Lime Petroleum has secured approval from the Norwegian authorities to acquire Repsol’s 33.8434% interest in the Brage field.

The acquisition is now set to close on 31 December 2021.

In June, Lime signed a conditional sale and purchase agreement with Repsol Norge to acquire the stake for a post-tax consideration of $42.6m.

A month later, Lime issued $60m (Nkr500m) of 2.5-year senior secured bonds. A portion of the proceeds will be used to fund the acquisition.

The deal, which will be effective as of 1 January 2022, will transform Lime from a pure play exploration, into a full-cycle exploration and production company.

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Lime CEO Lars Hübert said: “We are delighted to have the consent of the Norwegian Government for the transaction with Repsol Norge AS on the Brage field.

“Adding Brage to the Lime portfolio, alongside the ongoing development projects and exploration concessions, is a large step in transforming Lime to a full-cycle exploration and production (E&P) company.

“Lime has spent the interim period building up the organisation necessary to take on the responsibility of having this stake in a producing field and is looking forward to working closely with the operator, Wintershall Dea Norge, and the other partners on the field.”

Brage is located in the northern area of the North Sea at water depths of 140m. The field was discovered in 1980 and production commenced in 1993.

Norwegian petroleum directorate data indicates that the field still contains approximately 3.42 million Sm3 of oil equivalent or 21.52 million barrels of oil equivalent of remaining reserves.