Rex International Unit Offered Participating Interest in Offshore License in Norway

MT Newswires

Jan 17, 2025

Rex International's (SGX:5WH) subsidiary, Lime Petroleum, has been offered a 33.8% participating interest in a new offshore license in the 2024 awards in predefined areas round in Norway.

The license is located west of the Brage Field, in which Lime also has a 33.8% interest, according to a filing with the Singapore Exchange on Friday.

The license is currently being operated by OKEA with a 35.2% interest and Petrolia NOCO with a nearly 31% interest.

The license has an initial two-year period and will have a drill-or-drop decision in 2027. The licence award will be finalized in February or March, the filing said.

According to a release by Norway's offshore directorate, 20 companies were offered parts of 53 new production licenses on the Norwegian continental shelf.

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