Lime Norway Acquires 30% Interest in North Sea's PL410 from Lundin

Malaysia's Hibiscus Petroleum Berhad's jointly-controlled entity, Lime Petroleum Norway AS has executed an agreement with Lundin Norway AS1 to acquire a 30 percent stake in license PL410 in the North Sea.

Upon completion, Lundin -- as operator of PL410 -- will hold 52.35 percent, while Lime Norway and Statoil Petroleum AS2 will own 30 percent and 17.65 percent, respectively.

Drilling at PL410, located south of the Edvard Grieg field on the Utsira High in the North Sea in water depth of about (100 meters), is planned for 2016.

"The license contains a number of interesting exploration targets that are being evaluated. Drilling could take place in late 2016, given that a drill decision milestone is taken at the license in the first quarter of 2016," Hibiscus said in the press release.

Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc (Lime), which in turn is 35 percent-owned by Hibiscus Petroleum.