Lime acquires North Sea stake

Image: North Sea license PL410/Hibiscus Petroleum

Hibiscus Petroleum Berhad has announced that its jointly-controlled entity, Lime Petroleum Norway has executed an agreement with Lundin Norway AS1 (Lundin) to acquire a 30% stake in license PL410 in the North Sea. Drilling is anticipated in 2016.

Upon completion of the transaction, the parties to the license will be Lundin (operator) with 52.35%, Lime Norway (30%) and Statoil Petroleum (17.65%).

The license is located south of the Edvard Grieg field on the Utsira High in the North Sea in water depth of about 100m.

The license contains a number of interesting exploration targets that are being evaluated. Drilling could take place in late 2016, given that a drill decision milestone is taken at the license in 1Q 2016.