Lime Petroleum farms into Gemini prospect offshore Norway

Lime Petroleum Norway AS, a wholly owned subsidiary of Lime Petroleum PLC, has agreed to take 30% interest in PL338C in the North Sea from Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB.

The license contains the Gemini prospect on the Utsira High offshore Norway currently being drilled with the Island Drilling Co. ASA’s Island Innovator semisubmersible drilling rig. The prospect has Paleocene aged sandstones of the Ty formation as a reservoir target and gross unrisked exploration resources of 93 million bbl of oil, with 24% geological chance of success.

The license also holds the Rolvsnes oil discovery in weathered granitic basement scheduled for further appraisal.

Following the transaction, and subject to government approval, Lundin Norway will hold as operator 50% working interest in PL338C with Lime Petroleum 30% and OMV Norge AS 20%.

Lime Petroleum is a jointly controlled entity by Rex International Holding with 65% and Hibiscus Petroleum Bhd. with 35%.