Hibiscus Petroleum’s jointly-controlled entity, Lime Petroleum Norway, has executed an agreement with Lundin Norway to acquire a 30% stake in license PL 410 in the North Sea.
According to Hibiscus, drilling is anticipated in 2016.
Upon completion of the transaction, that is subject to the relevant authority approval, the parties to the license will be Lundin (operator) with 52.35%, Lime Norway with 30% and Statoil with 17.65%.
The license is located south of the Edvard Grieg field on the Utsira High in the North Sea in water depth of about 100 meters.
Hibiscus says that the license contains a number of interesting exploration targets that are being evaluated. Drilling could take place in late 2016, given that a drill decision milestone is taken at the license in the first quarter of 2016.
Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc (Lime). Lime is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.