LIME PETROLEUM ANNUAL REPORT 2021
Directors’ Report An unprecedented chain of international events in the past two years has left the oil and gas market on a tighter balance. Unexpected rise in demand due to increased mobility under lighter covid restrictions and unscheduled supply shortages have pushed oil prices to record highs. This is aggravated by the recent war in Ukraine, which will mean we will be facing another volatile year in 2022. Despite the market uncertainties, Lime Petroleum AS continues to successfully conduct its business, building upon its growth strategy. In 2021 Lime Petroleum AS made the transition from pure exploration to a full cycle exploration and production company. Lime Petroleum AS consolidated its asset portfolio in 2021 by acquiring a significant 33.8434% interest in the oil producing Brage field. During the year, Lime has also added one exploration licence and one licence planning for PDO (Plan for Development and Operation) by the end of 2022, to its portfolio. In the autumn Lime acquired 15.65% interest in licence PL433 Fogelberg and to close the year, bought a 20% interest in licences PL867/B. Page 14
