REX International' s 90 per cent-owned subsidiary Lime Petroleum has obtained participating interests in four new offshore licences, including one with discovery for development.

 

Lime was awarded the licences in the 2020 Awards in Predefined Areas (APA 2020) round in Norway. Three of the licences are in the Norwegian Sea and the remaining is in the North Sea, oil exploration and production firm Rex said in a bourse filing on Wednesday night.

 

Lime has a 20 per cent interest in PL263F Apollonia in the Norwegian Sea. The company' s executive chairman Svein Kjellesvik said the licence is a significant add-on to Lime' s existing 20 per cent interests in the PL263D/E Apollonia licences, where a gas discovery was made in 2020.

 

The Rex subsidiary has a 40 per cent interest in PL1111 Kings Canyon and a 50 per cent interest in PL1125 Falk/Linerle in the Norwegian Sea.

 

Mr Kjellesvik said PL263D/E/F Apollonia, along with the Falk/Linerle discovery in PL1125 have potential for possible commercial field development in the near future. 

 

" The Shrek discovery in PL838, in which we hold a 30 per cent interest, is also progressing towards a development decision," he noted.

 

The North Sea licence is PL1093 El Teide/Timanfaya, which Lime has a 20 per cent stake in.

 

With the new awards, Lime now has interests in 13 licences in its portfolio, including three discoveries - Shrek, Apollonia and Falk/Linerle - with potential for development.

 

Rex said all licences in Lime' s portfolio are located in core areas close to infrastructure on the Halten Terrace and Nordland Ridge in the Norwegian Sea and by the Utsira High area in the North Sea.

 

Rex executive chairman Dan Brostrom said: " With the latest APA 2020, Lime is strengthening its portfolio with a continuous pipeline of exploration drill projects near infrastructure and three discoveries with commercial field development potential to unlock more value as contingent resources are added over time."