SINGAPORE – Rex International Holding’s 90%-owned subsidiary Lime Petroleum has entered into an agreement to sell its 20% interest in license PL762 in the Norwegian Sea to an unnamed buyer.
The sale is pending regulatory approval.
Rex plans to re-focus its Norwegian asset portfolio on areas close to developed infrastructure in the North Sea, while contributing its own, technology-led, de-risked exploration approach.
The initial focus will be on interests on or close to the Utsira High region, adjacent to theJohan Sverdrup field development and the producing Edvard Grieg and Ivar Aasen oil fields.
In March, Lime will participate in drilling of a 2,000-m (6,562-ft) horizontal well onLundin’s Rolvsnes (ex-Edvard Grieg South) discovery.
If this is successful, the partners intend to install a connection to the Edvard Grieg field complex to allow test production in 2020.