Lime to enter Edvard Grieg area exploration offshore Norway

Offshore staff

STOCKHOLM, SwedenLundin Norway has agreed to farm out 30% interest in license PL338C in the central Norwegian North Sea to Lime Petroleum Norway.

Earlier this month the semisubmersible Island Innovator spudded an exploration well on the license on the Gemini prospect, 10 km (6.2 mi) from the new Edvard Grieg field production platform.

Lundin estimates prospective resources at Gemini at 93 MMboe in Paleocene sandstones in a stratigraphic pinch-out trap.

Additionally, the license contains proven oil in the weathered basement Rolvsnes oil discovery, where further appraisal is scheduled.

Lime agreed to the acquisition after Rex Virtual Drilling3 (RVD) demonstrated strong anomalies, indicative of hydrocarbon presence, consistent with conventional geological findings.

Assuming approval by Norway’s government, Lundin will remain operator with 50%, in partnership with Lime and OMV Norge (20%).

02/24/2015

Island Innovator

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