Extension of Drill or Drop Decision Deadlines for 3 Licenses

Source: www.gulfoilandgas.com 3/17/2021, Location: Europe

The Board of Directors of Rex International Holding Limited (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that the relevant Norwegian authorities had approved the following extensions for PL818 and PL818B Orkja in the North Sea and PL838B Shaw in the Norwegian Sea, in which Rex’s 90% subsidiary Lime Petroleum AS (“LPA”) holds 30% interests in each of the licences:

PL818 and PL818B Orkja
• Approval granted on 10 March 2021
• One-year extension for the drill-or-drop decision deadline to 5 February 2022
• Initial period which ends on 5 February 2026 remains unchanged

PL838B Shaw
• Approval granted on 15 March 2021
• One-year extension for the drill-or-drop decision deadline to 1 March 2022
• Initial period extended by a year to 1 March 2027

For clarity, there are several decision points during the initial period for a licence, the first and most consequential of which would be the drill-or-drop decision. By this date, partners in the licence would need to commit to drilling a well or may decide to drop a licence.

Further announcements will be made upon any material developments.

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