Oslo, Norway, 5 June 2014 – Lime Petroleum Norway AS (“Lime Norway”) or the“Company” is pleased to announce that it has signed an agreement with North Energy ASA (“North Energy”) to acquire 5 per cent stakes in two additional licences in Norway, PL591 andPL591B.
· 5 percent stakes in PL591 and PL591B bring Lime Petroleum Norway AS’number of licences to 16
· Both licences have been scanned with Rex Virtual Drilling
· Exploration drilling in these licences expected to commence in first half of 2015
The transfer of the 5 per cent stakes is pending regulatory approval. Both licences, operated by Tullow Oil Norge AS, have been assessed using Rex VirtualDrilling. Exploration drilling in the licences is expected to commence in the first half of 2015.
Both licences are located in the Halten area of the Norwegian Sea in water depth of some 300 metres. PL591 contains theZumba Prospect with Upper Jurassic Rogn Fm sands as reservoir.
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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%).