News post

PL338C update

The recent farm-in toPL338C gave Lime Petroleum Norway AS (”Lime Norway”) the opportunity to participate in a licence with drilling of the Gemini prospect and containing the Rolvsnes oil discovery.

Drilling of the Gemini prospect has been concluded as a dry well. The well stopped at 2,269 m below sea surface at the minimum required level and before penetrating the full section where Rex Virtual Drilling (”RVD”)had seen strong indication of the presence of hydrocarbons. At the time of drilling, Lime Norway’s entry was pending governmental approval and thus unable to vote on deepening the well.

The Rolvsnes oil discovery was made in 2009proving a 42 m oil column. RVD analysis correlates well with the discovery and indicates a larger extent and resource volume than earlier estimates. An appraisal well is planned for second half 2015.

PL338C consists of Lundin (operator) 50%,Lime Norway 30% and OMV 20% (pending approvals). The licence is located on theUtsira High in the Norwegian North Sea close to the Edvard Grieg and Johan Sverdrup oil fields.

A further four to six exploration wells is expected for Lime Norway as part of an active drilling program on the NorwegianContinental Shelf in 2015.

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Lime Norway is a wholly-owned subsidiary ofLime Petroleum Plc which is jointly-controlled (indirectly) by RexInternational Holding Limited (56.4%), Hibiscus Petroleum Berhad (35%), andSchroder & Co Banque SA (8.6%).