Mime Petroleum’s first acquisition in Norway is approved and completed

1 August 2019

Mime Petroleum, the Oslo-based independent E&P company, has received approval from Norwegian Authorities for and completed the acquisition of ownership interests in the significant Balder and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS). 

Mime entered into an agreement with Vår Energi AS (Vår Energi) to become a partner in six licences west of Stavanger on March 29th 2019. The agreement provides Mime with a 10 percent ownership interest in the Balder field, and a 7.4 percent ownership interest in the Ringhorne East field. 

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 the three important elements: ongoing production, a large development program and further appraisal/exploration opportunities. 

“Our ambition is to become a leading independent E&P company in Norway. 

“Our focus is on enhancing the production and development of petroleum resources on the NCS, and our team has the knowledge and skills to pursue a full range of optimisation and appraisal opportunities. 

“One of the licences we have acquired ownership in is PL 001, the first licence granted in Norway, and the beginning of this auspicious industry for our country. We take this as an omen for success.” 

Mime has acquired 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. A revised Plan for development and operation (PDO) is planned to be submitted in the fourth quarter 2019. Other ongoing projects comprise a drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO. 

The agreement between Vår Energi and Mime is subject to confidentiality obligations.

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