Rex International Holding Ltd.’s 91.65% subsidiary, Lime Petroleum AS, agreed to acquire MOL Norge’s 40% interests in operated licenses PL820 S and PL 820 SB in the North Sea.
The licenses—which contain the Iving and Evra oil and gas discoveries—lie on the Utsira High area adjacent to Vår Energy-operated Balder field, and just north of PL818 Orkja and PL867 Gjegnalunden in which Lime holds 30% and 20% non-operated interests, respectively.
Lime will seek to assume operatorship of the licenses, which is subject to regulatory approval, as is the transfer of interests.
The Iving (25/8-19 S) and Evra discoveries were made in 2019 and appraised in 2021. Hydrocarbons were encountered in five separate reservoir layers. The Norwegian Petroleum Directorate reports recoverable resources of 1.82 million cu m of oil equivalent or some 11.45 MMboe.
In 2021, MOL Norge said it planned to reduce resource estimates in the Iving discovery based on results from appraisal wells 25/8-21 S and 25/8-22 S (OGJ Online, July 29, 2021).
Lime’s analysis, which includes use of seismic technology, suggests upside potential in the recoverable volumes of the two discoveries. The license area includes several exploration prospects, the company said.
Lime said it expects to work “to mature the Iving and Evra discoveries as well as the other prospects within the license, hopefully resulting in further drilling within the license in the next 18 to 24 months.”
