Lime Petroleum Acquires 30% Stake in PL338C off Norway from Lundin

Malaysia's Hibiscus Petroleum Berhad’s (Hibiscus Petroleum) jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway) has executed an agreement with Lundin Norway AS (Lundin) to acquire a 30 percent stake in PL338C, located in the North Sea. Lundin is the operator at PL338C.

Contingent on regulatory approval for the transfer of the 30 percent stake being received and upon acquisition completion, the parties in the license will be Lundin (50 percent), OMV (Norge) AS (20 percent), and Lime Norway (30 percent). At such time, Hibiscus Petroleum’s portfolio of licenses in Norway will increase to 15.

An exploration well at PL338C was spud by the Island Innovator (mid-water semisub) Feb. 15.

The PL338C license contains the Gemini prospect which is located about 6.2 miles (10 kilometers) from the Edvard Grieg production platform. According to Lundin’s presentation of February 2015, the estimated gross unrisked prospective resources is 93 million barrels of oil equivalent (MMboe) (P50) with a chance of geological success of 24 percent, in Paleocene aged sandstones in a stratigraphic pinch-out trap.

Additionally, the license contains proven oil in the Rolvsnes oil discovery made in weathered basement, scheduled for further appraisal.

This acquisition was made after Rex Virtual Drilling (RVD) demonstrated strong anomalies, indicative of hydrocarbon presence, which is also consistent with conventional geological findings.

Hibiscus Petroleum’s Managing Director, Dr. Kenneth Pereira said, “We have secured a meaningful equity position in an on-going project with a reputable operator. With a discovery already within the permit boundaries, we are clearly drilling in an area of high petroleum prospectivity. It shall be exciting to be involved in another discovery within this same permit and we look forward to that.”


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