Hibiscus Petroleum buys stake in North Sea drilling licence

Hibiscus Petroleum buys stake in North Sea drilling licence

Lime Petroleum Norway, part of Malaysia-listed Hibiscus Petroleum, has agreed with Lundin Norway to acquire a 30% stake in the license PL410 oilfield in the North Sea.

Lundin has a 52.35% stake in the licence and will be the project’s operator; Statoil Petroleum owns 17.65% in addition to Lime Petroleum Norway’s 30%.

“The license contains a number of interesting exploration targets that are being evaluated. Drilling could take place in late 2016, given that a drill decision milestone is taken at the license in the first quarter of 2016,” Hibiscus Petroleum said in a statement today.

The license is located south of the Edvard Grieg field on the Utsira High in the North Sea, in water depth of about 100 metres.

The Malaysian company’s subsidiary Gulf Hibiscus has a 35% interest in Lime Petroleum, with Rex Middle East owning 56.4% and Schroder & Co Banque owning 8.6%.

The joint-venture company’s subsidiary Lime Norway was accorded pre-qualification status as a licensee in Norway in February 2013.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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