Hot stock: Rex shares up 17.4% after deal completion for 2 Norwegian Sea drilling licences

SHARES of Rex International rose 17.4 per cent on Monday after the market opened, following the company's announcement that its subsidiary has completed a farm-in deal for a 15 per cent stake in two Norwegian Sea drilling licences.

The oilfield services firm's counter was the most heavily traded at 94.4 million shares as at 11.11am, up 2.7 Singapore cents or 17.4 per cent to 18.2 cents. Last Friday, it closed at 15.5 cents.

The Catalist-listed firm said in a regulatory update that 90 per cent-owned unit Lime Petroleum AS now holds a 15 per cent interest in each of the licences PL937 and PL937B, which are operated by INEOS E&P Norge AS.