Oil and gas explorer Rex International Holding secures two licences in Norway

CATALIST-listed Rex International Holding has gotten the green light from the Norwegian Ministry of Petroleum and Energy to buy a 10 per cent stake in two offshore licenses.

The oil and gas explorer confirmed its acquisition on Wednesday and will buy the stakes from North Energy ASA through its indirectly owned unit Lime Petroleum Norway AS.

Lime Petroleum's 10 per cent interest in both licenses will be effective from next Friday, Nov 29.

The acquisition of the two stakes is a result of the cooperation agreement between Lime Petroleum and North Energy, said Rex International in a statement.

Rex's portfolio of licences is in four proven hydrocarbon regions - Norway, the Middle East, Trinidad & Tobago, and the United States.

Rex International shares closed 2.5 cents up to 61 cents on Wednesday.