Offshore staff
SINGAPORE – Rex International Holding’s 90%-owned subsidiary Lime Petroleum has agreed to acquire 15% stakes from INEOS E&P Norge in two Norwegian Sea licenses.
PLs 937 and PL937B are in the Frøya High in the Norwegian Sea in water depths of around 325 m (1,066 ft), with INEOS the operator in both cases.
Exploration drilling on the licenses is due to start in early 2021, with the planned well targeting the large Fat Canyon prospect in a Jurassic reservoir.
This prospect is said to be supported by Lime’s parent company’s proprietary Rex Virtual Drilling technology.
Dan Broström, executive chairman of Rex International Holding, said: “Our strategy to do ‘just-in -time’ farm-ins has served us well in 2019. We were able to participate in the drilling of an exploration well in PL838 shortly after the farm-in and the well was completed with the Shrek discovery [also in the Norwegian Sea].
“We are optimistic about and anticipate the opportunity to repeat our success with the Shrek and Rolvsnes discoveries, both of which were de-risked using the Rex Virtual Drilling technology.”
Equinor’s Njord field is 30 km (18.6 mi) to the north and the adjacent Fenja field, a tie-in to the Njord infrastructure, is set to start production in 2021.
03/26/2020
