Rex unit gets nod for Norway offshore deal

A SUBSIDIARY of Catalist-listed Rex International Holding, Lime Petroleum Norway, has received the green light to acquire 10 per cent stakes in two offshore licences in Norway from North Energy ASA.

In a statement yesterday, Rex executive director and chairman Dan Broström said that Lime had received the approval from Norway's Ministry of Petroleum and Energy for the stakes in PL 707 and PL 708. The 10 per cent interest in the two licences will become effective on Nov 29, he said.

Both licences - awarded to North Energy in the 22nd licensing round by the Norwegian Oil and Energy Department in June this year - are for concessions in the Barents Sea, near the coast on the Finnmark East platform. PL707 and PL708 cover an area of about 982 sq km and 507 sq km, respectively.