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, MalaysiaLime 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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