Rex International Holding Limited referred Tuesday to the June 5 Press Release and announced that the Company’s jointly-controlled entity, Lime Norway, has completed the acquisition of 5 percent stakes in each of the two licenses - PL591 and PL591B - from North Energy, following receipt of regulatory approval.
Tullow Oil Norge AS is the operator of both licenses. Exploration drilling in the licenses is expected to commence in the first half of 2015.
Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc. Lime Petroleum Plc is a jointly controlled entity in which the Company holds a 65 percent indirect stake, of which approximately 8.6 percent is held by Schroder & Co Banque S.A. on a fiduciary basis for the Company.
Lime Norway currently has stakes in 13 licenses in Norway. With capital injections totalling $23 million made by the shareholders of Lime Petroleum Plc in November 2013 and January 2014, as well as with the NOK 300 million financing facility secured from Skandinaviska Enskilda Banken AB, Lime Norway has adequate financing to fulfil its work commitments into 2015.
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