Lime Petroleum will acquire stake in the the licences PL263D and PL263E, which are operated by Equinor
Lime Petroleum to acquire 20% stake in two licences in Norwegian Sea. (Credit: Pixabay/Gerd Altmann)
Lime Petroleum (LPA), a subsidiary of Rex International, has signed an agreement with Norwegian oil and gas company, Equinor Energy to purchase 20% stake in two licences in Norwegian Sea.
Subject to regulatory approval, LPA will acquire the stake in the each of the licences PL263D and PL263E in the Norwegian Sea.
The firm said that the exploration drilling on the licences is estimated to begin in late 2020, and the planned well is targeting a large prospect called Apollonia, along with a reservoir located in the traditional Jurassic section.
According to Rex International, the Apollonia prospect has strong support from its proprietary Rex Virtual Drilling (RVD) technology.
Equinor is the operator of the licences PL263D and PL263E
Rex International Executive Chairman Dan Broström said, “This is our second farm-in in Norway in 2020, in line with our ‘just-in-time’ farm-in strategy. As with our other farm-ins, including those which resulted in the Rolvsnes and Shrek discoveries, we have used our RVD technology to screen and de-risk the Apollonia prospect.”
Both the licences are located on the Halten Terrace in the Norwegian Sea, approximately 25km to the southwest of the newly issued PL1062 licence.
Equinor is the operator of the licences PL263D and PL263E, while Pandion Energy, a Norwegian Oil & natural gas company, is a partner.
LPA CEO Lars Hübert said: “The Halten Terrace has emerged as an important area of focus for LPA. The PL263D and PL263E licences are well placed between the Åsgard and Midgard fields. We have built up significant expertise in the area, and can effectively employ our strategy of technology-led, near-field exploration.”