Lime Petroleum Buys 10% Stake in Repsol’s Yme Offshore Area

Lime Petroleum AS, a subsidiary of Rex Worldwide, has accomplished the acquisition of a ten p.c stake within the Yme offshore oil subject in Norway from Kufpec for an after-tax consideration of $$68.053 million.

 The completion, in settlement with KUFPEC, was concluded with an preliminary fee of US$55 million on December 23, 2022. Deferred fee of the stability, together with settlement prices, will likely be made inside 30 working days of completion.

 As a part of the settlement, ABG Sundal Collier ASA has been engaged to boost NOK 250 million (roughly US$25.5 million) from the faucet mechanism within the bond arrange in June 2022. The Faucet will likely be raised in the course of the month of January 2023, with ABG Sundal Collier ASA as underwriter. 

After the Faucet situation, the overall bond will likely be NOK 1,200 million (roughly US$122.2 million). 

Pursuant to the completion, which may have an efficient date of January 1, 2022 (a typical follow for licence transactions in Norway), Lime Petroleum now holds a ten% curiosity within the Yme Area.

Lime mentioned earlier this 12 months that manufacturing from Repsol-operated Yme Area would contribute to its goal of reaching manufacturing of 20,000 bpd throughout varied geographies. 

The Yme Area is positioned in PL 316 and PL 316B on the Norwegian Continental Shelf, within the south-eastern a part of the Norwegian sector of the North Sea, 130 kilometers northeast of the Ula subject. The water depth is 100 meters. The sector contains two separate primary constructions, Gamma and Beta, that are 12 kilometers aside. The reservoirs are in sandstone of Center Jurassic age within the Sandnes Formation, at a depth of three,150 meters.

In response to the Norwegian Petroleum Directorate, remaining reserves within the Yme Area stand at 9.70 million Sm3 of oil equal i.e. there are remaining 2P Reserves of about 6.0 mmboe within the Yme Area internet to Lime Petroleum.
Manufacturing from the sector began in October 2021, through the jack-up drilling and manufacturing facility Mærsk Inspirer and a wellhead module.