Year: 2019

PDO SUBMITTED TO THE MPE FOR BALDER FUTURE

Lysaker, 17.12.2019: This morning, Mime Petroleum AS together with the operator Vår Energi AS submitted the PDO for the Balder Future project to the Norwegian Minister for Petroleum and Energy.

The Balder Future project includes refurbishment of the Jotun FPSO, new subsea production systems, 14 new wells, and has a total estimate of 19.6 Bill. NOK. Production is planned to start in the autumn of 2022 and some additional 136 Mill. BOE is expected to be produced in the period up to 2045.

Mime entered into an agreement with Vår Energi AS to become a partner in six licenses covering the Balder/Ringhorne fields on March 29th 2019. The agreement was completed on August 1st 2019 and provides Mime with a 10 percent ownership interest in the Balder/Ringhorne fields, and a 7.4 percent ownership interest in the Ringhorne East field. This is Mime’s first acquisition since its prequalification as a licensee on the NCS in June 2018.

The Balder Future project is a perfect match with Mime’s strategy and our focus on enhancing production from producing fields and development of petroleum reserves and resources within and adjacent to our producing fields. The Balder/Ringhorne licenses contain the three essential elements: ongoing production, a large development program, and further exploration opportunities.

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.”

“Realisation of the Balder Future project and PDO proves that a new and ambitious operator together with a committed partner can prolong and redevelop a field thought to be heading towards abandonment.”

“The Balder/Ringhorne assets are among the largest and highest quality fields in Norway and we believe the new partnership will more than double its recoverable reserves.”

MIME PETROLEUM’S FIRST ACQUISITION IN NORWAY IS APPROVED AND COMPLETED

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.

MIME PETROLEUM ANNOUNCES ITS FIRST ACQUISITION IN NORWAY FROM VÅR ENERGI AS

Mime Petroleum, the Oslo-based independent E&P company, announces the acquisition of ownership interests in the Balder/Ringhorne and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS).

Mime Petroleum, the Oslo-based independent E&P company, announces the acquisition of ownership interests in the Balder/Ringhorne and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS).

Mime has signed an agreement with Vår Energi AS (Vår Energi) to become a partner in six licences west of Stavanger. The agreement provides Mime with a 10 percent ownership interest in the Balder and Ringhorne fields and a 7.4 percent ownership interest in the Ringhorne Øst Unit.

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 three important elements: ongoing production, a large development programme and further exploration opportunities.

“Our ambition is to become a leading independent E&P company in Norway, with a focus on enhancing the production and development of petroleum resources on the NCS.  Our team has the knowledge and skills to pursue a full range of optimisation opportunities.”

Mime will receive 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. Other projects comprise an upcoming drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO towards 2030. A revised plan for development and operation (PDO) is planned to be submitted in fourth quarter 2019.

The agreement between Vår Energi and Mime is subject to confidentiality obligations and closing is dependent on customary government approvals. The completion of the transaction will take place later in 2019.

Media contact: Sarah McDaid (sarah@mcdaidpr.co.uk / 00447866789688)

Notes to editors

About Mime Petroleum AS

Mime Petroleum is focused on hydrocarbon development and production on the Norwegian continental shelf. The company consists of highly experienced oil and gas industry staff and as of June 21, 2018 is prequalified as a licensee on the Norwegian Continental Shelf. Mime’s vision is to build a leading E&P business that is recognized for its ability to use knowledge to create value. The execution of our strategy will be underpinned by our four Core Values: Teamwork, Knowledge, Integrity and Ownership. The Company is led by Executive Chairman Sverre Skogen and has its headquarters in Oslo, Norway.

More information available on www.mime-petroleum.com