A consortium including Lime Petroleum AS, a 91.65% subsidiary of Rex International Holding
The Brasse development, known as PL740, is located 13 kilometres south of the Brage field in the northern North Sea. It is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves.
Lime holds 17% and 34.8% interests in the Brasse and Brage fields, respectively.
The Brasse development plan consists of a two-well subsea tie-back to the Brage platform, which will serve as the host facility for production, processing, and export. The use of standard solutions, well-proven technology and close cooperation with strategic partners will ensure an efficient and cost-effective development, says Rex.
The plan for development and operation (PDO) will be submitted this month and Brasse will be renamed Bestla upon approval of the PDO.
The field is expected to come on-stream during the first half of 2027 and is anticipated to operate until 2031 with potential for extension.
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Plateau production is estimated at around 26,000 barrels of oil equivalent per day (boepd) gross, or about 4,420 boepd net to Lime, and is expected within the first year of production.
Lime CEO Lars B. Hübert says: “The Brasse development is a significant milestone for Lime as it is the first development project that we will participate in. The Brasse development is synergistic with Brage and strategic for us in terms of economies of scale and potential extension of Brage Field’s lifespan.”
“We look forward to working closely with the operator, OKEA ASA, and our other partners on making the Brasse development a success,” he adds.
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The PL740 partnership will be operated by OKEA ASA, which has a 39.2788% stake. Its partners are DNO Norge AS, Lime Petroleum AS and M Vest Energy AS, which hold 39.2788%, 17% and 4.4424% interests, respectively.
The Brage unit is also operated by OKEA ASA, which has a 35.2% stake. Lime Petroleum AS, DNO Norge AS, Petrolia Noco AS and M Vest Energy AS, are its partners and hold 33.8434%, 14.2567%, 12.2575% and 4.4424% interests, respectively.
Shares in Rex International closed 0.3 cents lower or 2.11% down at 13.9 cents on April 8.
