Rex International (SGX:5WH) says that its subsidiary, Lime Petroleum, has made a discovery in the Knockando Fensfjord prospect in the Brage Field, according to a Monday filing with the Singapore Exchange.

According to the Norwegian Offshore Directorate, preliminary estimates indicated resources to be likely between 0.5 million standard cubic meters and 1.5 million standard cubic meters of recoverable oil equivalent or between 0.4 million standard cubic meters and 0.9 standard cubic meters of gas.

The discovery was made during the drilling of the Talisker development well.

Meanwhile, the field partners are now considering options to develop the Knockando Fensfjord.

Shares of the oil exploration company were down over 3% in Monday trading.