News post

Oil discovery in well 16/1-25S on the Rolvsnes prospect

Lime Petroleum Norway AS ("Lime Norway") is pleased to announce that the exploration well 16/1-25S on the Rolvsnes prospect in theNorth Sea has been completed by operator Lundin Norway AS ("Lundin")as an oil discovery.

The well is located in PL338C on the southwestern flank of the Utsira High, approximately 6 km south of the Lundin operated Edvard Grieg field and 3 km south of the Edvard Grieg South discovery in well 16/1-12.

Well 16/1-25S encountered a gross oil column of 30 metres in porous granitic basement. Pressure data and the good quality oil type indicate that the petroleum system is in communication with the Edvard Grieg South discovery in well 16/1-12, which was made by Lundin in 2009. Extensive data acquisition and sampling was carried out in the reservoir including conventional coring and fluid sampling. 

A production test (DST) was performed in this close to vertical exploration well, achieving a production rate of 315 barrels of oil per day through a 36/64” choke. The moderate flow rate seems to be caused by limited communication between the reservoir and the well bore. A frac and injection test was carried out, giving a stable injection rate of some 6000 barrels per day.Further studies will be required to incorporate all the findings and establish future planning, such as the potential drilling of an extended horisontal reach well from the Edvard Grieg platform with an associated long-term production test.

The operator gives a resource estimate in the range 12 to 46million barrels recoverable oil, which Lime Norway considers to be a conservative estimate.

The well was drilled to a total depth of 2,096 metres below mean sea level in a water depth of 106 metres using the semi-submersible drilling rig Bredford Dolphin and will be permanently plugged.

The well is the second to be drilled in PL338C, which was carved out from PL338 in late 2014. Lundin is the operator holding a participating interest of 50 percent with partners Lime Norway at 30 percent and OMV (Norge)at 20 percent.

Lime Norway also has 30 percent participation in the nearby licences PL544 and PL410, all operated by Lundin. The Fosen prospect in PL544is scheduled to be drilled in January 2016.