Rex International Holding Group has been holding interests in licences in Norway since 2013. In 2021, subsidiary Lime Petroleum AS's most significant transaction was its acquisition of a 33.8434% interest in the producing Brage Field, marking its transition from pure-play exploration to a full cycle exploration and production company on the Norwegian Continental Shelf, and to establish recurring cash flow, as well as develop and drive further value in the company's existing portfolio.
Lime Petroleum AS currently has interests in 20 licences, of which three are discovery assets with potential for development in the short term.
Lime Petroleum AS ("LPA"), Rex's 91.65% subsidiary, was established in 2012 with offices in Oslo, Norway. The company has been pre-qualified as a licence holder since February 2013 and benefits from the Norwegian tax system with 78% cash refund of all exploration expenditures in the Norwegian Continental Shelf. LPA's focus is on mature areas and follows a technology and infrastructure-led strategy.
LPA has used the Group's Rex Virtual Drilling technology to select and build a cluster of investments in the North Sea and the Norwegian Sea. These licences are located near to producing fields. Being in an oil prolific area that already has producing fields and pipeline infrastructure in place allows for a fast-track path to potential commercialisation and return on investment when more oil discoveries are made in LPA's assets.