Lime Petroleum acquires additional stake in Norwegian Sea licenses from Tullow
OSLO, Norway -- Lime Petroleum Norway has entered into an agreement with Tullow Oil Norge to acquire an additional 20% stake in licenses PL591, PL591B and PL591C in the Norwegian Sea.
Following the transaction, the ownership will be Tullow operator 60%, Lime Norway 25% and North Energy 15%. The transfer is subject to authority approval.
The Zumba prospect on the licences is scheduled to be drilled mid-July 2015 using the rig Leiv Eriksson.
The prospect has Late Jurassic aged Rogn Formation sandstones as the reservoir target, holding a gross potential of some 250 MMboe, and a geological chance of success estimated at 27%.
