Wednesday, September 18, 2013

Rex International receives 10% stakes each in of two new exploratory licences in Norway Print

Rex International receives 10% stakes each in of two new exploratory licences in Norway Print
Written by The Edge  
Wednesday, 18 September 2013 08:36
Rex International Holding said its 65% indirectly owned subsidiary Lime Petroleum Norway AS, will receive 10% stakes in each of two new exploratory licences in Norway from North Energy ASA.

This is a result of the co-operation agreement between Lime and North Energy. Rex said no consideration is needed to be paid for the transfer of the 10% stakes, which is pending regulatory approval.

These two licences had been awarded to North Energy in the 22nd licensing round by the Norwegian Oil and Energy Department in June 2013. Both licences, PL 707 and PL 708, are situated in the Barents Sea, in proximity to the coast on the Finnmark East platform.

Måns Lidgren, CEO of Rex, said, “North Energy received the second largest award of licences in this licensing round in Norway, and we are privileged to be able to tap on our strong working relationship with them to participate in two of the most exciting and valuable licences in the area. At listing, we had shared our intention to grow our portfolio from 10 licences to 20 within the next 12 months. Over the last two months since our listing, we have grown our initial portfolio from 10 to 13, including the investment of a 51.99 per cent stake in a company that will hold three licences in Trinidad & Tobago, and now to 15. We anticipate to announce more deal flows in the coming months.”

Rex’s portfolio of licences are in four proven prolific hydrocarbon regions, namely, Norway, the Middle East, Trinidad & Tobago and the USA.

Måns Lidgren added, “North Energy had recently shared in their second quarter results presentation, that they had analysed 59 prospects using Rex Virtual Drilling over the past two years. Out of the 41 wells which had been drilled since, 35 predictions by Rex Virtual Drilling were spot on. This 85% success rate (96% success in predicting dry wells in 24 out of 25 drillings and 69% success in predicting presence of commercial oil in 11 out of 16 drillings) is strong validation of our technology’s effectiveness.”

Publish date: 18/09/13

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