Lime Petroleum AS agreed to farm-down 10% interest in licenses PL820 S and PL 820 SB in the North Sea to Vår Energi AS.
The licenses contain Iving and Evra discoveries on the Utsira High adjacent to Vår Energi-operated Balder field. Recoverable resources of 11.45 MMboe were reported by the Norwegian Petroleum Directorate.
The licenses are adjacent to existing infrastructure with upgrades under way to extend lifespan. A tie-in of PL820 S and PL 820 SB discoveries is being considered, or, if larger volumes are encountered, a standalone field development based on conventional oil field technology may be considered, Lime said.
Further drilling is expected within the next 18 to 24 months.
Lime agreed in April to acquire MOL Norge AS’s 40% interest in the licenses (OGJ Online Apr. 19, 2022). Transfers are pending regulatory approval and corporate approval from Vår Energi.
Lime will hold 30% interest in the two licenses upon completion.