Rex International Holding Ltd. reports that the company’s jointly controlled entity, Lime Norway, has completed the acquisition of 5% stakes in each of two licenses – PL591 and PL591B – from North Energy, following receipt of regulatory approval.
Tullow Oil Norge AS is the operator of both licenses. Exploration drilling in the licenses is expected to begin in the first half of 2015.
Lime Norway is a wholly owned subsidiary of Lime Petroleum Plc. Lime Petroleum Plc is a jointly controlled entity in which the Rex holds a 65% indirect stake, of which 8.6% is held by Schroder & Co Banque SA on a fiduciary basis for Rex.
Lime Norway currently has stakes in 13 licenses in Norway. With capital injections totalling $23 million made by the shareholders of Lime Petroleum Plc in November 2013 and January 2014, as well as with the NOK 300 million financing facility secured from Skandinaviska Enskilda Banken AB, Lime Norway has adequate financing to fulfil its work commitments into 2015.