Rex seeking to combine Norway, West Africa E&P companies
June 20, 2024
Rex International Investments has entered an agreement with Monarch Marine Holding and Peter M. Steimler to combine Lime Petroleum and Porto Novo Resources into a new joint venture.
SINGAPORE — Rex International Investments has entered an agreement with Monarch Marine Holding and Peter M. Steimler to combine Lime Petroleum and Porto Novo Resources into a new joint venture company incorporated under the laws of Norway.
Currently Rex has a 91.65% interest in Lime, which is a partner in various offshore licences in Norway.
Rex’s parent company Rex International Holding is the majority shareholder in Porto Novo, which was incorporated last year in the British Virgin Islands to own and operate offshore oil and gas interests.
These include 100% of Akrake Petroleum Benin, which has field development plans offshore Benin.
Rex aims to use the combination to raise funds for refinancing of a bond and for exploration, development and production activities offshore Norway and Africa, with banks becoming less willing to provide finance to fossil fuel companies.
