Rex International Holding (SGX:5WH) provided an update on its subsidiary Lime Petroleum's operations in Norway, according to a Friday filing on the Singapore Exchange.
Lime's 33.84% stake in the Brage Field advanced with the approval of the PL055FS license for the Sognefjord East extension. Lime is also moving forward with the PL740 Bestla field, where it holds a 17% interest.
The Norwegian Ministry of Energy approved the plan for development and operation on Nov. 19, with the first oil expected in 2027.
Additionally, Lime completed the acquisition of a 15% interest in the Yme Field for about $15.7 million. The deal raises Lime's stake in the Yme Field to 25%.
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