Presentation

Mime Petroleum is focused on hydrocarbon development and production on the Norwegian continental shelf. Through an investment agreement with Bluewater Energy Mime has access to an equity line of up to USD 300m. The company is consisting of highly experienced oil and gas industry staff led by Sverre Skogen which is a former Executive Chairman of Det Norske Oljeselskap.

The existing portfolio was established through an acquisition from Vår Energi in 2019 and comprises 10% working interest in the Balder/Ringhorne fields and 7.4% working interest in the Ringhorne East field. All fields are in production and operated by Vår Energi. Net 2P reserves amounted to 24 mmboe per YE’20 and net production was ~2,100 boepd in 2020.

A significant revitalisation campaign at Balder/Ringhorne was sanctioned in 2019, which involves the Balder X project (refurbishment of the Jotun FPSO and drilling of 19 new wells) and further phases of infill drilling at Ringhorne. As a result, production is expected to increase over the coming years, reaching more than ~10,000 boepd net to Mime. Besides the significant organic development activities, the company is also actively evaluating M&A opportunities.