Rex International Holding Limited says that its jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway) has signed an agreement with Tullow Oil Norge AS (Tullow) to acquire an additional 20 per cent stake in licences PL591, PL591B and PL591C in the Norwegian Sea. The transfer of the 20 per cent stake, which will increase Lime Norway’s stake in the licences to 25 per cent, is pending regulatory approval.
The licences are operated by Tullow and spudding of an exploration well in the Zumba prospect is on track to start early third quarter of 2015. The licences are located in the Halten area of the Norwegian Sea in water depth of some 300 metres.
The Zumba prospect has Upper Jurassic Rogn formation sands as reservoir with gross unrisked exploration resources of 256 million barrels oil equivalents and a geological chance of success estimated at 27 per cent.