Rex gains stakes in Norway’s North Sea plays

Norway

OSLO, April 18, 2022 – Rex International Holding has signed an agreement with Oslo-based E&P player MOL Norge to acquire the latter’s 40% interest in two North Sea licences in Norway, the Singaporean holding company announced today.

Rex International Holding’s 91.65%-owned subsidiary Lime Petroleum purchased the shares on licences PL820 S and PL820 SB on April 14, 2022.

The plays lie in the Utsira High area north of PL818 Orkja and PL867 Gjegnalunden blocks, of which Lime Petroleum holds 30% and 20% shares respectively.

Lime Petroleum intends to seek operatorship on the two recent purchases, which will require regulatory approval.

The plays contain the Iving and Evra discoveries, which were drilled in 2019 and appraised in 2021. They are thought to contain around 11 million boe.

Financial terms of the acquisitions were not disclosed.