News

Lime Petroleum Norway to acquire 30 per cent stake in PL544 in the North Sea

16.04.2015

   

Oslo, Norway, 16th April 2015 – Lime Petroleum Norway AS ("Lime Norway") is pleased to announce that it has entered into an agreement with Lundin Norway AS (''Lundin'') to acquire 30% interest in licence PL544 in the North Sea. Following this and other pending transactions, the ownership will be Lundin operator 40%, Lime Norway 30% and Bayerngas Norge AS 30%. The transfer is subject to authority approval.

The licence is located south of the Edvard Grieg field on the Utsira High in the North Sea in water depth of about 100 meters. The Fosen prospect in the licence is under evaluation for possible drilling in 2015. The reservoir target is Upper/Middle Jurassic and gross unrisked prospective resources estimated at 192 million barrels oil equivalents (Source: Lundin corporate presentation, March 2015).

In addition to the Fosen prospect, a small gas/condensate discovery was made in Paleocene sands in the licence in 2007. Potential upside in the Paleocene formation will be evaluated.

This is Lime Norway's second farm-in agreement with operator Lundin in a prospective area close to infrastructure.

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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%).