Singapore Firm Farms in to Norwegian Licences

Lime Petroleum, a subsidiary of Singapore-based Rex International, has completed the farm-in of 15% interests in licences PL937 and PL937B in the Norwegian Sea from the UK's Ineos, Rex said on June 1.

The farm-ins have an effective date of January 1 2020. Ineos remains the operator of the licences with 85% interests.

The licences are located in Froya High in waters 325 metres deep. Lime, which is 90%-owned by Rex, agreed on the farm-ins in late March. Lime CEO Lars Hubert said at the time that the deals fit with the company's "technology-led and near-field exploration strategy."

The acreage is situated 30 km south of the producing Njord oil and gas field and adjacent to the Fenja field, due to start production next year. Exploration drilling at the licences is due to commence in early 2021.

Lime also agreed to farm in for 20% interests in two Equinor-operated licences in the Norwegian Sea, PL263D and PL263E, in April.