News post

Exploration well 16/4-10 Fosen completed with oil shows

Lime Petroleum Norway AS (“Lime Norway”) has participated in the drilling of exploration well 16/4-10 on the Fosen prospectin North Sea licence PL544. The well has been completed with oil shows and classified as dry.

Operator Lundin Norway AS has completed the well using the semi-submersible rig Island Innovator in a water depth of 95 metres. The location is on the Utsira High, some 25 km south of the EdvardGrieg South discovery in PL338C announced by Lime Norway on 22 December 2015and 30 km south of the Lundin-operated Edvard Grieg production platform. The well reached total depth of 2638 metres below sea level.

The targeted Jurassic reservoir sandstones were found with a gross thickness of 160 metres of good quality and oil shows throughout, particularly in the upper part as correctly predicted by the liquid hydrocarbon indicator Rex Virtual Drilling (“RVD”). However, effective seal of the reservoir sands to trap the hydrocarbons, which had been identified as the major geo-technical risk for the prospect, was missing.

An extensive data collection program was undertaken in order to understand the implications for the prospectivity in the area. The licence further contains a small gas/condensate discovery in Paleocene aged sandstones.

PL544 is held by operator Lundin at 40 percent, Lime Norway at 30 per cent and Wellesley Petroleum at 30 per cent.

Lime Norway also has a participating interest of 30 per cent in the nearby licences PL410 and PL338C with the Edvard GriegSouth (Rolvsnes) discovery. Further, Lime Norway was awarded 20 per cent inPL815 and 30 per cent in PL818 in the recent APA2015 licensing round.