Lime Petroleum Norway to participate in drilling of well in PL708



  • Potentially a high reward exploration prospect in the Barents Sea South
  • Located close to shore and operated by Lundin

Lime Petroleum Norway AS ("Lime Norway") is participating in the drilling of exploration well 7130/4-1 on the Ørnen (Eagle) prospect in Barents Sea licence PL708. Operator Lundin Norway AS ("Lundin") started drilling the well on 22 November 2015, using the semi-submersible rig Transocean Arctic in a water depth of 288 metres and located in an accessible area only some 90 km from the coast. The well is scheduled to take approximately 60 days with a total depth of about 2,630 metres.

The Ørnen prospect has a special type of Permian aged carbonates as reservoir target, proven in nearby wells including the Seiland discovery in PL707 where Lime Norway also holds a 10 per cent participating interest. The liquid hydrocarbon indicator Rex Virtual Drilling("RVD") shows good correlation with the prospect. Gross unrisked prospective resources are estimated at about 354 million barrels of oil and a geological chance of success of 20 per cent (Source: Lundin corporate presentation, November 2015).

The drilling of all wells carries geo-technical risks and uncertainties.  The Ørnen prospect has a reservoir which could prove to be difficult to produce at commercial flow rates due to uneven distribution of porosity and permeability.

PL708 is held by operator Lundin at 40 per cent, Lime Norway at 10 per cent, Lukoil Overseas North Shelf AS at 20 per cent, Edison Norge AS at 20 per cent and North Energy ASA at 10 per cent. Lime Norway also has a participating interest of 10 per cent in the nearby licence PL707 and a participating interest of 20 per cent in each of the licences PL769 and PL770 in the Barents Sea.

        The semi-submersible rig Transocean Arctic