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Lime Petroleum acquires additional 10% share in PL707


Published Dec 7, 2015
Lime Petroleum Norway AS-2

Hibiscus Petroleum says that Lime Petroleum Norway AS ('Lime Norway'), a company in which its jointly-controlled entity, Lime Petroleum Plc is a shareholder, has informed the Company on 3 December 2015 that it has entered into an agreement with North Energy ASA to acquire another 10% share in PL707 license in the Barents Sea. The transfer will be effective from 1 January 2016 and is subject to authority approval.

Upon completion of the transaction, Lime Norway's interest in PL707 would be 20%, with Edison Norge AS (operator) having 50% interest and PGNiG Upstream International AS with 30%.

Tags: Hibiscus Petroleum, Lime Petroleum Norway AS




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