Lime Petroleum Norway, a jointly-controlled entity of Malaysia-based Hibiscus Petroleum Berhad and Singapore-based Rex International, surrendered three licenses in the North Sea, following the deadline for a drill or drop decision by 23 July 2014.
The three licenses, PL509S, PL509BS and PL509CS, were relinquished following the assessment of results obtained from reprocessed seismic data, the application of Rex Virtual Drilling1 (RVD) and electromagnetic surveys (EM).
Lime Norway has supported its partners’ evaluations of all available data and declined from continued participation in these licenses. Lime Norway’s partners in these licenses are North Energy, Fortis Petroleum Norway and Rocksource Exploration Norway.
The decision to relinquish PL509S, PL509BS and PL509CS was taken after the sands for which prospectively is associated with sandstones of Paleocene age located in the Central Viking Graben, were found to be marine channel deposits and thin, resulting in confident mapping being challenging
RVD analysis showed presence of anomalies, but these were deemed not of sufficient size to be attractive. The EM survey obtained also did not reveal significant positive indicative EM to proceed further.
Following to the relinquishment of PL509S, PL509BS and PL509CS, Hibiscus Petroleum continues to hold various levels of equity in 13 licenses in Norway.
Lime Norway is a wholly owned subsidiary of Lime Petroleum Plc. Lime Petroleum is a jointly controlled entity by Rex International (65%) and Hibiscus Petroleum Berhad (35%).
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