Rex International Wins 5 Offshore Norway Licenses

The Group’s portfolio of licenses increased to 21, well ahead of its target of 20 licences by July 2014.
 
Rex International Holding Limited (“Rex International Holding” orthe “Company”, and together with its subsidiaries, the “Group”), has announced that its jointly-controlled entity, Lime Petroleum Norway AS (“Lime Norway”) has been awarded five newoffshore licenses in the 2013 Awards in Predefined Areas (APA 2013), according to a Norwegian Ministry of Petroleum and Energy press release dated 21 January 2014. The APA 2013 saw 48companies being offered participation in a total of 65 new production licenses on the Norwegianshelf; a new record both in the number of production licenses and the number of companies.
 
Mr Ivar Aarseth, Chief Executive Officer of Lime Norway, said, “We are very pleased to be awarded several of the licenses which we have identified using the direct hydrocarbon indicator, Rex Virtual Drilling, and look forward to working with established operators in the mature Norwegian Continental Shelf E&P arena, a well-known oil-prolific region. We are also heartened that by virtue of Rex Virtual Drilling, Lime Norway has been accorded Pre-qualified Petroleum Company status, allowing us to apply for a cash tax refund for 78 percent of exploration costs under the Norwegian Petroleum Tax Act.”
 
Mr Måns Lidgren, Chief Executive Officer of Rex International Holding, said, “With this round of awards, we have further grown our portfolio 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 licenses. 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.”