Rex International Holding Group has been holding interests in licences in Norway since 2013. In January 2019, subsidiary Lime Petroleum AS announced the monetisation of its interests in PL338C, PL338E and PL815, after the successful production test well at the Rolvsnes discovery in PL338C, which also further de-risked the Goddo prospect in PL815.
Lime Petroleum AS has since added to its portfolio and acquired interests in 2 licences in the Norwegian Sea on which an exploration well was drilled in the second half of 2019. Its portfolio of licences is close to existing producing fields and pipeline infrastructure, allowing a fast-track path to potential commercialisation and return on investment when more discoveries are made in its assets.
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.