Singapore, 17 January 2025 – Rex International Holding Limited (“Rex”), through its subsidiary Lime Petroleum AS (“LPA”), has strategically expanded its footprint in the Norwegian Continental Shelf by securing a 33.8434% participating interest in a new offshore licence, PL 1252. The licence was awarded as part of the 2024 Awards in Predefined Areas (APA 2024) round.

The licence, PL 1252, is situated in the North Sea, adjacent to the producing Brage Field, where Lime Petroleum already holds a 33.8434% interest. This geographical proximity to existing infrastructure could significantly bolster future development and operational synergies. OKEA will serve as the operator of PL 1252 with a 35.2% stake, while Petrolia NOCO holds the remaining 30.9566% interest. The licence has an initial exploration period of two years, with a critical Drill-or-Drop decision scheduled for 2027. The finalisation of the licence award is expected in February or March 2025.

Commenting on the development, Mr. Lars Hübert, CEO of Lime Petroleum AS, said, “We are very pleased to be offered this licence in the Brage area. We see significant potential in the area and look forward to working with our partners on maturing the prospects towards the licence decision in 2027.”

The Norwegian Offshore Directorate’s announcement on 14 January 2025 revealed that 53 production licences were offered during APA 2024, with 33 located in the North Sea. Lime Petroleum’s new interest aligns with its strategy to focus on mature areas near existing oil and gas infrastructure, leveraging its expertise and advanced technologies for exploration and production.

Implications for Shareholders

This development offers significant growth potential for Rex International Holding and its shareholders. The strategic location of PL 1252 near the Brage Field provides operational advantages, which may lead to cost-efficiencies and higher profitability in the future. Additionally, the upcoming Drill-or-Drop decision in 2027 provides a clear timeline for potential resource development, keeping investors informed about future milestones.

Rex’s proprietary Rex Virtual Drilling technology, known for its ability to identify liquid hydrocarbons using seismic data, will likely play a crucial role in de-risking exploration activities in PL 1252. This could further enhance the company’s competitive edge and valuation.

About Lime Petroleum AS

Established in 2012 in Oslo, Lime Petroleum AS has built a robust portfolio of licences focused on mature areas close to existing oil and gas infrastructure. The company was pre-qualified as a partner on the Norwegian Continental Shelf in 2013 and achieved operator status in 2023. Lime Petroleum’s expertise, coupled with its use of high-quality seismic data and Rex Virtual Drilling technology, positions it as a strong player in the exploration and production sector.

About Rex International Holding

Rex International Holding Limited is a multinational oil exploration and production company listed on the Singapore Exchange. The Group has interests in Norway, Oman, and Benin, with operatorship for assets in Oman and Benin. Since its listing in 2013, Rex has achieved four offshore discoveries, showcasing its ability to deliver results in challenging exploration environments. The company’s proprietary Rex Virtual Drilling technology is a key differentiator in its exploration strategy.