Lime Petroleum due Norwegian Sea stakes

Lime Petroleum Norway AS has agreed to acquire 50% of the PL760 and PL760B licenses in the Norwegian Sea from Enquest Norge AS. Terms weren’t reported.

The licenses are 25 km west of Norne oil and gas field in 370 m of water.

Rex International Holding Ltd., the Singapore-based owner of 65% of Lime Petroleum PLC, the acquirer’s parent, said exploratory targets are Cretaceous reservoirs productive in nearby Marulk gas field. It said a decision whether to drill on the acreage will be made in February.

Total operates the licenses with 50% interests.

Hibiscus Petroleum Sdn. Bhd., Kuala Lumpur, holds 35% interest in Lime Petroleum, which is based in Douglas, Isle of Man.

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