Lime Petroleum Secures 25% Interest in New North Sea Licence PL1279 Including Vette Discovery

Lime Petroleum Holding AS has shared an update. The company announced that it has been awarded a 25% participating interest in North Sea licence PL1279 in Norway’s APA 2025 round, alongside partners Repsol Norge AS (55%, operator) and ORLEN S.A. Upstream Norway AS (20%). The licence includes the Vette discovery and is located on the Norwegian Continental Shelf, where Lime is already a partner in the Yme field.

For investors, participation in PL1279 potentially expands Lime Petroleum’s reserves and future production base, adding exposure to an existing discovery rather than purely frontier exploration. This may support longer-term revenue prospects if the Vette discovery is commercially developed and integrated with existing infrastructure in the area, potentially lowering development costs and improving project economics. The alignment with experienced operator Repsol and partner ORLEN may also help de-risk execution and financing. However, the financial impact will depend on subsequent appraisal, development decisions, capital commitments, and commodity price conditions, which have not been disclosed. Strategically, the award reinforces Lime Petroleum’s positioning as a focused player on the Norwegian Continental Shelf, with growing scale and partnership depth in the North Sea.