Rex International Holding is pleased to announce that its jointly-controlled entity, Lime Petroleum Norway AS (“Lime Norway”) has on 4 June 2014, signed an agreement with North Energy ASA (“North Energy”) to acquire 5 per cent stakes in two additional licences in Norway, PL591 and PL591B.
The transfer of the 5 per cent stakes is pending regulatory approval. Both licences, operated by Tullow Oil Norge AS, have been assessed using Rex Virtual Drilling. Exploration drilling in the licences is expected to commence in the first half of 2015.
According to North Energy in their 1Q 2014 results presentation dated 14 May 2014, the prospect has a gross mean unrisked potential of 184 million barrels of oil equivalent (“mmboe”) at an estimated conventional probability of success of 43 per cent and a net mean risked of 16 mmboe to North Energy.
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