On 15 October 2018 Lime Petroleumâs parent company Rex International reported that Lime will divest its 20% interest in PL 850. The company to which the asset will be transferred has not yet been disclosed. PL 850 is located in the Barents Sea, immediately north of Nucula, and covers parts of blocks 7124/6, 7125/4, 7125/5, 7125/6, 7126/1 and 7126/4. This is the only licence that Lime holds in the Barents Sea and the company wants to concentrate on its core area in the North Sea where it has acreage close to existing infrastructure. The deal will be financially effective from 1 January 2018 and is subject to government approval.  Nucula was discovered in 2007 by Norsk Hydroâs 7125/4-1. Oil and gas was proven in the Triassic Realgrunnen Group and the Kobbe Formation with estimated reserves put at 210-420 MMboe. However, following an appraisal well in 2008, which proved just a small oil column in thin sands, reserves were downgraded to the lower part of the range. As of 31 December 2017 the NPD classifies the find as âproduction is unlikelyâ and does not give any associated volumes.  Following completion of this and another pending deal, interest in PL 850 will be divided between Edison Norge AS (30% + operator), KUFPEC Norway AS (20%), PGNiG Upstream Norway AS (20%), Unknown (20%) and Lundin Norway AS (10%).
Rex advises that it has sold its subsidiary Limeâs 20% (Edison (op), Kufpec, PGNiG, Lundin + Lime) in PL 850 (1028kmÂ²), The buyer has not been disclosed.