News post

Lime Petroleum Norway to participate in drilling of well in PL616

  • The Haribo prospect in PL616 in the North Sea to be drilled by operator Edison
  • High potential with similar chalk reservoir as nearby producing Valhall and Hod oil fields

Lime Petroleum Norway AS will participate in the drilling of the Haribo prospect in PL616 located some 10 km from the Valhall platform in the southern part of the Norwegian North Sea. The water depth is 70m. The semi-submersible drilling rig Transocean Searcher is scheduled to be moved on 16 June. The well is designated 2/11-11 and drilling is prognosed to take 45 days to a depth of 3350m.

The Haribo prospect has reworked chalk on the west flank of the Valhall-Hod ridge as reservoir target. The seismic low-frequency resonance technology RexVirtual Drilling shows strong and consistent oil indications on the prospect. The exploration potential is estimated by the operator at some 150 million barrels and the geological chance of success at 25%. 

The licence further contains two small oil/gas discoveries in the northern part. Broadband 3D seismic has been reprocessed to evaluate that part of the licence.

PL616 consists of Edison Norge (operator)25%, Noreco Norway 20%, Concedo 20%, Lime Petroleum Norway 15%, North Energy15% and Skagen44 5%. The transaction reported in April whereby Lime PetroleumNorway increases its share with 10% is pending authority approval.

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Lime Norway is a wholly-owned subsidiary ofLime Petroleum Plc which is jointly-controlled (indirectly) by Rex InternationalHolding Limited (56.4%), Hibiscus Petroleum Berhad (35%), and Schroder & CoBanque SA (8.6%).