Rex International Holding Limited (“Rex International Holding”,
“Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology-driven oil
exploration and production company, wishes to announce that between 0.2 and 0.5 million Sm3 of
recoverable oil1
(or 1.25 to 3.1 mmbbl of recoverable oil) was proven in connection with the drilling
of a production well in the Brage Field, located in the northern part of the North Sea, by operator
OKEA ASA. Rex’s 91.65 per cent subsidiary Lime Petroleum AS (“LPA”) holds a 33.8434 per cent
interest in the Brage Field. As such, the discovery will add 0.4 to 1 mmbbl of oil reserves in the Brage
Field net to LPA.
The well was drilled from the platform on the Brage Field, which has been producing since 1993. The
field was proven in 1980 in reservoir rocks in the Statfjord and Brent Group and in the Fensfjord and
Sognefjord Formation.
The Brage Field is developed utilising an integrated production, drilling and living quarters facility with
a steel jacket. The oil is transported by pipeline to the Oseberg field and onward in the Oseberg
Transport System (OTS) pipeline to the Sture terminal. A gas pipeline is connected to the Statpipe
pipeline system.
AGR Energy Services AS, in an Independent Summary Qualified Person’s Report dated 21 March 2023,
estimated 2P reserves of 10.81 MMboe in the Brage Field, of which 3.66 MMboe are net to LPA.
