the sale of its assets in the UK and Dutch North Sea.

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