Lime Petroleum Granted Five New Offshore Licenses in Norway
Rex International Holding Limited (Rex International Holding or the Company, and together with its subsidiaries, the Group), a company listed on the Catalist of the Singapore Exchange Securities Trading Limited, disclosed Wednesday that its jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway) has been awarded five new offshore licenses in the 2013 Awards in Predefined Areas (APA 2013), according to a Norwegian Ministry of Petroleum and Energy press release Jan. 21. The APA 2013 saw 48 companies being offered participation in a total of 65 new production licenses on the Norwegian shelf; a new record both in the number of production licences and the number of companies.
Ivar Aarseth, CEO of Lime Norway, said, “We are very pleased to be awarded several of the licenses which we have identified using the direct hydrocarbon indicator, Rex Virtual Drilling, and look forward to working with established operators in the mature Norwegian Continental Shelf E&P arena, a well-known oil-prolific region. We are also heartened that by virtue of Rex Virtual Drilling, Lime Norway has been accorded Pre-qualified Petroleum Company status, allowing us to apply for a cash tax refund for 78 percent of exploration costs under the Norwegian Petroleum Tax Act.”
Mans Lidgren, CEO of Rex International Holding, said, “With this round of awards, we have further grown our portfolio to 12 in Norway, and 21 internationally. We have already within the six-month mark of our listing in July 2013, surpassed our 12-month goal of growing our portfolio to 20 licenses, from the initial 10 licenses. In 2014, we will continue to pursue more opportunities to grow our portfolio and with even more geographic diversity to mitigate investment and operational risks.”
The latest round of APA award consists of the following licenses:
- PL 498 B in the North Sea: Lime Norway's Stake - 25 percent (Operator - Lotus Exploration and Production Norway AS)
- PL 503 C in the North Sea: Lime Norway's Stake - 12.5 percent (Operator - Lotus Exploration and Production Norway AS)
- PL 762 in the Norwegian Sea: Lime Norway's Stake - 20 percent (Operator - Noreco Norway AS)
- PL 769 in the Barents Sea: Lime Norway's Stake - 20 percent (Operator - OMV (Norge) AS)
- PL 770 in the Barents Sea: Lime Norway's Stake - 20 percent (Operator - Edison International Norway Branch)
Acceptance of the award of these licenses will be finalized after the formal approval of Lime Norway’s Board of Directors (Board).
Meanwhile, the Board of Lime Norway has approved an increase in its stake in PL 498 located in the North Sea, from 5 percent to 25 percent, which is pending approval from the Norwegian government.
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.
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