PL760 & PL760B

Lime Petroleum’s wholly-owned subsidiary Lime Petroleum Norway (Lime Norway) has signed an agreement to acquire 50% share in EnQuest Norge’s licences in the Norwegian Sea in water depths of 370m.

The licences PL760 and PL760B are located 25km west of the Norne oil/gas field.

Upon completion of the transaction, Total E&P Norge (operator) will have 50% ownership in the licences and the remaining 50% will be held by Lime Norway.

Lime Norway said the transfer is subject to authority approval.

Lime Norway CEO Ivar Aarseth said: "We are pleased to have secured these attractive blocks close to infrastructure and partnering with the reputed operator Total."

"We are pleased to have secured these attractive blocks close to infrastructure and partnering with the reputed operator Total."

Drilling is expected to take place in 2016 or 2017, given a drill decision milestone in February 2016, the company said.

The two Norwegian Sea licences are expected to raise the company’s licences in Norway to 18.

In a separate announcement, Lime Norway reported that well 2/11-11 on the Haribo prospect in PL616 has been completed by operator Edison Norge.

Drilled using the semi-submersible rig Transocean Searcher in a water depth of 70m, 10km from the Valhall platform in the southern part of the Norwegian North Sea, the well is defined as dry.

PL616 partners include Edison Norge (operator) 25%, Noreco Norway 20%, Concedo 20%, Lime Petroleum Norway 15%, North Energy 15% and Skagen 44.5%.


Image: PL760 and PL760B are located 25km west of the Norne oil/gas field in the Norwegian Sea. Photo: courtesy of Lime Petroleum Norway.