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February 23, 2015

Lime Petroleum Norway to buy 30% interest in PL338C licence

Lime Petroleum Norway has agreed to acquire a 30% working interest in PL338C licence from Lundin Petroleum.

Lime Petroleum Norway has agreed to acquire a 30% working interest in PL338C licence from Lundin Petroleum.

PL338C features the Gemini prospect, which is presently being drilled using the Island Innovator rig.

Lundin Norway will hold an operated 50% working interest in PL338C upon completion of the transaction, which is subject to the approval of the Government of Norway.

"Lime Petroleum Norway and OMV Norge will hold 30% and 20% stakes respectively."

Lime Petroleum Norway and OMV Norge will hold 30% and 20% stakes respectively.

Lime Petroleum Norway has recently agreed to acquire an additional 20% interest in licences PL591, PL591B and PL591C in the Norwegian Sea from Tullow Oil Norge.

Tullow will operate the licences with a 60% stake. Lime Petroleum and North Energy will have 25% and 15% interests respectively.

The Zumba prospect on the licences is due to be drilled in mid-July 2015 using the Leiv Eriksson rig.

The prospect features Late Jurassic aged Rogn Formation sandstones as reservoir target, holding a gross potential of about 250mmboe and geological chance of success predicted at 27%.

Lime Norway is a subsidiary of Lime Petroleum, which is a jointly-controlled entity by Rex International and Hibiscus Petroleum.

Lime Petroleum’s strategy includes evaluating farming proposals, and reducing exploration risks by combining geology and geophysics workflows with new remote-sensing and seismic analysis processing technology developed by Rex Technology Management.

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