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.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Inpex Hits Gas Offshore Japan (Oct 28)
 -  NNPC, Nigeria Police Pledge Collaborat... (Oct 28)
 -  TGS Expects E&P Spend to Dip by up to ... (Oct 28)
 -  Roxi Hits Oil in Kazakhstan's Deep Wel... (Oct 28)
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours