Rex International joint venture awarded 5 new offshore licences in Norway

A joint venture between Singapore-listed Rex International Holding and Malaysia's Hibiscus Petroleum has won five new offshore licences in Norway, Rex said on Wednesday.

Lime Norway was awarded the licences in predefined areas in the North Sea, Norwegian Sea and Barents Sea.

It will be working with four operators: Lotus Exploration and Production Norway, Noreco Norway, OMV (Norge) and Edison International Norway Branch.

The licences were identified using Rex Virtual Drilling, a direct hydrocarbon indicator, said Lime Norway's chief executive Ivar Aarseth.

He added that the group "[looks] forward to working with established operators in the mature Norwegian Continental Shelf E&P arena, a well-known oil-prolific region".

Rex International Holding's chief executive Mans Lidgren said the Norway wins take Rex's portfolio of licences to 12 in Norway and 21 internationally.

"We have already, within the six-month mark of our listing in July 2013, surpassed our 12-month goal of growing our portfolio to 20 licences, from the initial 10 licences," he said.

"In 2014, we will continue to pursue more opportunities to grow our portfolio and with even more geographic diversity to mitigate investment and operational risks."

Lime Norway is a wholly-owned subsidiary of Lime Petroleum, in which Rex holds a 65 per cent indirect stake and Hibiscus Petroleum holds a 35 per cent stake.

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