Lime set to withdraw from Barents Sea license

Lime Petroleum has agreed to sell its 20% stake in license PL850 in the Norwegian Barents Sea to an undisclosed company, pending regulatory approval.

Oct 15th, 2018

Offshore staff

SINGAPORE – Rex International Holding’s majority owned subsidiary Lime Petroleum has agreed to sell its 20% stake in license PL850 in the Norwegian Barents Sea to an undisclosed company, pending regulatory approval.

Lime plans to focus on areas close to existing infrastructure in the Norwegian North Sea, close to the Johan Sverdrup, Edvard Grieg, and Ivar Aasen oil fields.

In late August the company participated in a successful horizontal test production well of theRolvsnes discovery in PL338C operated by Lundin Norway.

This delivered a production rate of up to 7,000 b/d, confirming commerciality of a tie-in to the adjacent producing Edvard Grieg platform.

The well also de-risked the larger Rolvsnes/Goddo area, which Lundin estimates could hold more than 250 MMboe recoverable. Drilling of the Goddo exploration prospect should start in the second half of 2019.

10/15/2018

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