Rex International's subsidiary, Lime Petroleum, has inked strategic agreements with prominent Norwegian oil companies, DNO and OKEA, securing a significant stake in a Norwegian North Sea License encompassing the Brasse field. Anticipated to commence commercial operations in 2027, the Brasse field is poised to become a vital asset in the region's energy landscape.

As part of the acquisition, Lime Petroleum is set to obtain a 10.7212 percent interest from DNO and an additional 6.2788 percent interest from OKEA, thereby solidifying its position within the license (PL740). OKEA, the current operator, has reported substantial recoverable resources in the Brasse field, estimated to be between 21 and 29 million barrels of oil equivalent (mmboe), with a notable proportion constituting natural gas.

Upon completion of the farm-in, subject to customary governmental approvals, Lime Petroleum will enhance its portfolio with a net 4 mmboe of contingent resources. The acquisition underscores Lime Petroleum's strategic focus on expanding its presence in the Norwegian North Sea, leveraging the region's significant hydrocarbon potential and reinforcing its long-term growth objectives.

DNO previously outlined a fast-track development strategy for the Brasse offshore discovery, which includes detailed design studies aimed at integrating the Brasse field with the Brage field, in which DNO holds a stake. The initiative is expected to facilitate a streamlined development process, with a final investment decision slated for early the following year.

The collaborative efforts between Lime Petroleum, DNO, and OKEA underscore a concerted commitment to optimizing resource extraction, ensuring operational efficiency, and promoting sustainable energy development in the Norwegian North Sea. With the upcoming completion of the agreement, Lime Petroleum is poised to contribute significantly to the future energy landscape of the region, solidifying its position as a key player in the evolving oil and gas sector.