Oslo, Norway 23 February 2015 - Lime Petroleum Norway AS (‘’Lime Norway’’) has entered into an agreement with Tullow Oil Norge AS (Tullow) to acquire an additional 20 per cent stake in licences PL591, PL591B and PL591C in the Norwegian Sea. Following the transaction, the ownership will be Tullow operator60%, Lime Norway 25% and North Energy 15%. The transfer is subject to authority approval.
The Zumba prospect on the licences is scheduled to be drilled mid-July 2015 using the rig Leiv Eriksson. The prospect has Late Jurassic aged Rogn Formation sandstones as reservoir target, holding a gross potential of some 250 mmboe and geological chance of success estimated at 27%.
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Lime Norway is a wholly-owned subsidiary ofLime Petroleum Plc. Lime Petroleum Plc is a jointly-controlled entity by RexInternational Holding (65%) and Hibiscus Petroleum Berhad (35%).