Oslo, Norway, 18 September 2013 – Lime Petroleum Norway AS (“Lime Norway”) is hereby pleased to announce that we will receive 10 per cent stakes in each of two new exploratory licences from North Energy ASA (“North Energy”), as a result of the co-operation agreement between Lime and North Energy. No consideration is needed to be paid for the transfer of the 10 per cent stakes, which is pending regulatory approval.
These two licences had been awarded to North Energy in the 22nd licensing round by the Norwegian Oil and Energy Department in June 2013. Both licences, PL707 and PL708, are situated in the Barents Sea, in proximity to the coast on the Finnmark East platform.
* * *
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%).