Lundin Petroleum has agreed to acquire 30% interest in the Rolvsnes discovery licences PL338 C and pre-awarded PL338 E, and 20% interest in the Goddo prospect PL815 from Lime Petroleum for a cash consideration of US$ 43 million and a contingent payment of a further US$ 2 million. The transaction was announced on 28 January 2019 and will have an effective date of 1 January 2019, subject to regulatory approvals. Rolvsnes was discovered by 16/1-12 (2009, Lundin, 2,055m), which encountered a 42m oil column in porous/weathered pre-Devonian basement. Rolvsnes gross resource range is 14 -78 million after the successful drilling and production testing of appraisal well 16/1-28 S in 2017 which TD'd at 4,880m MD (1,918m TVD). Rolvesnes licence PL338 C covers 122 sq km in block 16/1 and was granted on 16 December 2014 for five years initial exploration period. It was carved out of PL338 which covers the Edvard Grieg Field adjacent to the N. The PL338 C partners have already drilled the dry Gemini well 16/1-24 (2015, Lundin, 2,299m) and successful Edward Greig South appraisal well 16/1-25 (2015, Lundin, 2,210m). PL338 C equity partners are Lundin Norway AS (50% + Op), Lime Petroleum Norway AS (30%), and OMV (Norge) AS (20%). PL338 E (block 16/4, 30 sq km) adjacent to the S of PL338 C has been pre-awarded in APA2018 with the same partnership as PL338 C. PL815 partners plan to drill NFW 16/5-8 S in Q1 2019 targeting the Goddo prospect, which has a similar reservoir to the Rolvesnes discovery. PL815 covers 111 sq km over block 16/5 and was awarded in APA 2015 on 5 February 2016. PL815 equity partners are Lundin (40% + OP), Lime (20%), Concedo ASA (20%) and Petoro AS (20%).
Norway, PL 815