Lime Petroleum to acquire a 10% stake in Yme Field from KUFPEC Norway for $68m.

Lime Petroleum, an exploration company, agreed to acquire a 10% stake in Yme Field, an oil field in the Egersund basin area, from KUFPEC Norway, an international oil company, for $68m. “The Yme acquisition is part of Lime Petroleum’s strategy to build value in the company by adding reserves and production. Yme will provide an additional cash-flow stream, hence reducing our current sole dependence on Brage, as well as strengthen the company. Furthermore, Yme is considered to be in an early stage of development, in contrast to Brage, and we will use the experiences gained from Yme in upcoming field development projects in our portfolio. We look forward to working closely with the operator, Repsol, and our new partners, Lotos and OKEA in the months and years to come," Lars Hubert, Lime Petroleum CEO.