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Rex International bags offers in five Norway exploration, production licences
Its participating interest ranges from 20 to 50%.
Rex International’s subsidiary Lime Petroleum Norway (Lime Norway) has been flooded with offers of participation in five exploration and production licences in the 2015 Norwegian Licensing Round.
“The licences are located within Lime Norway’s core areas close to infrastructure with reputed operators and participating interest ranging from 20 to 50 per cent,” stated the company’s media release.
Moreover, Lime Norway’s status of Pre-qualified Petroleum Company allows it to cash in a tax refund of 78% of exploration costs annually, regardless of whether there is a discovery.
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