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Rex’s Norway subsidiary divesting stake in non-core Barents Sea asset

Crude Oil

Rex’s Norway subsidiary divesting stake in non-core Barents Sea asset

PC Lee Published on Mon, Oct 15, 2018 / 8:12 AM GMT+8

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(Oct 15): Rex International’s 90% subsidiary Lime Petroleum AS is divesting its 20% stake in the Barents Sea licence PL850, a non-core asset, to an external third party.

The divestment is part of Rex’s strategy for its asset portfolio in Norway, which is to focus on areas close to infrastructure in the Norwegian North Sea, while fully leveraging the group’s satellite technology-led exploration approach.

The sale, to be effective from Jan 1, requires regulatory approval.

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