Friday 10 April 2020

Rex International Holding Limited (“Rex International Holding”, “Rex” or

the “Company”, and together with its subsidiaries, the “Group”), a technology-driven oil company, is

pleased to announce that its 90 per cent subsidiary Lime Petroleum AS (“LPA”) has on 8 April 2020,

signed an agreement with Equinor Energy AS (“Equinor”) to acquire 20 per cent interests in each of

the licences PL263D and PL263E in the Norwegian Sea. The transfer of the interests is pending

regulatory approval, which will be announced upon completion of the transfer of the interests.

Exploration drilling on the licences is expected to commence late 2020, with the planned well

targeting a large prospect called Apollonia, with a reservoir located in the traditional Jurassic section.

The Apollonia prospect has strong support from the Group’s proprietary Rex Virtual Drilling (“RVD”)

technology.

Mr Dan Broström, Executive Chairman of Rex International Holding, said, “This is our second farm-in

in Norway in 2020, in line with our ‘just-in-time’ farm-in strategy. As with our other farm-ins, including

those which resulted in the Rolvsnes and Shrek discoveries, we have used our RVD technology to

screen and de-risk the Apollonia prospect. We anticipate the opportunity to take part in another

successful exploration drilling in the near future.”

The licences PL263D and PL263E are located on the Halten Terrace in the Norwegian Sea, some 25km

to the southwest of the newly issued PL1062 licence. Equinor is the operator of the licences, and

Pandion Energy AS is a partner.

Mr Lars Hübert, Chief Executive Officer of LPA, said, “The Halten Terrace has emerged as an important

area of focus for LPA. The PL263D and PL263E licences are well placed between the Åsgard and

Midgard fields. We have built up significant expertise in the area, and can effectively employ our

strategy of technology-led, near-field exploration.”

LPA will work closely with the operator and partners on the licence. LPA will continue to actively utilise

the Rex RVD technology for further evaluation of the licence area.