Page 10 - Lime Petrolium Annual Report 2020
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LIME PETROLEUM
Directors’ Report
Although 2020 was an unusual year that had consequences for the business activity in the oil and gas industry, Lime Petroleum AS took steps to further build a solid asset portfolio by acquiring 20 percent stake in licences PL263D and PL263E spring 2020, and participated in Sierra South gas discovery located in the vicinity of the Maria field in the Norwegian Sea. At the same time, the company acquired 15 percent stake in the licences PL937 and PL937B now preparing to undertake drilling of the Fat Canyon well situated at Frøya High during the summer 2021. Along with the 2019 participation in the Shrek discovery located nearby the Skarv facility, Lime Petroleum AS has increased its asset value contributing to further growth for the company. Both the Sierra South discovery and the Shrek discovery are typical examples of near-field-exploration envisioned to yield “high value barrels” adhering to the company`s infrastructure-led exploration strategy.
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