Oslo: Lime Petroleum Norway has executed an agreement with Tullow Oil Norge AS1 to acquire an additional 20% interest in PL591, PL591B and PL591C blocks located in the Halten area of the Norwegian Sea.
The additional 20% stakes will increase Lime Petroleum Norway’s interests in the licenses to 25%, with Tullow’s interest in the licenses 60%, while North Energy ASA2 will hold 15%.
Spudding of the exploration well in the Zumba prospect is expected to start in the third quarter of 2015. The gross mean unrisked exploration resources at the Zumba prospect with Upper Jurassic Rogn Fm sands as reservoir is 256 million barrels of oil equivalent (mmboe) with the geological chance of success estimated at 27%.
Lime Petroleum Norway is a wholly-owned subsidiary of Lime Petroleum, which is a jointly-controlled entity held by Singapore’s Rex International Holding and Malaysia’s Hibiscus Petroleum Berhad.
