Germany

Lime Resources Germany GmbH

Lime Resources Germany GmbH (Lime Germany) has purchased certain assets in the Rhein river valley in Germany (pending all public authorisations), including the Schwarzbach oil field south of Frankfurt. A 2022 Competent Person Report by SGS Nederland B.V. on the Schwarzbach field estimates 2P reserves of 3.8 million barrels. The field is currently producing around 50 barrels of oil per day. Lime Germany is currently analysing regional data to determine the optimal strategy for asset development, which may include drilling additional production wells in the Schwarzbach field and pursuing field development and exploration drilling on other portfolio assets.

Other Assets

Separately, Lime Petroleum Holding AS (LPH) signed in October 2024 a heads of agreement with Genexco on the potential acquisition of a part of the Reudnitz gas field. LPH has worked closely with Genexco on the final design of a workover and test of the RZ2 well, and Genexco has applied for the permit to perform the operation. It is expected that the operation will take place in mid-2025. LPH will use the results of the test to determine whether or not to exercise the Option and become Operator of the licence.

Further Exploration And Development

LPH’s portfolio in Germany contains additional oil discoveries, and also significant exploration targets. Both the Rhein River valley, and northern Germany have not had significant exploration activities in the past 20 years, thus there is potential for large discoveries by using modern exploration and drilling technology. LRG will look to develop the additional discoveries as well as evaluate exploration targets with an eye for cost efficient operations.

For more information, please refer to pages 32 to 35 of our 2024 Annual Report.