Rex International Holding Limited announces that its 90 per cent subsidiary Lime Petroleum AS has entered into an agreement to divest its 20 per cent participating interest in licence PL762 located in the Norwegian Sea to an external third party, with a mutually agreed effective date of 1 January 2018. The sale is pending regulatory approval.
The divestment of this non-core asset is part of the value creation strategy mapped out by Rex for its asset portfolio in Norway in April 2017, to focus on areas close to infrastructure in the North Sea, while fully leveraging on the Group’s unique technology-led, de-risked exploration approach.
Going forward, LPA will focus on its North Sea assets located on or close to the Utsira High, adjacent to the giant Johan Sverdrup field and producing Edvard Grieg and Ivar Aasen oil fields. Notably, drilling of the first 2,000-metre horizontal well on the Rolvsnes discovery (previously Edvard Grieg South), in which LPA holds a 30 per cent participating interest, is planned to start late March 2018. If successful, a pipeline will be installed to the Edvard Grieg field for test production in 2020.