Lime Petroleum farming into the Shrek prospectPGNiG 2019 Norwegian Sea License map: Source: PGNiG Upstream Norway

Lime Petroleum farming into the Shrek prospect

Lime’s intent to acquire shares in two Norwegian Sea PLs is subject to approval.

Lime Petroleum, a 90%-owned subsidiary of Rex International Holding, has decided to acquire Wintershall DEA 30% interest in two Norwegian Sea licenses.

The licenses are PL838 and PL838B, located on the Donna Terrace area. PL838 contains the Shrek prospect that PGNiG and Aker BP (license partners ) plan to drill in October. Pre-drill resource estimates are between 10 and 22 MMboe.

The main prospect target is the Middle Jurassic Garm Fm, a proven oil reservoir, together with additional prospective upper layers in the Cenozoic section.

The targeted layers are backed-up by a solid Rex Virtual Drilling AVO response and geological/geophysical analyses. Lime Petroleum benefits from the RVD technology, which is a direct hydrocarbon indicator using seismic data.