Rex Subsidiary Lime Petroleum Participates in North Sea Exploration Well

Source: www.gulfoilandgas.com 1/12/2023, Location: Europe

Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology-driven oil exploration and production company, is pleased to announce that the operator, Aker BP, has started drilling an exploration well in the North Sea licence PL867 on 11 January 2023. Rex’s 91.65 per cent subsidiary Lime Petroleum AS (“LPA”) has a 20 per cent interest in the licence. The well targets the Gjegnalunden prospect in the prolific Hugin reservoir.

Mr Lars Hübert, CEO of LPA, said, “LPA has been active in this part of the North Sea for a long time, and we are very excited about the spud of the Gjegnalunden well. A discovery on Gjegnalunden can readily be developed and tied to nearby fields. It will also support prospectivity in the neighbouring licence PL818 Orkja, where LPA holds a 30% stake.”

The licence PL867 islocated on the Gudrun Terrace in the Central North Sea. Drilling will be conducted in water depths of 116 metres using Saipem’s Scarabeo 8 semi-submersible rig and is expected to take 27 days.


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