Lime Petroleum Acquires 30% Stake in PL544 in Norwegian North Sea

Singapore-listed Rex International Holding Ltd.'s jointly controlled unit Lime Petroleum Norway AS inked an agreement with Lundin Norway AS to acquire a 30 percent stake in license PL544 in the Norwegian North Sea, the firm said Thursday.

On receipt of regulatory approval, the joint venture partners in PL544, located south of the Edvard Grieg field on the Utsira High in the North Sea in water depth of around 328 feet (100 meters), will be Lundin (operator) with a 40 percent interest, while Lime Norway and Bayerngas Norge AS will each hold 30 percent.

Rex revealed that the Fosen prospect in the license is being considered for possible drilling this year.

“We are pleased to be working again with Lundin, a reputed operator. We are excited about the Fosen prospect, as it is located in an area close to existing infrastructure and Rex Virtual Drilling analysis on the prospect is positive. The drilling of the prospect later in the year is in line with our focus on Norway in 2015,” Mans Lidgren, CEO of Rex International Holding, said in a press release.

Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc, a jointly-controlled entity in which the Rex holds a 65 percent indirect stake.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)
 -  Wood Group Engineers to Carry Out Sakh... (May 22)

Most Popular Articles

From the Career Center
Jobs that may interest you
Construction Contracts Analyst
Expertise: Contracts Administration|Legal
Location: Alpharetta, GA
Senior Construction Contracts Manager
Expertise: Construction Manager|Legal
Location: Alpharetta, GA
Asset Analyst
Expertise: Accounting|Asset Management|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours