Rex International Holdings Submitted POD for Norway's Bestla Field (formerly Brasse)

[escveritas]

SINGAPORE, 3 May 2024 – Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology-driven oil exploration and production company, wishes to share that its 91.65 per cent subsidiary Lime Petroleum AS (“Lime”), and Lime’s licence partners in PL740, in which Lime has a 17 per cent interest, have on Tuesday, 30 April 2024, held a ceremony to officially submit to the Norway Ministry of Energy, a NOK6.3 billion (about US$571 million) Plan for Development and Operation (PDO) for the Bestla (previously known as Brasse) Field.

Lime announced on 8 April 2024 that a Final Investment Decision (FID) had been taken for the Bestla Field development. The field, estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves1, will be developed as a tie-back to the Brage Field, in which Lime has a 34.8434 per cent interest. The PL740 Bestla development is located in the northern North Sea, 13 kilometres south of the Brage Field. OKEA ASA is the operator for both the Bestla and Brage Fields.

The development plan for Bestla consists of a two-well subsea tie-back to the Brage platform, which will serve as the host facility for production, processing, and export. Use of standard solutions, wellproven technology, and close cooperation with strategic partners will ensure an efficient and costeffective development.

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. 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.

Mr Lars B. Hübert, Chief Executive Officer of Lime, said, “We are pleased to be in the partnership that has proposed a commercially viable development of the Bestla Field, with a project breakeven at around US$40 per barrel. Besides synergies and economies of scale, the tie-back of Bestla to Brage will mean the extension of Brage Field’s lifespan and potential unlocking of additional resources in Brage. We look forward to working closely with the operator, OKEA ASA, and our other partners on making the Bestla development a success.”

The PL740 partnership consists of OKEA ASA (operator 39.2788%), DNO Norge AS (39.2788%), Lime Petroleum AS (17%), and M Vest Energy AS (4.4424%).

The Brage Unit partnership consists of OKEA ASA (operator 35.2%), Lime Petroleum AS (33.8434%), DNO Norge AS (14.2567%), Petrolia Noco AS (12.2575%), and M Vest Energy AS (4.4424%).

Lime farmed in for a 17 per cent interest in PL740 with the Brasse development in late 2023; and acquired a 34.8434 per cent interest in the Brage Field in 2021.