Rex International’s 90 per cent subsidiary, Lime Petroleum, has signed an settlement with Equinor to accumulate 20 per cent pursuits in every of the licences PL263D and PL263E situated within the Norwegian Sea. Exploration drilling is deliberate for the final quarter of the yr.
The settlement between Lime and Equinor was signed on eight April 2020, and the switch of pursuits is pending regulatory approval.
Dan Broström, Executive Chairman of Rex International Holding, mentioned, “This is our second farm-in in Norway in 2020, in step with our ‘just-in-time’ farm-in technique. As with our different farm-ins, together with these which resulted within the Rolvsnes and Shrek discoveries, we now have used our RVD expertise to display and de-risk the Apollonia prospect. We anticipate the chance to participate in one other profitable exploration drilling within the close to future”.
Exploration drilling in 4Q 2020
The licences PL263D and PL263E are situated on the Halten Terrace within the Norwegian Sea, some 25 km to the southwest of the newly issued PL1062 licence.
Equinor is the operator of the licences and Pandion Energy is a associate with a 20 per cent curiosity. Pandion farmed into the licences again in April 2019.
According to Rex, exploration drilling on the licences is predicted to begin in late 2020, with the deliberate effectively focusing on a big prospect referred to as Apollonia, with a reservoir situated within the conventional Jurassic part.
Lars Hübert, Chief Executive Officer of Lime Petroleum, mentioned, “The Halten Terrace has emerged as an necessary space of focus for LPA. The PL263D and PL263E licences are effectively positioned between the Åsgard and Midgard fields. We have constructed up important experience within the space, and might successfully make use of our technique of technology-led, near-field exploration”.
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