Rex International's indirect subsidiary Akrake Petroleum Benin has signed contracts for a mobile production unit (MOPU) and an Aframax tanker to be used as a Floating Storage and Offloading (FSO) unit for Akrake's field development in Benin.
The MOPU will be converted from a medium-sized drilling rig, and will be equipped with a purpose-built process package.
Akrake, a wholly-owned subsidiary of Lime Petroleum Holdings, is the operator of the Sm Field in Benin. Lime Petroleum signed a contract for a modern built jack-up rig, to be used for an anticipated 120-day drilling campaign in Benin on Apr 4.
Akrake owns a working interest of some 76% in the field and aims to submit a field development plan to the Ministry of Energy, Water and Mines, and restart production in the field in the second half of 2025. The interest is subject to the Benin government's entitlements under the production sharing contract.
Shares in Rex International closed 0.1 cents lower or 0.794% down at 12.5 cents on Apr 28.
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