Press Release

Exploration drilling on Fat Canyon prospect completed

OSLO, 10 December 2021 – Lime Petroleum AS (“Lime”) wishes to update that the drilling of the high risk / high reward Fat Canyon prospect inPL937/B by operator PGNIG Upstream Norway AS, has been completed. Lime has a 15 percent interest in PL937/B.

The well was drilled using the Borgland Dolphin semi-submersible rig in a water depth of 241 metres, about 15 kilometres south of the Fenja field in the Norwegian Sea. The well reached total depth of 2,353 metres below sea level, targeting the Jurassic Rogn Formation reservoir sandstones as well as the Cretaceous Lyr Formation. The Rogn Formation sandstone was found roughly as predicted with a gross thickness of 27 metres with poor to medium reservoir quality. The Lyr Formation was approximately 5 metres thick, consisting mainly of silt and shale and fine-grained sandstone with poor reservoir potential. The well is dry without traces of hydrocarbons. Data collection has been carried out.

Mr Lars Hübert, CEO of Lime, said, “The Fat Canyon prospect was a high risk / high reward prospect in a relatively sparsely drilled area of the Norwegian Sea, though close to existing infrastructure. The well has provided us with significant new data about the geology of the Frøya High. Lime will use this data extensively in its further evaluation of both PL937/B, and the nearby PL1111, in which Lime has a 40 percent interest. Furthermore, we will continue our work on the company’s field development projects and on the Brage field, the acquisition of which is pending authorities’ approval. Lime also looks forward to drilling further exploration wells both in the North Sea and the Norwegian Sea.”

Lime farmed into the licences through a transaction with INEOS (prior to INEOS being purchased by PGNiG) in March 2020.