Hibiscus Petroleum Berhad (Hibiscus Petroleum) says that its jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway) has decided to surrender PL509S, PL509BS and PL509CS, all of which are located in the North Sea, following the deadline for a drill or drop decision by July 23.

Following the assessment of results obtained from reprocessed seismic data, the application of Rex Virtual Drilling (RVD) and electromagnetic surveys (EM), Lime Norway has supported its partners’ evaluation of all available data and declined from continued participation in these licenses. Lime Norway’s partners in these licenses are North Energy ASA (North Energy), Fortis Petroleum Norway AS and Rocksource Exploration Norway AS.

Tags: Hibiscus Petroleum