Lime Petroleum Highlights Completion of Bestla PL740 Development Drilling Campaign

Lime Petroleum Holding AS has shared an update. The company announced the successful completion of the development drilling campaign for the PL740 Bestla field, operated by OKEA ASA and conducted with the Deepsea Yantai rig over 129 days. The campaign drilled more than 16 kilometers in total, including 10 kilometers within the reservoir, and identified nearly 1 kilometer of high-quality reservoir sands with permeability above 1 Darcy. The work also included a successful appraisal of the West Segment and the delivery of OKEA’s first multi-lateral technology (MLT) well. The wells are currently suspended and are scheduled for Christmas tree installation in Q3 2026. The PL740 license partnership consists of OKEA ASA (39.2788%, operator), DNO ASA (39.2788%), Lime Petroleum AS (17%), and M Vest Energy AS (4.4424%).

For investors, the completion of this drilling phase represents a key de-risking step for the Bestla development, improving visibility on reservoir quality and potential recoverable volumes. The confirmation of high-quality sands and successful appraisal work can support future reserve bookings and project sanction decisions, which may translate into medium- to long-term production and cash flow contributions for Lime Petroleum through its 17% stake. The use of MLT technology may enhance recovery and project economics if performance meets expectations. However, with production start still dependent on subsequent development steps and infrastructure installation planned from 2026, near-term financial impact is limited. Strategically, participation in a progressing North Sea development strengthens Lime Petroleum’s position as a non-operated partner in Norwegian offshore projects and may enhance its asset portfolio value, contingent on final development plans, oil and gas prices, and execution risk over the coming years.