Offshore staff
OSLO, Norway – Lime Petroleum has signed a license swap agreement with ONE-Dyas.
The company will transfer its 20% interests in licenses PL263D, PL263E, and PL263F Sierra (ex- Apollonia) in the Norwegian Sea to ONE-Dyas, receiving in exchange a 13.3% stake in PL433, containing the Fogelberg development prospect.
In addition, Lime will pay ONE-Dyas a contingent cash consideration, related to the plan for development and operations (PDO).
PLs 263D, 263E, and 263F are all on the Halten Terrace. During the fall of 2020, Lime participated in the Apollonia exploration well that led to the Sierra South gas discovery in Cretaceous Lange Formation sandstones.
The Norwegian Petroleum Directorate estimates reserves at around 5 MMboe. The license partners, led by Equinor, also identified significant prospective resources.
PL433, also on the Halten Terrace, and just north of the Åsgard field, contains the 49-MMboe Fogelberg gas-condensate discovery. It has been delineated by three wells and a production test.
The reservoir is in the same Jurassic Garn formation produced from Åsgard field. Spirit Energy and its partners will likely submit a PDO at the end of next year, with start-up potentially in 2025.
Lars Hübert, CEO of Lime, said: “The Halten Terrace continues to gain importance to LPA, as we move the company closer to production. The swap with ONE-Dyas enables us to get into production sooner and reduce exploration risk.
“Development work on Fogelberg will run in parallel with the PL838 Shrek and PL1125 Falk/Linerle developments, which the company is also working on.”
04/08/2021
