Oslo, Norway, 24 February2015 – Lime Petroleum Norway AS ("Lime Norway") has entered into an agreement with Lundin Norway AS (''Lundin'') to acquire 30%interest in licence PL338C in the North Sea. Following this and other pending transactions, the ownership will be Lundin operator 50%, Lime Petroleum 30% andOMV 20%. The transfer is subject to authority approval.
Drilling of the Gemini prospect on the licence started on 15 February 2015 with the rig Island Innovator. The prospect has Paleocene aged sandstones of the Ty Formation as reservoir target and gross unrisked exploration resources (P50 estimate) of 93 mmbo and geological chance of success of 24% (Lundin CMD presentation, February 2015).
Additionally, the licence contains the Rolvsnes oil discovery in weathered granitic basement scheduled for further appraisal.
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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%).