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New Discovery In Brage Field To Add Up To 1 mmbbl Of Oil Reserves Net To Lime Petroleum AS

Updated: Nov 7, 2023

Lime Petroleum AS (“LPA”) is pleased to announce that between 0.2 and 0.5 million Sm3 of recoverable oil1 (or 1.25 to 3.1 mmbbl of recoverable oil) was proven in connection with the drilling of a production well in the Brage Field, located in the northern part of the North Sea, by operator OKEA ASA. LPA holds a 33.8434 per cent interest in the Brage Field. As such, the discovery will add 0.4 to 1 mmbbl of oil reserves in the Brage Field net to LPA.

The well was drilled from the platform on the Brage Field, which has been producing since 1993. The field was proven in 1980 in reservoir rocks in the Statfjord and Brent Group and in the Fensfjord and Sognefjord Formation.

The Brage Field is developed utilising an integrated production, drilling and living quarters facility with a steel jacket. The oil is transported by pipeline to the Oseberg field and onward in the Oseberg Transport System (OTS) pipeline to the Sture terminal. A gas pipeline is connected to the Statpipe pipeline system.

AGR Energy Services AS, in an Independent Summary Qualified Person’s Report dated 21 March 2023, estimated 2P reserves of 10.81 MMboe in the Brage Field, of which 3.66 MMboe are net to LPA.

Sm3: Standard cubic metres

mmbbl: millions of barrels

2P: Proved + Probable

MMboe: millions of barrels of oil equivalent


1Norwegian Petroleum Directorate, Press Release: Oil discovery near the Brage field in the North Sea, 26 October 2023

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