News

Lime Petroleum Norway acquires another 10 per cent share of PL707 in the Barents Sea

01.12.2015

  

  • Contains the Seiland discovery and prospects similar to that being drilled in ongoing Ørnen well on the adjacent licence

Lime Petroleum Norway AS (“Lime Norway”) has entered into an agreement with North Energy ASA to acquire 10 per cent share in concession PL707 in the Barents Sea. Following the transaction, the ownership will be Edison Norge AS (operator) 50 per cent, PGNiG Upstream International AS 30 per cent and Lime Norway 20 per cent. The transfer will be effective 1 January 2016 and is subject to authority approval.

Lime Norway holds a participating interest of 10 per cent in PL708 where the Ørnen well is currently being drilled on a prospect with a special type of Permian aged carbonates as reservoir target. The liquid hydrocarbon indicator Rex Virtual Drilling (“RVD”) shows good correlation with the prospect. Gross unrisked prospective resources are estimated at 354 million barrels of oil and a geological chance of success of 20 per cent (Source: Lundin corporate presentation, November 2015).

PL707 contains the Seiland oil and gas discovery made by well 7128/4-1 in 1994 where oil was found with a gas cap in partly very porous and permeable rocks similar to those targeted by the Ørnen well (source: Norwegian Petroleum Directorate web-pages). Additional prospects of the same type and size as Ørnen have been mapped. Hence, the transaction is seen as an option on success in the ongoing Ørnen well.