SINGAPORE – Rex International Holding subsidiary Lime Petroleum has a conditional agreement to acquire various interests held by Repsol in the Norwegian North Sea.
The proposed transaction covers 33.8434% stakes in the producing Brage field, operated by Wintershall Dea, and the five licenses over which the field extends, for $42.6 million (post-tax).
Lime sees this as an opportunity to transition from an exploration to a full-cycle E&P company offshore Norway.
Brage is 10 km (6.2 mi) east of the Oseberg field in 140 m (459 ft) of water. Production started in 1993, with net output to Repsol last year of 3,800 boe/d.
Studies continue to find new ways of increasing recovery from the field. According to the Norwegian Petroleum Directorate, there are 21.52 MMboe remaining.
Lime intends to commission a qualified person’s report on Brage on completion of the acquisition. It sees upside from future in-fill drilling for production and exploration drilling of near-field prospects.
