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01 April 2019

MIME PETROLEUM ANNOUNCES ITS FIRST ACQUISITION IN NORWAY FROM VÅR ENERGI AS

01 April 2019

Mime Petroleum, the Oslo-based independent E&P company, announces the acquisition of ownership interests in the Balder/Ringhorne and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS).

Mime Petroleum, the Oslo-based independent E&P company, announces the acquisition of ownership interests in the Balder/Ringhorne and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS).

Mime has signed an agreement with Vår Energi AS (Vår Energi) to become a partner in six licences west of Stavanger. The agreement provides Mime with a 10 percent ownership interest in the Balder and Ringhorne fields and a 7.4 percent ownership interest in the Ringhorne Øst Unit.

The acquisition is Mime’s first since its prequalification as a licensee on the NCS in June 2018.

Sverre Skogen, Executive Chairman of Mime, said: “We share Vår Energi’s ambitious plans to develop and maximise the Balder/Ringhorne area and we are committed to support and cooperate with the operator to ensure safe and efficient operations. 

“Vår Energi is an excellent partner and the licences involved are very attractive to us, as they contain three important elements: ongoing production, a large development programme and further exploration opportunities.

“Our ambition is to become a leading independent E&P company in Norway, with a focus on enhancing the production and development of petroleum resources on the NCS.  Our team has the knowledge and skills to pursue a full range of optimisation opportunities.”

Mime will receive 10 percent ownership interests in PL 001, PL 027, PL 027C, PL 028, PL 028S and PL 027GS, while Vår Energi continues to operate the licences with 90 percent ownership interests.

The partners plan to redevelop the Balder and Ringhorne fields through the Balder X project. The Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, drilling of 20 new production wells across the Balder and Ringhorne fields. Other projects comprise an upcoming drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO towards 2030. A revised plan for development and operation (PDO) is planned to be submitted in fourth quarter 2019.

The agreement between Vår Energi and Mime is subject to confidentiality obligations and closing is dependent on customary government approvals. The completion of the transaction will take place later in 2019.

 

 

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