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Rex International unit takes part in Norwegian Licensing Round
REX International Holding Limited said on Thursday that its subsidiary, Lime Petroleum Norway AS, has been offered participation in five exploration and production licences in the 2015 Norwegian Licensing Round.
The licences are located within Lime Norway's core areas close to infrastructure with reputed operators and participating interest ranging from 20 to 50 per cent.
"We are very pleased with this extensive award in line with our application. All licences contain exciting prospects that have been qualified with the liquid hydrocarbon indicator Rex Virtual Drilling," said Svein Kjellesvik, Rex's chief operating officer.
Lime Norway was accorded "pre-qualified petroleum company" status in Norway in February 2013, allowing it to receive a cash tax refund of 78 per cent of exploration costs annually, regardless of whether there is a discovery.
Rex holds a 98.77 per cent effective interest in Lime Norway through a wholly-owned subsidiary Rex International Investments Pte Ltd and an indirect subsidiary Lime Petroleum plc.