News

Lime Petroleum Norway AS signs agreement with North Energy ASA

17.04.2013

    

Oslo, Norway, 17 April 2014 - Lime Petroleum Norway AS ("Lime Norway") annonced today that reference is made to the stock exchange announcement dated 3 May 2012, in which North Energy (North) announced its Sale and Purchase agreement with Lime Petroleum Plc. A revised agreement is today signed with Lime Petroleum Norway AS (Lime Norway), replacing the agreement with Lime Petroleum Plc.

As a result of the relinquishment of production licenses 518 and 530, which were included in the agreement announced on 3 May 2012, an updated Sale and Purchase agreement has been entered into today between North and Lime. This agreement includes the following production licenses and interests:

Licence                       Interest

PL 498                               5,0%

PL 503                             12,5%

PL 503B                           12,5%

PL 526                             33,3%

PL 562                               5,0%

PL 616                               5,0%

The total sale sum after tax for these license interests is NOK 28.2 million. North has entered into a loan agreement of NOK 27.5 million with Lime Petroleum Plc., which will be netted against the sale sum when the license interests are formally transferred to Lime.

The effective date of the transaction is 1 January 2013. The transaction is subject to government approval.

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Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc. Lime Petroleum Plc is a jointly-controlled entity by Rex International Holding (65%) and Hibiscus Petroleum Berhad (35%).