Rex International Holding Group has been holding interests in licences in Norway since 2013. In 2019, subsidiary Lime Petroleum AS made its maiden divestment of its interests in the Rolvsnes discovery and related assets for a consideration of US$45 million. It then promptly farmed in to two Norwegian Sea licences, and participated in the drilling of the Shrek prospect in one of these licences, which yielded an oil and gas discovery. In 2020, Lime Petroleum participated in the exploration drilling of the Apollonia prospect in the Norwegian Sea, which resulted in a gas discovery.
Lime Petroleum AS currently has interests in 13 licences, of which three are discovery assets with potential for development in the short term.
Lime Petroleum AS (“LPA”), Rex’s 90% 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.