Lime acquires 20% in PL509CS from North Energy

Lime Petroleum Norway AS  has on 20 February 2014 signed an agreement with North Energy ASA  to acquire a 20 per cent stake in a new licence in Norway, PL509CS.

North Energy was awarded operatorship of the licence in Predefined Areas (“APA”) on 21 January 2014. The acquisition of the 20 per cent stake in PL 509CS is pending regulatory approval.

Lime Norway is a wholly-owned subsidiary of Lime Petroleum Pic (“Lime”). Lime is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.

As part of Lime Group’s growth strategy with Norway taking an increasingly important focus, this latest acquisition was made after performing in-depth technical evaluations including Rex Virtual Drilling on the production licenses held by North Energy. Upon completion of the acquisition, Hibiscus Petroleum’s portfolio of licences in Norway would increase to 14.

The acquisition of the interests in the Norwegian Continental Shelf concessions is in line with Hibiscus Petroleum’s portfolio balancing strategy to acquire assets in geo-politically stable regions. The Norwegian Continental Shelf is a prolific, mature oil and gas basin with significant level of exploration and production activity. Norway is the world’s 3rd largest gas exporter and 6th largest oil exporter.