Rex International Holding Limited has announced that 65 per cent indirectly owned subsidiary Lime Petroleum Norway AS (“Lime”), has received approval from the Norwegian Ministry of Petroleum and Energy for the acquisition of 10 per cent interest in each of the two offshore licences, PL 707 and PL 708, from North Energy ASA.
Lime’s 10 per cent interest in each of PL707 and PL708 will become effective from 29 November 2013.
The acquisition of the 10 per cent interest in the two licences is a result of the co-operation agreement between Lime and North Energy. Both concessions are located in the Barents Sea, in proximity to the coast on the Finnmark East platform. PL707 covers an area of about 982 square kilometres while PL708 covers an area of about 507 square kilometres.
Both licences have undergone screening and analysis of seismic data using Rex Virtual Drilling. Analysis done with Rex Virtual Drilling indicates the presence of hydrocarbons in these concessions. These findings are supported by a previous technical discovery of oil and gas in the PL 707 licence.
Lime is firming up the work programme for the concessions in Norway with Edison International Norway Branch and Lundin Norway AS, the respective operators of PL707 and PL708. The Edison group was founded in 1884 and is Europe’s oldest energy company while the Lundin group has more than 30 years’ experience in oil exploration and production.
Press Release, November 22, 2013