Lime Norway boosts interest in offshore licence

Hibiscus Petroleum’s jointly-controlled entity, Lime Norway, has executed an agreement with Skagen44 to acquire an additional 10% interest in PL616, located in the North Sea.

The transfer of this additional stake is subject to regulatory approval, and upon completion, will increase Lime Norway’s interest in the license to 15%. Lime Norway had earlier acquired a 5% stake in PL616 from North Energy in September 2013.

Following the transfer of the additional interest to Lime Norway, the parties in the license will be Edison Norge AS (operator) holding 25%, Noreco Norway AS (Noreco) with 20%, Concedo ASA having 20%, North Energy with 15%, Skagen44 holding 5%, and Lime Norway owning the remaining 15%. The license is located in the southern part of the North Sea on the borders of Denmark and the United Kingdom in water depth of some 67 metres.

The Haribo prospect within the concession is scheduled to be drilled in June 2015 using the rig Transocean Searcher. The exploration potential is estimated by the operator at some 150 million barrels of oil (mmbo) of which 65% is in PL616. The geological chance of success is estimated at 25% by the operator. The reservoir target is reworked chalk on the west flank of the Valhall-Hod ridge. Furthermore, two small gas/oil discoveries are located in the northern part of the licence. According to Hibiscus, reprocessing of 3D broadband seismic is currently ongoing for evaluation of this area.

Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, “In line with our efforts to undertake exploration activities in a lower cost environment brought about by lower oil prices, we are looking forward to the drilling of PL616. We are cautiously positive about this prospect in terms of geological assessments conducted coupled with an established and well-regarded operator at the helm.”

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.

Image source: Skagen44

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