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Lime Petroleum in 20 per cent farm-in to two North Sea licences and farm-in option to another North

Updated: Apr 20, 2023

Lime Petroleum in 20 per cent farm-in to two North Sea licences and farm-in option to another North Sea licence

§ Exploration drilling expected to start in late 2022 in Gjegnalunden prospect

§ Option for participating in Q4 2021 well in Lyderhorn prospect

OSLO, 10 August 2021 – Lime Petroleum AS (“Lime”) has on 9 August 2021, signed an agreement with AkerBP ASA (“AkerBP”) to acquire 20 per cent interests in each of the licences, PL867 and PL867B respectively in the North Sea. The transfer of the interests is pending regulatory approval, which will be announced upon completion of the transfer of the interests. Exploration drilling on the licences is expected to start in late 2022, with the planned well targeting a large prospect called Gjegnalunden, with a reservoir in the traditional Jurassic section. Additionally, Lime has signed a call option for the right to a 20 per cent farm-in to PL1041 in the North Sea. The option must be exercised prior to 1 October 2021. Drilling in PL1041, targeting the Lyderhorn prospect, is scheduled to start in November 2021.

The licences PL867 and PL867B Gjegnalunden in the Utsira High area are located adjacent to PL818 Orkja, where Lime has a 30 per cent interest. AkerBP is the operator of the licences. The Gjegnalunden prospect is about 12km away from AkerBP’s Ivar Aasen platform and complements the Orkja prospect in PL818. Further prospects have been identified in the new licences.

The licence PL1041 Lyderhorn lies in the central part of the North Sea, south of the Alvheim field, and adjacent to the recent Frosk and Froskelår discoveries. The target reservoirs are the prolific Heimdal and Hermod Formation sandstones. AkerBP is the operator for PL1041 Lyderhorn, and Neptune Energy Norge AS and Lundin Energy Norway AS are partners.

Mr Lars Hübert, Chief Executive Officer of Lime, said, “Lime has a long history in the Utsira High area, and has worked closely with AkerBP in the area since 2015. We are pleased to be able to add high-quality licences to our portfolio and look forward to drilling the Gjegnalunden prospect next year. The option on PL1041 Lyderhorn enables Lime to enter into a highly prolific part of the North Sea. This is an area where the Rex Virtual Drilling technology will work well. Both areas are close to infrastructure, in line with our continued focus on infrastructure-led exploration.”

About Lime Petroleum AS

Established in 2012 in Oslo, Lime is a 90 per cent subsidiary of the Company. The company was pre-qualified in February 2013 and has since built a portfolio of licences focusing on mature areas close to existing oil and gas infrastructure. The organisation has vast expertise in oil & gas exploration and production, both from Norway and internationally. The company uses high-quality seismic data and Rex Virtual Drilling technology together with conventional seismic attributes and analysis of the petroleum systems in its exploration efforts. Lime benefits from the Norwegian tax system with 78 per cent cash-back for exploration expenditures, which has been a huge success since introduced in 2005, enabling a diversity of companies drilling sufficient number of wells to result in a string of significant discoveries in all provinces of the Norwegian Continental Shelf.

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