Lime Petroleum has entered into an agreement to acquire MOL Norge’s 40% stakes in licences PL820 S and PL 820 SB, in the North Sea.

The completion of the transaction is subject to regulatory approval.

The two licences are located on the Utsira High area, near the Vår Energy-operated Balder field. They also lie north of PL818 Orkja, and PL867 Gjegnalunden, in which Lime holds 30% and 20% interests, respectively.

The PL820 S and PL 820 SB licences contain the Iving and Evra discoveries. They were discovered in 2019 and were appraised two years later.

The discoveries host approximately 1.82 million standard cubic metres of oil equivalent, according to the Norwegian Petroleum Directorate. Lime’s analysis shows an upside potentiality in the recoverable volumes of the two assets.

PL820 S and PL 820 SB are currently operated by MOL Norge.

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By GlobalData

Lime also intends to operate the two licences. The change will require regulatory approval.

Lime CEO Lars Hübert said: “The acquisition of interests in the PL820 S and PL 820SB licences offers a great opportunity for Lime to step into the operator role and thereby further boost our competitiveness for more opportunities, and enhance our standing with licence partners and the authorities.

“The Iving and Evra discoveries lie in a prolific part of the North Sea, with world-class producing assets nearby, as well as other recent discoveries. Lime will work to mature the Iving and Evra discoveries, as well as the other prospects within the licence, hopefully resulting in further drilling within the licence in the next 18 to 24 months.”

Lime Petroleum was established in 2012 and has gradually expanded its portfolio of exploration licences on the Norwegian Continental shelf.

Rex International Investments, a subsidiary of Rex International Holding Limited, holds a 91.7% interest in Lime Petroleum. Schroder & Co Banque is the other stakeholder.

In December last year, Lime Petroleum secured approval to acquire Repsol’s 33.84% interest in the Brage field.