Lime assessing Grieg, Ivar Aasen area prospects in the North Sea

Rex International Holding plans further applications of its Rex Virtual Drilling technology offshore Norway.

Offshore staff

SINGAPORERex International Holding plans further applications of its Rex Virtual Drilling (RVD) technology offshore Norway.

The company’s subsidiaryLime Petroleum Norway is a partner in Lundin’s Edvard Grieg South (EGS) field, discovered in North Sea license PL338C in December 2015.

A recent report from Gaffney, Cline & Associates estimated resources on the license as up to 77.9 MMbbl of oil and 78.7 bcf of gas.

Lime expects test production from EGS to start in 2019.

Måns Lidgren, CEO of Rex International Holding, pointed out that the discovery is close toJohan Sverdrup and the producing Edvard Grieg and Ivar Aasen fields.

“We have used our Rex Virtual Drilling technology to select and build a cluster of investments in this oil-prolific area,” he said.

Lime Norway also has a 20% stake in license PL815, where the undrilled Goddo prospect is thought to be a geological continuation of the EGS discovery, and 30% of PL818 comprising the Orkja prospect, which is within easy tieback range of the Ivar Aasen facilities.

“Our aim is to prove up these adjacent fields in the mid- to long-term to grow our pool of resources, on top of achieving production in EGS in the short term,” Lidgren said.

The EGS discovery well was the first application of RVD technology to an unconventional weathered and fractured basement reservoir.

RVD is also said to have a strong track record of predicting dry wells - over the past two years, Lime has declined participation in more than 15 Norwegian licenses following RVD analyses, and says that all the subsequent wells drilled came up dry.

Rex’s multi-attribute version of the technology, RVD version 3, identifies oil reserves using conventional seismic data, independent of porosity and permeability estimates from conventional geological studies.

“Risk and commercialization are the two key factors guiding smart exploration in the region,” Lidgren said.

“Exploration and drilling remain hugely expensive and time-consuming, so any technology that can de-risk these activities – especially in a low oil-price environment – is incredibly valuable.”

Rex International Holding plans further applications of its Rex Virtual Drilling technology offshoreNorway.

05/10/2017

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