SINGAPORE – Rex International Holding’s 90%-owned subsidiary Lime Petroleum has agreed to acquire DEA Norge’s 30% stakes in two Norwegian Sea licenses, pending approvals.
PL838 and PL838B are in the Donna Terrace area in a water depth of 350 m (1,148 ft). The former contains the Shrek prospect, which the other partners PGNiG and Aker BP plan to drill in October.
The main target is in the Middle Jurassic Garn formation, a proven oil reservoir at a depth of around 2,000 m (6,562 ft) with additional prospective layers in the overlying Cenozoic section.
The planned well will investigate multiple horizons which appear positive, according to Rex Virtual Drilling AVO and geological/geophysical analyses.
Recently Lime sold some of its interests offshore Norway, including a share of the Lundin-operated Rolvsnes basement oil discovery close to the Edvard Grieg platform in the North Sea.
Dan Broström, executive chairman of Rex, the strategy is “to find oil, monetize and recycle capital. We are optimistic that this farm-in by LPA will be a repeat of our success in Rolvsnes, making this business model a successful one for our operations in Norway.”