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.
WHAT DO YOU THINK?
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.
- Exxon Cutting Hundreds of Workers in Singapore
- Aramco Donates $1MM to Texas After Storm Uri
- BP Appoints New UK Head and Europe SVP
- Odfjell Finalizes Contract for Deepsea Stavanger
- ExxonMobil Seeks Minimum 30% Returns on New Projects
- Granholm Says Oil and Gas Firms Must Embrace Green Transition
- Oil Halts Losses on Eve of OPEC+ Meeting
- Drilling Uptick Bolsters Steel CEO Confidence
- Oil Prices Get Boost from Fuel Inventory Data
- Conoco COO Retires
- ERCOT Directors Resign
- China Oil Reserves Close to Capacity
- Qatar Petroleum Awards Major EPC Deal
- API Mulls Embrace of Carbon Pricing
- Cheniere to Provide Emissions Data to LNG Customers
- Ecopetrol Chief Defends $4B Utility Deal
- Exxon Cutting Hundreds of Workers in Singapore
- Aramco Donates $1MM to Texas After Storm Uri
- Tethys Hits Hydrocarbons Onshore Oman
- Qatar Petroleum Greenlights $29B LNG Project
- Total Bolsters Renewable Portfolio with Texas Buys
- How Many US GOM Jobs Could Go Under Biden?
- How Many US Oil Jobs Were Lost in 2020?
- Nigeria Judge Issues Arrest Warrant for Local Exxon Exec
- Ng Spurns Keystone XL Nafta Challenge
- Texas Governor Addresses Skyrocketing Energy Bills
- Could Biden Order Kill GOM Oil and Gas?
- US Sees Largest Production Disruption Ever
- What Does Myanmar Coup Mean for Oil and Gas?