Lime's Gemini Prospect Comes up Dry

Lime Petroleum Norway reported Wednesday that drilling on the Gemini prospect on production license PL338C offshore Norway has been completed with the well classed as dry.

Lime said that the well was stopped at 7,445 feet below sea level before penetrating a section in which Rex Virtual Drilling had seen what the firm described as a "strong indication" of the presence of hydrocarbons.

PL338C – located on the Utsira High in the Norwegian North Sea close to the Edvard Grieg and Johan Sverdrup oilfields – also contains the Rolvsnes oil discovery, which was made in 2009 and proved a 138-foot oil column. Rolvsnes is estimated to contain recoverable resources of some 118 million barrels. Analysis by RVD on the Gemini well correlates it with the Rolvsnes oil discovery and indicates a large extent and resource volume than previously estimated. A further appraisal well is now planned for the second half of 2015.

Lime recently farmed into the PL338C license for a 30-percent stake. Dan Brostom, executive chairman of parent company Rex International Holding (which holds a 65-percent interest in Lime), commented in a company statement:

"The farm-in to PL338C gave Lime Norway the opportunity, for a cost of approximately $2.5 million, to participate in a license with an already-made discovery estimated at 118 million barrels in the Rolvsnes prospect and at a net estimated value of $141 million to Lime Norway. RVD screening confirms this discovery where an appraisal well, and hopefully further discovery, is planned for the second half of 2015.

"At the time of the farm-in, Lime Norway could not vote on any matters relating to the drilling of the prospect Gemini as its entry into the license was pending… approval. The drilling campaign in the Gemini prospect stopped at the authorities' minimum required level and before the depth where Rex Virtual Drilling had, as earlier announced, seen strong indication of the presence of hydrocarbons."

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