Rex International to acquire 30% stake in North Sea area

Catalist-listed oil exploration and production firm Rex International announced on Wednesday evening that its jointly controlled entity will acquire a 30 per cent stake in an area in the North Sea known as licence PL410.

"The licence contains a number of interesting exploration targets that are being evaluated leading to the drill-or-drop milestone in the first quarter of 2016," Rex said.

"Assuming a positive conclusion, drilling could take place late 2016."

Rex closed at 10.7 Singapore cents, down 0.2 cent or 1.8 per cent, before the announcement was made.