News

Acquisition of 50 per cent share of PL760/PL760B in the Norwegian Sea

06.08.2015

         

Lime Petroleum Norway AS (Lime Norway) has entered into an agreement with EnQuest Norge AS (EnQuest) to acquire their 50 per cent share in licences PL760 and PL760B.

  • Significant gas/condensate potential adjacent to producing oil and gas fields with spare ullage
  • Building core area; synergy with current licences and focus area close to infrastructure



The licences are located some 25km west of the Norne oil/gas field in the Norwegian Sea in water depths of 370 meters. Following the transaction, the ownership will be Total E&P Norge AS (Total) as operator with 50% and Lime Norway with 50% share. The transfer is subject to authority approval.

The adjacent Marulk gas field is producing from similar Cretaceous reservoirs as being targeted in PL760/760B. Further, the deep water Aasta Hansteen gas/condensate field to the north is under development including the Polarled gas pipeline to shore passing close to PL760. The exploration potential is considerable and supported by the seismic Rex Virtual Drilling technology. Drilling could take place in 2016 or 2017 given a drill decision at the licence milestone in February 2016.

Ivar Aarseth, CEO of Lime Norway, said: “We are pleased to have secured these attractive blocks close to infrastructure and partnering with the reputed operator Total.”

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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%).