In a recent development, Singapore based oil and gas Company Rex International Holdings has inked a partnership deal with Norway based DEA Norge, a patron across the oil and gas value chain. The company is prominently operating across Norwegian Continental Shelf in the realms of oil exploration, development and production. Via its subsidiary, Lime Petroleum AS in which REX holds around 90% shares, it looks forward to dissociate 30% interest in dual drilling licenses, PL838 and PL838B across the Norwegian Sea. Vital regulatory approval is still underway and tentative licenses for exploration and drilling are expected to commence in the fourth quarter of 2019. REX hit approximately 1.4% high as it closed in 7.2 Singapore cents on Friday, June 21st.
Stakeholders, PGNiG which is the chief operator holds a total of 40% interests. Additionally, AkerBP is supposedly owning over 30% interests in the new licenses. Both the licenses are situated across Donna Terrace stretch of the Norweigian Sea. The undersigned PL838 license has the Shrek prospect with key targets at Middle Jurassic Garn Formation. The latter is a high yield oil reservoir situated at a depth of 2000m. Commercial activities such as drilling and oil exploration are expected to commence in the Shrek prospect in the early part of October and the estimated time of completion is in three weeks’ time.
In the recent past, Rex International's Lime Petroleum has divested interests in two of its assets in Norwegian Sea, viz, Rolvsnes and Goddo prospects respectively. This tactical business move in tandem with the most recent DEA Norge deal comply with the company's disruptive business model, overlooking lucrative oil exploration prospects across Norwegian Sea. DEA Norge an offshoot of international DEA Group is known for its fruitful presence of over four decades in Norway, known for its extensive value chain in oil and gas sector.