Rex Subsidiary Participates in Norwegian Sea Exploration Well

Source: 10/1/2021, Location: Europe

Rex International Holding has announced that the operator, PGNiG Upstream Norway (previously INEOS E&P Norge), has started drilling an exploration well in the Norwegian Sea licences PL937 / 937B on 29 September 2021. Rex’s 90 per cent subsidiary Lime Petroleum (LPA) has a 15 per cent interest in the licences. The well targets the Fat Canyon prospect, located in the well-known Jurassic reservoir. LPA has applied its rigorous evaluation process combining conventional geological and geophysical (G&G) workflow with the Group’s proprietary Rex Virtual Drilling technology on this prospect.

Mr Dan Broström, Executive Chairman of Rex International Holding, said:

'While LPA is transforming into a full-fledged exploration and production company with its acquisition of a 33.84 per cent interest in the producing Brage Field that will add about 3,400 barrels of oil equivalent per day (net) to the Group’s current oil production in Oman, LPA is also continuing with its exploration activities to unlock more potential value in its assets. The Fat Canyon prospect is a high-risk / high-reward opportunity. LPA has hedged the downside by US$550,000 raised from the options agreement signed with Trace Atlantic in 2020, making this an attractive proposition.'

The licences PL937 and PL937B are located in Frøya High in the Norwegian Sea. The Borgland Dolphin semi-submersible drilling rig, which has been found by Rystad Energy to have the lowest CO2 emissions among the rigs currently operating on the Norwegian Continental Shelf, will be used to drill the well about 15 kms south of 6406/12-4 S (Boomerang) on the Fenja field. The water depth at the site is 241 metres, and the well should take at least 40 days to complete. In May 2021, LPA announced that it had conducted a review on the operator’s Health, Safety, Environment and Quality (HSEQ) management system and found it to have good HSEQ coverage, with no missing elements and no non-compliance to the relevant HSEQ regulations.

In June 2021, LPA announced its acquisition of a 33.84 per cent stake in Norway’s producing Brage Field. Output from the Brage Field of an estimated 3,440 barrels of oil equivalent per day (net) is expected to add another leg to the Group’s current oil production in Oman (approx. 11,772 barrels of oil per day (gross) between March and August 2021), with effect from 1 January 2021, upon completion of the acquisition, which is expected to be in October 2021.

PGNiG Upstream Norway’s acquisition of INEOS Energy’s oil and gas interests in production, licences, fields, facilities and pipelines on the Norwegian Continental Shelf was completed on 30 September 2021.

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