Lime exits three offshore Norway licenses

Hibiscus Petroleum’s joint venture subsidiary Lime Petroleum Norway AS has opted to relinquish three Norwegian North Sea licenses.

Offshore staff

KUALA LUMPUR, Malaysia – Hibiscus Petroleum’s joint venture subsidiary Lime Petroleum Norway AS has opted to relinquish three Norwegian North Sea licenses.

A drill-or-drop decision was due for PL509S, PL509BS, and PL509CS by July 23.

The decision follows an assessment of results obtained from reprocessedseismic data, the application of Rex Virtual Drilling (RVD), and electromagnetic surveys.

Prospective sands in Paleocene sandstones in thecentral Viking graben were found to be marine channel deposits and thin, making mapping more problematic. Although RVD analysis revealed anomalies, these were not sufficiently large to pursue.

07/24/2014

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