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Arntzen de Besche has assisted Lime Petroleum in entering into an agreement to acquire Repsol Norge's interests in the Brage field, on the Norwegian continental shelf. The agreement secures Lime Petroleum 33.84 per cent of the field, and the price will be approximately NOK 356 million at today's price.
Lime Petroleum, which was prequalified by the authorities in 2013, has primarily engaged in oil exploration. With the acquisition of the Brage field, they are also fulfilling their ambition to move from exploration to a full-cycle exploration and production company on the Norwegian shelf.
- We are delighted that Repsol has decided to divest the Brage field to Lime Petroleum. The Brage field will be transformative 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, Lars Hübert, CEO of Lime Petroleum, said in a press release from the company.
The first discoveries on the Brage field were made in 1980, while production started in 1993. Even though the Brage field has been producing for a long time, work is still underway to find new ways to improve recovery from the field.
In the press release Lime Petroleum also points out that the economy from the current production reserve base in the Brage field is robust. Several prospects related to both production and exploration drilling shows that further high value production is expected, also in the period ahead.
You can read the full press release here.
The core team from Arntzen de Besche acting as legal advisor to Lime Petroleum has consisted of Rune Omdahl, Rune Tjomsås Andersen, Trond Kildal, Marianne Lind Sahl and Vidar Løhre.