Rex International Holding, a technology-driven oil exploration and production company, is making strides in its exploration efforts. Its subsidiary, Lime Petroleum AS (LPA), has secured participating interests in two new offshore licences awarded during the 2022 Awards in Predefined Areas (APA 2022) round in Norway.
The details of the licences are as follows:
PL1178: LPA holds a 50% interest in this North Sea licence, which is operated by OKEA ASA.
PL1190: In the Norwegian Sea, LPA has a 30% interest in this licence, which is operated by Harbour Energy, with PGNiG also holding a 20% interest.
Lars Hübert, Chief Executive Officer of LPA, expressed his enthusiasm about the new assets, stating, “The award of equity interests in two high-quality assets reinforces our position as a key player among leading energy companies on the Norwegian Continental Shelf. PL1178 presents a high potential prospect, with the ability to connect back to the Heidrun field in the event of an oil discovery, and to Åsgard for gas discoveries. Located near the Brage Field, where LPA holds a 33.8434% interest, PL1190 can significantly enhance LPA’s resource portfolio.”
Dan Broström, Executive Chairman of Rex, commended LPA’s strategic asset selection, highlighting previous successes with the Rolvsnes, Shrek, and Sierra South discoveries. He remarked, “With the latest APA 2022 awards, LPA is further strengthening its portfolio, establishing a steady pipeline of exploration drilling projects in proximity to existing infrastructure. The company also has three discoveries—Shrek, Iving, and Falk—that show promise for commercial development, allowing for the addition of contingent resources over time.”
The Norwegian Ministry of Petroleum and Energy announced on 10 January 2023 that 25 companies have been granted ownership interests in a total of 47 production licences on the Norwegian Continental Shelf during the APA 2022 licensing round. Of these, two licences are located in the Barents Sea, 16 in the Norwegian Sea, and 29 in the North Sea.