Wednesday 5 January 2022

Rex International Holding Limited, a technology-driven oil company, refers to its 10 August 2021 press release and wishes to announce that it has received confirmation from its subsidiary Lime Petroleum AS (“Lime”) that Lime’s 20 per cent farm-in to each of the respective licences PL867 and PL867B Gjegnalunden in the North Sea from operator AkerBP ASA (“AkerBP”) has been completed on 31 December 2021 (the “Completion”). Pursuant to the Completion, which will have an effective date from 1 January 2021 (a standard practice for licence transactions in Norway), Lime now holds 20 per cent interests in each of the two licences.

The PL867/B Gjegnalunden licences are located in a prolific part of the North Sea in the Utsira High area, in which Lime has significant experience. The licences are adjacent to PL818/B Orkja, in which Lime has a 30 per cent interest. Furthermore, the licences are just 12km west of the Ivar Aasen field, also operated by AkerBP. The licences contain several prospects, with the Gjegnalunden prospect having the highest priority. Exploration drilling of the Gjegnalunden prospect, targeting a reservoir in the Jurassic section, is likely to be in the second half of 2022. Success in Gjegnalunden will further decrease the risks associated with other prospects in PL867/B and the adjacent PL818/B.

Mr Lars Hübert, Chief Executive Officer of Lime, said, “We are pleased to partner with AkerBP in PL867 and PL867B. We look forward to drilling the Gjegnalunden prospect later in 2022. Farming-in to these licences follows Lime’s strategy of infrastructure-led exploration. Given the proximity to the Ivar Aasen field, a discovery at Gjegnalunden would constitute high-value barrels.”