Lime Petroleum Norway Increases Stake in Norwegian Sea

Lime Petroleum Norway clinched a deal with Tullow Oil Norge to buy an additional 20% in three licences in the Norwegian Sea. 

‘Following the transaction, the ownership will be Tullow operator 60%, Lime Petroleum 25% and North Energy 15%. The transfer is subject to authority approval’ reads the note released on Monday.

The tree licences are PL591, PL591B and PL591C.

According to the company, the operator should drill the prospect on the licences in mid-July.

‘The prospect has Late Jurassic aged Rogn Formation sandstones as reservoir target, holding a gross potential of some 250 mmboe and geological chance of success estimated at 27%.’