Lime Petroleum partakes in North Sea oil discovery

10 Feb 2023 10:30 CET

Lime Petroleum AS (“Lime”) is pleased to announce that that a minor discovery
has been made in the PL867 Gjegnalunden well (25/10-17 S), in which Lime has a
20 per cent interest. The operator, Aker BP, which holds the remaining
interests in the licence, is concluding operations and permanently plugging the
well. The well is some 12 km north of the Ivar Aasen field in the Norwegian
North Sea, 187 km southwest of the city of Haugesund.

The dual objective of the Gjegnalunden well was mainly to prove hydrocarbons in
Middle Jurassic reservoir rocks of the Hugin and Sleipner formations and
secondly, to prove hydrocarbons in reservoir rocks in the deeper Triassic
Skagerrak Formation.

The well encountered a thin oil column of approximately 3m in the Hugin
Formation, in moderate quality reservoir sandstone. An oil water contact was
proven at 3,654m True Vertical Depth Sub Sea (TVDSS). In addition, there were
indications of hydrocarbons both above and below this column, in the Hugin and
Sleipner formations respectively. The well was drilled to a vertical depth of
4,057m below sea level (4,150m measured depth).

Preliminary volume calculations made by the operator indicate between 0.5 and
1.4 million Sm3 recoverable oil equivalents. Lime’s initial volume calculations
may suggest potential for a larger accumulation.

Mr Lars Hübert, Chief Executive Officer of Lime, said, “We would have liked to
see a thicker hydrocarbon column in the Gjegnalunden well, but we are encouraged
by the findings in the well. We will continue to work with the well results to
identify further resources in PL867, and to also evaluate these results against
the prospectivity in the neighbouring PL818 licence with the Orkja prospect, in
which Lime has a 30 per cent share.”

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