Rex International Holding Limited (“Rex International Holding”,
“Rex” or the “Company”, and together with its subsidiaries, the “Group”), a multinational oil
exploration and production company, wishes to share updates on its subsidiary Lime Petroleum AS’s
(“Lime”) assets in Norway.
New licence with tie-back to Brage
Following the successful 2023 Kim discovery within the Brage Field, in which Lime has a 33.8434%
interest, the Brage partnership further evaluated the surrounding Sognefjord East area for a potential
extension of the reservoir to the east into the neighbouring EXL004 Carbon Capture & Storage (CCS)
Luna licence. The Brage partnership, after extensive discussions with the Luna licence partners and
the authorities, had submitted an out-of-round application for a production licence covering this
eastern extension. Official approval of the PL055FS licence was obtained on 15 November 2024,
allowing for exploration, and if successful, development of the Sognefjord East area, while co-existing
with Luna.
The Brage Unit partnership consists of OKEA ASA (operator 35.2%), Lime (33.8434%), DNO Norge AS
(14.2567%), Petrolia Noco AS (12.2575%), and M Vest Energy AS (4.4424%).
Plan for Development & Operation of Bestla Field approved
The Plan for Development and Operation (PDO) for PL740 Bestla, in which Lime has a 17% interest,
was approved by the Norwegian Ministry of Energy on 19 November 2024. The project is moving
forward and will be developed as a tie-back to the Brage Field with first oil expected in early 20271
.
The PL740 partnership consists of OKEA ASA (operator 39.2788%), DNO Norge AS (39.2788%), Lime
(17%), and M Vest Energy AS (4.4424%).
Acquisition of 15% interest in producing Yme Field completed
Lime’s acquisition of 15% interest in the Yme Field from OKEA ASA (“OKEA”) for a post-tax
consideration of US$15.65 million, first announced on 23 September 2024, was completed on
29 November 2024, following approval by the relevant Norwegian authorities and transfer of all
related obligations, including decommissioning costs, to Lime. Lime’s payment of a post-tax
consideration of US$9.2 million to OKEA in 2027 will be repaid to Lime in four 25% tranches upon
completion of four pre-defined stages of abandonment of the field.
Pursuant to the completion of the acquisition, Lime now has a 25% interest in the producing Yme
Field, effective from 1 January 2024.
Mr Lars B. Hübert, Chief Executive Officer of Lime, said, “We are pleased that our strategy to build up
reserves and resources on the Norwegian Continental Shelf is moving at a good clip. Both the Kim and
Sognefjord East targets and the Bestla tie-back to the existing infrastructure in Brage are good
examples of our near-field and in-field exploration and development strategy which will minimise
additional construction costs and in turn, reduce emissions, while fast-tracking production and
extending Brage Field’s lifespan. These new developments, together with our increased interest in
Yme, will add to our reserves and resources in the years to come.”
