Lime Norway buys stake in three licences from Tullow

Rex International Holding’s jointly-controlled entity, Lime Petroleum Norway AS, has signed an agreement with Tullow Oil Norge to acquire an additional 20 per cent stake in licences PL591, PL591B and PL591C in the Norwegian Sea.

The transfer of the 20 per cent stake, which will increase Lime Norway’s stake in the licences to 25 per cent, is pending regulatory approval. The licences are operated by Tullow and spudding of an exploration well in the Zumba prospect is on track to start early third quarter of 2015.

The licences are located in the Halten area of the Norwegian Sea in water depth of some 300 metres. The Zumba prospect has Upper Jurassic Rogn formation sands as reservoir with gross unrisked exploration resources of 256 million barrels oil equivalents and a geological chance of success estimated at 27 per cent.

Måns Lidgren, Chief Executive Officer of Rex International Holding, said: “Lime Norway completed the acquisition of a 5 per cent stake in PL591 and the neighbouring PL591B from North Energy in October 2014 and was awarded PL 591C in the latest 2014 Awards in Predefined Areas (APA) round in January 2015. We are pleased to seize this opportunity to increase our stake in the licences, given the promising potential we see in the Zumba prospect with Rex Virtual Drilling and the upcoming spud date of the exploration well.”

Following the transfer of the 20 per stake to Lime Norway, Tullow’s stake in the licences will be 60 per cent, North Energy 15 per cent and Lime Norway 25 per cent. Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc. Lime Petroleum Plc is a jointly-controlled entity in which the Company holds a 65 per cent indirect stake.

Image: North Energy

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