Oil firm Rex International's subsidiary Lime Petroleum has signed an agreement with the Norwegian oil company Aker BP to acquire 20 percent in two offshore blocks in the North Sea.
The transfer of the interests in the licenses PL867 and PL867B is pending regulatory approval. Exploration drilling on the licenses is expected to start in late 2022, with the planned well targeting a large prospect called Gjegnalunden, with a reservoir in the traditional Jurassic section, Rex said.
Additionally, Lime has signed a call option for the right to a 20 percent farm-in to PL1041 in the North Sea. The option must be exercised prior to October 1, 2021. Drilling in PL1041, targeting the Lyderhorn prospect, is scheduled to start in November 2021.
To remind, Lime in June also agreed to acquire from Repsol stakes the Brage field and five nearby licenses in the North Sea, offshore Norway.
Commenting on the deal with Aker BP, Dan Broström, Executive Chairman of Rex International said: "The latest farm-ins are in line with the Group’s continuous efforts to build up our reserves and resources portfolio. Going forward, Lime be a full-fledged exploration and production player on the Norwegian Continental Shelf, with a pipeline of exploration drill projects near infrastructure; three discovery assets with contingent resources - PL1125 Falk, PL433 Fogelberg, and PL838 Shrek – with commercial field development potential; and 33.84 percent interest in the producing Brage Field.”
The licenses PL867 and PL867B Gjegnalunden in the Utsira High area are located adjacent to PL818 Orkja, where Lime has a 30 percent interest. Aker BP is the operator of the licenses. The Gjegnalunden prospect is about 12km away from Aker BP’s Ivar Aasen platform and complements the
Orkja prospect in PL818. Further prospects have been identified in the new licenses.
The licence PL1041 Lyderhorn lies in the central part of the North Sea, south of the Alvheim field, and adjacent to the recent Frosk and Froskelår discoveries. The target reservoirs are the prolific Heimdal and Hermod Formation sandstones. Aker BP is the operator for PL1041 Lyderhorn and Neptune Energy Norge AS and Lundin Energy Norway AS are partners.