Rex Unit to Acquire Stakes in 2 Norwegian Exploration Licenses

Singapore-based Rex International Holding Limited reported late Wednesday that its 65 percent-owned subsidiary Lime Petroleum Norway AS, will receive 10-percent stakes in each of two new exploratory licenses in Norway from North Energy ASA, as a result of a cooperation agreement between Lime and North Energy. Rex said no consideration is needed to be paid for the transfer of the 10-percent stakes, which is pending regulatory approval.

The two licenses were previously awarded to North Energy in the 22nd licensing round by the Norwegian Ministry of Petroleum and Energy in June 2013. Both licenses, PL 707 and PL 708, are situated in the Barents Sea, in proximity to the coast on the Finnmark East platform.

Rex CEO Måns Lidgren commented in a company statement:

“North Energy received the second largest award of licenses in this licensing round in Norway, and we are privileged to be able to tap on our strong working relationship with them to participate in two of the most exciting and valuable licenses in the area.

"At listing, we had shared our intention to grow our portfolio from 10 licenses to 20 within the next 12 months. Over the last two months since our listing, we have grown our initial portfolio from 10 to 13, including the investment of a 51.99-percent stake in a company that will hold three licenses in Trinidad & Tobago, and now to 15. We anticipate to announce more deal flows in the coming months."

Rex International Holding’s portfolio of licenses are in four proven prolific hydrocarbon regions, namely, Norway, the Middle East, Trinidad & Tobago and the USA.

Rex added that its investment in Trinidad & Tobago is on track, with initial due diligence completed, along with a firmed-up drilling program. The company estimates that a multi-well campaign will start at the end of the year or during the early part of 2014.

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