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Lime Petroleum in 20% Farm-in to 2 Licences in Norwegian Sea

Source: 4/9/2020, Location: Europe

Rex International Holding Limited, a technology-driven oil company, is pleased to announce that its 90 per cent subsidiary Lime Petroleum AS (“LPA”) has on 8 April 2020, signed an agreement with Equinor Energy AS (“Equinor”) to acquire 20 per cent interests in each of the licences PL263D and PL263E in the Norwegian Sea. The transfer of the interests is pending regulatory approval, which will be announced upon completion of the transfer of the interests.

Exploration drilling on the licences is expected to commence late 2020, with the planned well targeting a large prospect called Apollonia, with a reservoir located in the traditional Jurassic section. The Apollonia prospect has strong support from the Group’s proprietary Rex Virtual Drilling (“RVD”) technology.

Mr Dan Brostrom, Executive Chairman of Rex International Holding, said, “This is our second farm-in in Norway in 2020, in line with our ‘just-in-time’ farm-in strategy. As with our other farm-ins, including those which resulted in the Rolvsnes and Shrek discoveries, we have used our RVD technology to screen and de-risk the Apollonia prospect. We anticipate the opportunity to take part in another successful exploration drilling in the near future.”

The licences PL263D and PL263E are located on the Halten Terrace in the Norwegian Sea, some 25km to the southwest of the newly issued PL1062 licence. Equinor is the operator of the licences, and Pandion Energy AS is a partner.

Mr Lars Hubert, Chief Executive Officer of LPA, said, “The Halten Terrace has emerged as an important area of focus for LPA. The PL263D and PL263E licences are well placed between the Asgard and Midgard fields. We have built up significant expertise in the area, and can effectively employ our strategy of technology-led, near-field exploration.”

LPA will work closely with the operator and partners on the licence. LPA will continue to actively utilize the Rex RVD technology for further evaluation of the licence area.

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