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Lime Petroleum Completes Acquisition of 20% in 2 Licenses

Source: www.gulfoilandgas.com 9/1/2020, Location: Europe

Unless otherwise defined, capitalised terms in this announcement shall have the same meaning given to them on the Company’s press release dated 9 April 2020 (the “Press Release”), in relation to the Company’s 90% subsidiary Lime Petroleum AS’s (“LPA”) acquisition of 20% interests in each of the licences PL263D and PL263E in the Norwegian Sea from Equinor Energy AS (“Equinor”) (the “Farm-in”).

The Board of Directors (the “Board”) of Rex International Holding Limited (the “Company” or “Rex”, and together with its subsidiaries, the “Group”) refers to the Press Release and wishes to announce that it has received confirmation from LPA that the Farm-in had been completed on 31 August 2020 (the “Completion”).

Pursuant to the Completion of the Farm-in, which will have an effective date from 1 January 2020 (a standard practice for licence transactions in Norway), LPA now holds 20% interests in each of the licences PL263D and PL263E. The operator Equinor is now expected to spud an exploration well targeting the prospect Apollonia on the licences in late September 2020.

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