Rex looking to benefit from North Energy’s drilling campaign in Norway

Rex International Holding Limited has announced that North Energy ASA , in which the Group holds an approximate stake of 5.35 per cent, will start drilling campaigns at two of its licences in Norway, the PL713 Halddi prospect and the PL510 Tvilling South prospect in the third and fourth quarters of 2014 respectively.

North Energy is using Rex Virtual Drilling in high grading possible drilling targets in its portfolio.

Måns Lidgren, Chief Executive Officer of Rex International Holding, said, “We are excited about the prospects of North Energy’s drilling campaign at PL713 and PL510. While Rex International Holding does not have any direct stakes in the two licences, we stand to benefit from our direct 5.35 per cent interest in North Energy when there is a discovery. Our indirectly-owned jointly controlled entity Lime Petroleum Norway AS (“Lime Norway”) is in partnership with North Energy for 13 licences in Norway, of which the drill or drop deadlines for three licences are in the third quarter of 2014, one in the first quarter of 2015 and two in the second quarter of 2015. We look forward to maturing some of these decisions into firm wells.”

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 per cent indirect stake, of which approximately 8.6 per cent is held by Schroder & Co Banque S. A. on a fiduciary basis for the Company.

Rex International Holding and its jointly controlled entities, including Lime Petroleum Plc and HIREX Petroleum Sdn Bhd, hold rights to the direct hydrocarbon detector, Rex Virtual Drilling.

Lime Norway had been accorded Pre-qualified Petroleum Company status in Norway in February 2013, by virtue of Rex Virtual Drilling. Rex International Holding’s general investment criteria for any offshore concession is that the concession should have a potential of about 50 million barrels of oil.

Rex International Holding had on 14 February 2014, announced that it had on 20 January 2014 subscribed for NOK 24 million or about USD 3.84 million worth of North Energy shares from the latter’s NOK 285 million private placement of 71.3 million shares at NOK 4.00 per share. Pursuant to the completion of the private placement on 6 March 2014, Rex International Holding now holds 6 million North Energy shares representing approximately 5.35 per cent interest in the enlarged issued and paid-up capital of North Energy.

 

Press Release, March 21, 2014

 

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