Lime Petroleum Acquires 30% Stake in PL544 in Norwegian North Sea

Singapore-listed Rex International Holding Ltd.'s jointly controlled unit Lime Petroleum Norway AS inked an agreement with Lundin Norway AS to acquire a 30 percent stake in license PL544 in the Norwegian North Sea, the firm said Thursday.

On receipt of regulatory approval, the joint venture partners in PL544, located south of the Edvard Grieg field on the Utsira High in the North Sea in water depth of around 328 feet (100 meters), will be Lundin (operator) with a 40 percent interest, while Lime Norway and Bayerngas Norge AS will each hold 30 percent.

Rex revealed that the Fosen prospect in the license is being considered for possible drilling this year.

“We are pleased to be working again with Lundin, a reputed operator. We are excited about the Fosen prospect, as it is located in an area close to existing infrastructure and Rex Virtual Drilling analysis on the prospect is positive. The drilling of the prospect later in the year is in line with our focus on Norway in 2015,” Mans Lidgren, CEO of Rex International Holding, said in a press release.

Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc, a jointly-controlled entity in which the Rex holds a 65 percent indirect stake.

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