Lime Petroleum Norway is acquiring 30% interest in PL544 located in North Sea from Lundin Norway.
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Map of Fosen. From Lundin Norway. |
The license is located south of the Edvard Grieg field on the Utsira High in the North Sea in about 100m water depth. The Fosen prospect in the license is under evaluation for possible drilling in 2015.
The reservoir target is Upper/Middle Jurassic and gross unrisked prospective resources estimated at 192 MMboe. In addition to the Fosen prospect, a small gas/condensate discovery was made in Paleocene sands in the license in 2007.
Potential upside in the Paleocene formation will be evaluated. This is Lime Norway’s second farm-in agreement with operator Lundin in a prospective area close to infrastructure.
“We are excited about the Fosen prospect, as it is located in an area close to existing infrastructure and Rex Virtual Drilling analysis on the prospect is positive,” Måns Lidgren, Rex International Holding CEO said. “The drilling of the prospect later in the year is in line with our focus on Norway in 2015.”
Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc. Lime Petroleum is a jointly-controlled entity in which Rex International holds a 65% indirect stake.
Following the transaction, the partners in the license will be Lundin (operator) at 40%, Lime Norway at 30% and Bayerngas Norge at 30%.
The transfer is subject to regulatory approval.
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