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Lime Petroleum acquires Repsol's interest in Brage field

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Oilfield Technology,

Lime Petroleum AS, a 90% subsidiary of Rex International Holding, has entered into a conditional sale and purchase agreement with Repsol Norge AS to acquire Repsol’s 33.8434% interests in the oil, gas and natural gas liquids (NGL) producing Brage field, and the five licences on the Norwegian Continental Shelf over which the Brage field straddles, for a post-tax consideration of US$42.6 million.

Brage is a field in the northern part of the North Sea, 10 km east of the Oseberg field. The water depth is 140 m. Brage was discovered in 1980, and production started in 1993. In 2020, about 1.38 million boe or 3800 boe/d were produced from the Brage field, net to Repsol’s 33.8434% working interest. Although the Brage field has been producing for a long time, work is still ongoing to find new ways of increasing recovery from the field.

According to the Norwegian Petroleum Directorate, there are 3.42 million m3 of oil equivalent or 21.52 million boe of remaining reserves in the Brage field. Accordingly, net 2P Reserves of about 7.3 million boe from the Brage field will be added to Lime Petroleum’s current 2C Contingent Resources of 27.7 million boe. Lime Petroleum intends to commission a summary qualified person’s report on the Brage Field upon completion of the Acquisition.

Lars Hübert, CEO of Lime Petroleum said, “We are delighted that Repsol has decided to divest the Brage field to Lime Petroleum. The Brage field will be transformational to the company. It will not only provide stable cash-flow to Lime Petroleum but will complement our exploration and development projects on the Norwegian Continental Shelf, both in terms of cash flow and technical expertise. We intend to work closely with the Brage operator and partners to maximise the value of the asset, including the near-field exploration opportunities we see within the licences.”

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