Lime lifts stake in prospective southern Norway license

Lime Petroleum Norway has executed an agreement with Skagen44 to take an additional 10% interest in license PL616 in the southern Norwegian North Sea.

Apr 2nd, 2015

Offshore staff

KUALA LUMPUR, Malaysia – Lime Petroleum Norway has executed an agreement with Skagen44 to take an additional 10% interest in license PL616 in the southern Norwegian North Sea.

Pending regulatory approval, this will increase Lime’s stake to 15%. Edison Norge operates the license, with partners Noreco, Concedo, North Energy, and Skagen44.

Water depth in the concession, close to the Danish and UK median lines, is 67 m (220 ft).

In June, theTransocean Searcher is due to drill the Haribo prospect, estimated to contain potential resources of 150 MMbbl of oil, of which 65% is in PL616. The reservoir target is re-worked chalk on the west flank of the Valhall-Hod ridge.

In addition, two small gas/oil accumulations have been proven in the northern part of the license. Reprocessing of 3D broadband seismic is in progress for evaluation of this area.

04/02/2015

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