Lime Petroleum Holding AS (“LPH”) wishes to share progress updates on its portfolio in Benin, Norway and Germany.
Benin: First well spudded; Arrival of MOPU and FSO on schedule
Akrake Petroleum Benin S.A. (“Akrake”), LPH’s wholly-owned subsidiary and operator of the Sèmè Field, spudded the first of three wells using the Borr Gerd jack-up drilling rig on 4 August 2025, marking the start of a 100-day three-well work-programme for the development project.
Conversion of the Mobile Offshore Production Unit (MOPU) in Dubai is progressing according to plan. Dry docking and underwater work have been completed, with attendance of class society*. Installation of process equipment onto the vessel has commenced. Delivery of the MOPU to Akrake, as well as the dry docking of the Floating Storage & Offloading unit (FSO), are on schedule for start of production in Q4 2025. Further updates will be given in due course.
*The classification society authors various standards, requirements, principles, and acceptance criteria for the offshore, maritime, energy, and oil & gas industries.
Norway: Brage production exceeds expectations; concurrent drilling at Brage and Bestla
Production levels at the Brage Field, in which LPH’s wholly-owned subsidiary Lime Petroleum AS (“LPA”) holds a 33.8434 per cent interest, leapt in July 2025 to 43 per cent above LPA’s 2025 budget-forecast, as a result of the Kim well starting production, and with both the Kim and the Talisker East wells producing at the high end of expectations. This trend is expected to continue for the rest of 2025, suggesting that production at the Brage Field may end the year about 30 per cent above budget-forecast. Production at the Yme Field, in which LPA holds a 25 per cent interest, is expected to be in line with LPA’s 2025 budget-forecast.
Activity is currently high with concurrent drilling on Brage and Bestla, which is tied-back to Brage. A three-well campaign is being drilled in the Talisker area on the northern reaches of the Brage Field, to i) explore the deeper layers in the Talisker area; ii) better delineate the currently producing Oseberg section in Talisker area; and iii) add a new production well in the Oseberg formation. Meanwhile, drilling on Bestla, in which LPA holds a 17 per cent interest, is well underway and going according to plan.
Germany: Plan for Schwarzbach/Erfelden being finalized
LPH’s wholly-owned subsidiary Lime Resources Germany GmbH (“LRG”) is finalising a plan for further development of the Schwarzbach/Erfelden Field, in which it holds a 100 per cent interest. The plan is to drill two production wells in Q1 2026, utilising existing well slots at the field’s production pad. These wells will immediately be put on production into the existing Schwarzbach production facilities. The two wells are expected to initially produce 200 barrels of oil per day (bopd) each, increasing to 600 bopd each in Q4 2026 when more advanced completions have been installed in the wells.
This initial two-well programme will be followed by a larger drilling campaign to add more wells, to bring production up to the Schwarzbach facility’s capacity of 2,000 bopd. Currently, LRG is performing a work-over on the Schwarzbach 1 well, aiming to bring it back online in September 2025 with production of some 20 bopd, from the previous 12 bopd.
Additionally, LRG is starting work on development plans for the Steig, Graben, and Gross Rohrheim discoveries, aiming to start development in 2027.
Heightened activity to drive production
Mr Lars B. Hübert, Chief Executive Officer of LPH, said, “We are excited about achieving first oil in Benin, elated about the surge in production at Brage and the prospect of Bestla coming onstream in Norway, and anticipate the prospect of executing on our plans to increase production in Schwarzbach/Erfelden in Germany. The heightened activity is in line with our strategy to drive up production rates in our portfolio in the short-term.”