The Island Innovator rig. Image courtesy of

Norway-based  Lime Petroleum won a 30 percent farm out stake Tuesday  in Lundin Petroleum’s offshore Norway license PL338C.

The license, located about six miles southwest of the Edvard Grieg field, includes the Lundin operated Gemini prospect that is currently being drilled by the Island Innovator rig.

Once the deal is approved by regulators Lundin will hold a 50 percent operating interest in PL338C.

Lime Petroleum will hold a 30 percent working interest and Austria-based OMV will hold a 20 percent working interest.

Sweden-based Lundin, through its wholly owned subsidiary Lundin Norway, spudded exploration well 16/1-24 at the Gemini prospect earlier this month.

Lundin estimates the Gemini prospect holds potential unrisked, gross prospective resources of 93 million barrels of oil equivalent.

The drilling operation is expected to take 40 days.


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