News

Acquire an additional 10 per cent share of PL616 in the North Sea

07.04.2015

   

Oslo, Norway, 7th April 2015 – Lime Petroleum Norway AS (“Lime Norway”) is pleased to announce that it has entered into an agreement with Skagen44 to acquire 10 per cent share in concession PL616 in the North Sea. Following the transaction, the ownership will be Edison Norge (operator) 25%, Noreco Norway 20%, Concedo 20%, Lime Norway 15%, North Energy 15% and Skagen44 5%. The transfer is subject to authority approval.

The Haribo prospect on the concession is scheduled to be drilled in June 2015 using the rig Transocean Searcher. The exploration potential is estimated by the operator at some 150 mmbo of which 65% is in PL616. The reservoir target is reworked chalk on the west flank of the Valhall-Hod ridge and the prospect is supported by Rex Virtual Drilling anomalies.

Further, two small gas/oil discoveries are located in the northern part of the licence. Reprocessing of 3D broadband seismic is currently ongoing for evaluation of this area.

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Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc which is jointly-controlled (indirectly) by Rex International Holding Limited (56.4%), Hibiscus Petroleum Berhad (35%) and Schroder & Co Banque SA (8.6%).