Lundin Petroleum AB (Lundin Petroleum) has introduced that its wholly-owned subsidiary Lundin Norway AS (Lundin Norway) has entered into an settlement with Lime Petroleum AS (Lime Petroleum) a subsidiary of Rex International Holding Limited, to amass its whole Utsira High acreage place overlaying the Rolvsnes and Goddo basement space.

The acquisition takes Lundin Norway’s working curiosity within the Rolvsnes oil discovery in PL338C and within the just lately awarded, adjoining license PL338E1 from 50% to 80% and the Goddo prospect in PL815 from 40% to 60%. This will consolidate the Company’s place within the confirmed weathered and fractured basement play on the Utsira High, near the Edvard Grieg amenities. The transaction, which is efficient from January 2019, entails a money consideration to Lime Petroleum of $43 million and a contingent fee of an extra $2 million, with completion topic to customary authorities approvals.

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Rolvsnes is positioned three km south of the Lundin Norway operated Edvard Grieg platform on the Utsira High and has a gross estimated useful resource vary of between 14 and 78 MMboe. Following the profitable appraisal nicely and manufacturing take a look at in 2018, an prolonged nicely take a look at (EWT) is anticipated to be carried out at Rolvsnes in 2021 to raised perceive the long-term reservoir conduct. The manufacturing take a look at in 2018 additional de-risked the on pattern Goddo basement prospect in adjoining PL815, on which an exploration nicely will likely be drilled in 2019. The mixed gross useful resource potential of the Rolvsnes and Goddo space is greater than 250 MMboe.

Source: www.worldoil.com

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