Rex takes Norwegian stake

Offshore Norway: Rex says new permits are prospective

Singapore-listed Rex International has taken a 5% interest in two licences in Norway through its subsidiary.

Lime Petroleum has entered into an agreement with North Energy to take an interest in PL591 and PL591B.

Both licences are operated by Tullow Oil and have been assessed by Rex Drilling.

Drilling is expected to start in the first half of 2015.

Rex chief executive Mans Lidgren said the company has found a number of potential sweet spots across the permits.

“Although small, we are keen to take on the 5%stakes in these licences as drilling will start as early as the first half of next year,” Lidgren said.

PL591 contains the Zumba prospect with the Upper Jurassic sands estimated to contain about 184 million barrels of oil equivalent at an estimated conventional probability of 43%.

The licences are located in the Norwegian Sea.

Rex holds a 65% interest in Lime Petroleum and also has a 5.35% interest in North Energy.

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