Rex's Unit Gets Approval to Acquire Stakes in 2 Offshore Blocks in Norway

Singapore-listed Rex International Holding Limited announced Wednesday that its 65 percent indirectly owned subsidiary Lime Petroleum Norway AS (Lime) has received approval from the Norwegian Ministry of Petroleum and Energy for the acquisition of 10 percent interest in each of the two offshore licenses, PL 707 and PL 708, from North Energy ASA (North Energy).

Lime’s 10 percent interest in each of PL707 and PL708 will become effective Nov. 29. The two blocks are located in the Barents Sea, close to the coast on the Finnmark East platform. PL707 covers an area of about 379 square miles (982 square kilometers), while PL708 covers an area of about 195 square miles (507 square kilometers).

"The acquisition of the 10 percent interest in the two licenses is a result of the co-operation agreement between Lime and North Energy," Rex said in an announcement on the Singapore Exchange.

Both blocks have undergone screening and analysis of seismic data using Rex Virtual Drilling indicated the presence of hydrocarbons in these concessions. These findings are supported by a previous technical discovery of oil and gas in the PL 707 license.

Lime is firming up the work program for the concessions in Norway with Edison International Norway Branch and Lundin Norway AS, the respective operators of PL707 and PL708.

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