Singapore’s Rex International Holding is set to boost its international upstream portfolio with the acquisition of stakes in two blocks in the Norwegian sector of the North Sea where Hungary’s MOL has already made hydrocarbon discoveries.
Rex’s 91.65% subsidiary Lime Petroleum has agreed to acquire MOL’s 40% operated interests in the PL820 S and PL820 SB licences, which contain the Iving and Evra discoveries, and the Singapore company aims to take over operatorship of the blocks.
Rex also confirmed its intention to move towards further exploration drilling and exploitation of the discoveries made so far on these blocks.
