Lime Petroleum Norway AS, a jointly-controlled entity of Malaysia-based Hibiscus Petroleum Berhad and Singapore-based Rex International Holding, decided to surrender three licenses in the North Sea, the companies said Thursday.
The licences hit their drill or drop deadline on July 23.
All three licenses -PL509S, PL509BS and PL509CS- were located in the North Sea off the coast of Norway.
The companies said they declined to continue participating in the licenses after reprocessed seismic data showed thin marine channel deposits which would be challenging to map with confidence.
Rex Virtual Drilling analysis showed the presence of anomalies, but these were deemed too small to warrant drilling.
Electromagnetic surveys also failed to reveal significant enough deposits, Hibiscus said.
Norway-based North Energy ASA, the operator of the three licenses, proposed to its partners that they bow out of the licenses.
Lime Norway was partnered with North Energy and Norway-based companies Fortis Petroleum Norway AS and Rocksource Exploration Norway AS for the licenses.
Hibiscus Petroleum continues to hold various levels of equity in 13 licenses in Norway.
Lime Norway said that dropping the licenses is not expected to have an adverse impact on its 2014 fiscal year.